The latest REA Property Outlook Report revealed a huge spike in online property views in 2020 which sent property crystal ball gazers into overdrive forecasting a price surge to follow.
Queensland saw views per listing in the second half of 2020 leap almost 35 per cent higher than the same time in 2019. This was the second highest increase at a state level behind the ACT while Victoria – not surprisingly given its COVID challenges – saw the lowest growth.
This bodes well for strong interest in Queensland into 2021 and where demand grows price growth can follow.
In fact, the report suggests conditions in the south east would already be even stronger had it not been for pandemic impacts.
“If it weren’t for such frequent border closures, population movement to South-East Queensland would be a lot stronger by now,” the report states. “Nevertheless, there was movement when borders opened, and it was particularly strong in the June quarter of 2020 according to ABS data on population movement. Queensland gained the most people from interstate with Victoria seeing the biggest movement to the Sunshine State since the early 1990s recession.”
With Brisbane experiencing strong conditions, greater certainty on interstate borders – which will hopefully stabilise during 2021 as the COVID-19 vaccine rolls out – will likely encourage further population growth and housing demand in 2021.