Queensland’s property market has done better than other states but hasn’t entirely escaped the downturn. Queensland can be divided into “three distinct groups,” according to Ell:
- The first is the bulk of Brisbane, which has seen healthy growth but is now seeing a moderate correction. “The outlook for these housing markets remains either flat or mildly positive over the forecast period.”
2. The second is ‘lifestyle areas’ such as the Sunshine Coast, Wide Bay, and Cairns, which are expected to perform better in 2020 and 2021.
3. The third Queensland housing market region consists of “commodity or agriculture-producing areas”, such as Central Queensland, Mackay-Isaac-Whitsunday, and Darling Downs-Maranoa. Property values in these areas have suffered due to the end of the mining boom, and drought conditions will see further declines.
Brisbane is forecast to see growth of 2 per cent in 2020 and a further 3.7 per cent in 2021.