Home prices in Brisbane amount to just half of what they are worth in Sydney, which leads people to consider relocating to the Queensland city, according to a report.
The median home price in Sydney reached $1.1 million as of the last quarter of 2016, primarily driven by the economic growth of New South Wales. By contrast, the median home price in Brisbane amounted to a little more than $540,000 in the same period.
Cost of Living
While there is an abundance of jobs in Sydney due to the strong economy, an increasing number of people have begun to consider moving into other cities because of the significant cost of home prices. Rob Honeycombe, Real Estate Institute of Queensland chairman, said that the economy in New South Wales played a role in the price difference between that state and Queensland.
In Brisbane, house and land packages are a good choice if you plan on relocating there. Some local companies offer these packages to spare home buyers from the burden of contemplating separate costs for construction.
Despite the city’s weak economic growth in 2016, property buyers and sellers were unfazed as home prices still managed to increase 4.5 percent in the fourth quarter of that year compared to the same time in 2015.
What’s more, Brisbane’s property sector seemed to have brushed off concerns as activity began to pick up in some areas, according to Suncorp senior analyst Darryl Conroy. Home sales in the city’s suburbs, particularly in Corinda, somehow downplayed uncertainty surrounding the real estate market.
Brisbane homes have become more affordable than those in Sydney, and with the glaring disparity in home prices, interstate migration is expected to continue in the future. If you indeed plan to move, it is probably best to do so while prices in Brisbane remain comparatively low.