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.”
- The second is ‘lifestyle areas’ such as the Sunshine Coast, Wide Bay, and Cairns, which are expected to perform better in 2020 and 2021.
- 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.