Property buyers flocking to Sunshine State while Sydney Apartment market is just starting to recover

The Housing Industry of Australia (HIA) says Sydney’s apartment market is only just starting to recover after a significant loss in its migration record while Queensland has seen a promising record of its overall property market performance for the first time since 2007 as a result of interstate migrants flocking to the Sunshine State.

“It had been hard to choose which state performs well than the others with building activity continuing to boom across the nation”, economist Tom Devitt said. Interstate migration to Queensland has meant Sydney and Melbourne population is diminishing.

Although other states have also seen an increase in interstate migration but Queensland has topped the list with interstate migration up more than twice as compared to its average in the past decade. South Australia and Tasmania are also experiencing surge in building activities and rank second and third in volumes of interstate migration. Surprisingly, Western Australia is the biggest improver this year, moving from the bottom of the list into fifth in less than a year after the state’s exodus of residents reversed. On the other hand, Victoria had suffered significantly from the loss of overseas migrants, dipping to seventh position, with building approvals dropping more than 40 per cent below their decade averages.