Interstate buyers continue to flock to Gold Coast and Brisbane but Melbourne is rising

1 month ago•By Luke O'Kelly

Nerida Conisbee, Ray White Chief Economist

Analysis of buyers at almost 10,000 Ray White auctions continues to show that Queensland’s property market remains the strongest in Australia for both investors and people buying from other states. While Melbourne is rising in popularity with interstate buyers, it is still being eclipsed by interest in south-east Queensland.

The Gold Coast stands out in their results – investors now make up 33.7 per cent of buyers at auctions, up from 28.8 per cent last year. While fewer people from interstate are buying on the Gold Coast compared to last year (down from 27.4 per cent to 18.4 per cent), it’s still a popular choice. Brisbane is also doing well in Ray White’s auction results, with investors making up 27.3 per cent of buyers, higher than last year’s 24.7 per cent.

Ray White’s auction numbers for Melbourne are showing a shift. While the property market there isn’t seeing the big price jumps happening in Queensland, interstate buyer numbers have jumped from 3.1 per cent to 5.8 per cent. This increased interest comes even as Melbourne’s market faces challenges. Many interstate buyers appear to be looking past the current slow market conditions, likely attracted by Melbourne’s long-term growth potential as Australia’s second-largest city and its history of strong property returns over time.

Looking at this data for other cities, Sydney has quite a few investors (22.7 per cent, up from 19.5 per cent) but very few interstate buyers – only two per cent, a number which is consistently low, likely driven by high pricing. Adelaide seems steady, with a good number of investors at 26.5per cent showing that more people are seeing it as a good place to buy.

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