The Queensland Government’s message this month to its NSW counterparts was clear: “Obviously Queensland is better,” Deputy Premier Steven Miles told Brisbane Times.
The love affair with Queensland property was also evident in home loan approval stats showing a huge surge at the end of 2020 to reach the highest levels on record.
The Australian Bureau of Statistics lending indicators showed borrowing surged late last year with an increase of 5.6 per cent over the month of November alone, and 23.7 per cent year on year.
In Queensland we saw a greater increase, with home loan approvals 40 per cent higher than they were the same time a year earlier.
What drove the hustle to grab a home loan?
In Queensland it was a mix of owner occupiers and investors, reports Property Update.
“Reflecting confidence in the property market and a premium on home-living during the COVID-19 pandemic, owner-occupied buyers dominated the home loan commitments, accounting for $18.3 billion of the new committed lending, though there are signs of investor activity re-emerging in NSW and Qld,” it reported.
The popularity of the HomeBuilder grant can also be seen in the stats, with construction loan approvals up 75 per cent nationally since July 2020.
While refinancing activity, which hit crazy heights in 2020, seems to have peaked, but remains high.
So what does all this mean for you if you’re looking to buy or sell?
Sellers can be assured that buyers are active, while buyers need to be prepared so you can make a decisive offer when you find your dream home. In particular, first home buyers, who’ve had a free run while investors sat on the sidelines in 2020, may need to prepare for a return to competition.
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