Aussies fleeing to QLD and WA from the southern states, ABS data shows
Ten suburbs in Queensland and Western Australia are set to profit from the tens of thousands of Australians flocking to these states from NSW and Victoria, according to a property analyst.
The Australian Bureau of Statistics’ (ABS’s) latest Net Interstate Migration analysis showed that for the 12 months to March, a total of 35,857 people left NSW and Victoria while the combined populations for QLD and WA increased by 42,191 due to interstate population movements.
Sam Powell (pictured above), head of research at Hello Haus property advisory, said savvy property buyers who acted quickly were best positioned to profit from the ongoing population rush.
“There has been a material turnaround in both the Qld and WA property markets over the past few months, but we’re convinced there are more capital gains to come,” Powell said.
“In the past three months, Brisbane housing saw over 4% gain in value, while Perth enjoyed approximately 3% according to CoreLogic. The big shift both north and west is unsurprising. Qld and WA have relatively affordably real estate, and both offer exceptional lifestyle appeal, plus comprehensive facilities and infrastructure.
“Their prospects look great economically as well. The 2032 Olympics will put Queensland on the world stage, and a resurgence in commodity prices as global economies recover bodes well for WA in the long term too.”
While most property owners in the two jurisdictions are expected to do well, Hello Haus picked out the 10 suburbs with great potential for capital gains, based on a range of metrics.
Located 11km from Brisbane’s CBD, Oxley has a median house price of $746,000 and a healthy median yield of 4.15%, which according to Powell, is rare for houses so close to the city.
“Oxley will be a net beneficiary of price growth over the coming years,” he said. “Also, property owners comprise 67% of households and days on the market is an impressive 28 days.”
Positioned 14km from Brisbane’s CBD, Boondall has a median house price of $750,000 and a healthy median yield of 4.02%.
“Urban sprawl away radiating out from Brisbane’s centre will be kind to Boondall property
Owners,” Powell said. “Homeowners make up 69% of households and days on market is a fairly low 32 days.
“We note that median house prices have come off their October 2022 peak, and days on market have plateaued after rising from a low base of just nine back in April 2022. These metrics suggest Boondall has good short-term capital growth potential as well as long-term upside.”
Just 14 km from Brisbane’s centre, Fitzgibbon has “very reasonable” median house price of $640,000.
“Days on market sits at just 14 days and the very tight vacancy rate of only 0.78% means tenant demand is high, so rent increases seem entirely likely,” Powell said.
Located 33km from the Brisbane CBD, Churchill is a small suburb with a limited supply of housing and an exceptionally low median house price of $445,000. The suburb’s dominated by owner-occupier residents and its days on market is just 14 days.
“Throw in a 1.14% vacancy and you can see its well positioned for future value growth,” Powell said.
Vincent is well-positioned to benefit from North Queensland being a magnet of new residents, Powell said. The suburb has a low median house price of $308,000 and most of its households are owner-occupiers. In addition, its median days sit at 17 and dropping, with high online search demand and a vacancy rate of just 1%.
Gosnells, Greater Perth
Gosnells, located 20km from Perth’s CBD, has a median house price of $405,000 and a median yield of 5.78%, which Powell said is a “very a healthy cash flow for the region.”
“Gosnells has the hallmarks of a growth suburbs,” he said. “Owner-occupiers make up 64% of all households and days on market is just 15 days. Great public transport options, comprehensive services, and facilities along with the natural beauty of the area make Gosnells a highly attractive proposition for new residents.”
Girrawheen, Greater Perth
Just 13km from Perth’s CBD, Girrawheen has a median house price of $415,000 and a healthy median yield of 5.64%. Sixty-three per cent (63%) of its residents are owner-occupiers while days on market is just 17.
“A highly regarded, family friendly suburb that’s sure to appeal,” Powell said.
Mirrabooka is positioned 10km from the centre of Perth. It has a median house price of $445,000 and a healthy median yield of 5.41%. Homeowners comprise 66% of its residents and days on market is just 17.
“Affordable housing with excellent road access to the Perth CBD make Mirrabooka an excellent choice for commuters,” Powell said.
Located 14km from Perth’s CBD, Caversham has a median house price of $557,000 and a healthy median yield of 5.6%. Four in five (82%) of all households are owner-occupiers and days on market is an impressive 20 days.
“On the banks of the Swan River and surrounded by natural bushland, Caversham will see its population expand with new interstate arrivals,” Powell said.
Ballajura sits 13km from Perth CBD. It has a median house price of $540,000 and a healthy median yield of 5.3%. Eighty per cent of its households are owner-occupiers and has days on market of only 19 days.
“Easy highway access, comprehensive schooling and retail coupled with natural beauty will make Ballajura a drawcard for new residents,” Powell said.
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