Even though home prices are sinking across the country, BuyersBuyers CEO Doron Peleg said now was a “potentially right time to buy” with an eye to the future.
“The question is where?” he said.
Adelaide’s seaside suburbs south of the city and parts of south-east Queensland are attracting buyers’ attention, Peleg said.
Some 41,000 people moved to the Sunshine State in the last fiscal year, after 30,900 moved there from other states and territories the year before.
Queensland’s population is projected to grow by 1.5 million people by 2041, and rents have skyrocketed.
Peleg said there are still some affordable options in Brisbane’s north-side suburbs, on the Gold Coast and even on the Sunshine Coast.
“But buyers need to be more mindful of what they buy and the price they pay after a pandemic surge.”
In the long term, the 2032 Brisbane Olympics will drive up prices in some parts of the city due to the infrastructure and investment the global event will bring.
A private Caribbean island costs as much as an apartment in Sydney
However, according to the report, prices in Sydney are still 34% higher than at the time of the 2019 election, and in Brisbane and Adelaide prices are still 48% and 47% higher, respectively.
Seen through this lens, Pete Wargent, co-founder of BuyersBuyers, said such a correction is “hardly surprising, or even problematic.”
The next RBA decision is scheduled for September 6.