Brisbane is becoming one of the top spots for buyers whose lifestyle changed amid the COVID-19 pandemic, as auction clearance rates hit almost 100%, according to a property expert.
Peter Burgin, chief auctioneer at Palace Real Estate, said weekly auction rates in the city reached 98%, driven by buyers wanting to relocate to Queensland.
"We’re now seeing unprecedented results as demand surges. Brisbane’s market was performing well prior to COVID-19 but the pandemic has seen many reassess their lifestyles, which has led to such strong growth," he said in a report in The Real Estate Conversation.
Burgin said heightened activity is coming from would-be buyers who are targeting inner-city suburbs. There is also an increased demand for houses in the premium segment of the market with values ranging from $1m to $2m.
"It’s Brisbane’s time. It’s a great place that caters to all lifestyle amenities, has a great climate and enough stimulation to appeal to those relocating from other cities," he said.
CoreLogic figures showed that the median dwelling value in Brisbane increased by 1.5% to $535,618 in February.
John McGrath, executive director of McGrath Estate Agents, said home values in Queensland, particularly in Brisbane, have demonstrated resilience amid the pandemic.
"The pandemic has prompted people to reassess their lives and this alone has convinced many to relocate north to enjoy the best lifestyle in Australia," he said.
