This article will form a three part series which highlights Queensland’s top performing rental markets in terms of annual median weekly price growth for houses, townhouses and apartments between the September quarter of 2019 and the September quarter of 2020.
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South East Queensland’s Top 5 House Markets in 2020
As we edge closer to the end of a tumultuous 2020, perhaps it is time we stopped to reflect on how some property markets have performed throughout the year. Much of the news cycle continued to be skewed towards conjecture rather than fact in the race to be the first to predict what Coivd-19 would mean for various property markets.
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One of those “Covid-19 Facts” is that people are now choosing to leave their current address and move to the coast because it is now acceptable to work from home. If you can work from home, you can work from anywhere right? The urban myth begins.
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In times of uncertainty, the market will grasp at any headline about an asset class as a means of making sense of what is happening. Big banks forecasting possible house price declines of greater than 20% is just one example.
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The GFC was no picnic, but the June quarter for residential real estate was an unmitigated disaster, particularly if the focus is moved away from price. If price is where our concerns are, then the greatest fall from the March Quarter to the June Quarter for apartments was Darwin which came off 14.7%, however Canberra only declined by a minimal 0.7%.
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Whilst most Australian’s at this point in time will not know anyone who has been impacted by the corona virus regarding their health, they will undoubtedly know many people who have lost their job or people who have been forced to take a reduction in pay and or hours. This recession may well decide how Australian’s embrace the next two decades.
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