Top 10 suburbs poised for capital gains as thousands flock to Queensland and Western Australia

The Australian property market is witnessing a significant shift in population dynamics, with tens of thousands of people moving to Queensland and Western Australia. According to Samuel Powell, head of analysis at Hello Haus property advisory, the population gains in these states are “extremely strong” and “unsurprising.” Powell attributes the migration to the states’ relatively affordable real estate, exceptional lifestyle appeal, and well-developed facilities and infrastructure.

Population Shifts

The latest Net Interstate Migration analysis from the Australian Bureau of Statistics (ABS) reveals that for the 12 months ending March 2023, a total of 35,857 people left New South Wales and Victoria. In contrast, the combined populations for Queensland and Western Australia grew by 42,191 due to interstate population movements. Powell is convinced that “there are more capital gains to come,” especially for those who acted quickly and positioned themselves in prime locations.

Economic Prospects

In the past three months, Brisbane housing saw over a 4% gain in value, while Perth enjoyed approximately a 3% increase, according to CoreLogic data. Powell also noted that both Queensland and Western Australia’s economic prospects “look great.” The 2032 Olympics in Queensland and a resurgence in commodity prices bode well for Western Australia in the long term.

Top Suburbs in Queensland

1. Oxley, Brisbane: Located under 15 kilometres from the city, Oxley has a median house price of approximately $750,000.
2. Boondall, Brisbane: Another suburb under 15 kilometres from Brisbane’s CBD, Boondall also has a median house price around $750,000.
3. Fitzgibbon, Brisbane: Well-placed for growth, Fitzgibbon has a median house price of less than $750,000.
4. Churchill, Ipswich: Located 33 kilometres from Brisbane CBD, Churchill offers even better pricing with a median house price of just $445,000.
5. Vincent, Townsville: With a low median house price of $308,000, Vincent is well-positioned to take advantage of increased migration. The suburb also has a vacancy rate of just 1%.

Top Suburbs in Western Australia

1. Mirrabooka, Perth: With a median house price below $560,000, Mirrabooka is less than 15 kilometres from Perth’s CBD.
2. Caversham, Perth: Another suburb under 15 kilometres from the CBD, Caversham has a median house price below $560,000.
3. Ballajura, Perth: Located less than 15 kilometres from the CBD, Ballajura also has a median house price below $560,000.
4. Gosnells, Greater Perth: Primed for growth, Gosnells has a median house price below $420,000.
5. Girrawheen, Greater Perth: Another suburb with growth potential, Girrawheen has a median house price below $420,000.

These suburbs are not just affordable but are also strategically located to benefit from the ongoing migration boom. With strong economic prospects and increasing property values, these areas are likely to see further capital gains in the near future. Whether it’s the upcoming Olympics or the resurgence in commodity prices, both Queensland and Western Australia are set to benefit from these positive trends.