Everything is lining up for Brisbane
Do you reckon Brisbane is about to boom?
That’s my sense. I reckon Brisbane is primed.
I’m not the only one. Some social researcher reckons that Brisbane is about to benefit from a “Millennial Migration”.
Social researcher Mark McCrindle said Queensland was yet to see the peak in interstate arrivals, which would occur once there were no travel restrictions.
He said younger people were realising they could have the housing affordability and lifestyle of Queensland, and the job market was expanding.
“It used to be the Baby Boomers, it was a story of retirement,” Mr McCrindle said.
“It’s the Millennial migration, it’s the younger generations moving into an area and the benefits of the diversity of generations heading into an area is that it creates broader demand for schooling, education at university and tertiary, there’s a stimulus to the labour market as people work.”
This is what social researcher Mark McCrindle looks like when he’s not wearing his superman costume.
Is he right?
Maybe. It’s a pretty big call. But it is definitely the case that Brisbane is relatively affordable right now.
In fact, when you track Brisbane house prices against Sydney house prices, Brisbane house prices are, relative to Sydney’s, as cheap as they’ve ever been.
It’s the same story relative to Melbourne.
And it is true that Brisbane has been beneifting from some strong population inflows in recent years.
Where as Sydney and Melbourne have taken big hits, Brisbane has remained strongly positive.
And so McCrindle is saying that these trends will accelerate once the borders open up again.
You’d have to think so. Especially now there are so many more options for remote working these days.
It totally wouldn’t surprise me if Brisbane surged through 2022.
And when you look at the lending data, you can see the first signs of this. Mortgage lending in Brisbane is accelerating strongly.
So far, prices haven’t lifted as much as the lending data suggests they will.
So that’s what I reckon.
Brisbane to be the flag-ship property market through 2022.