Australia's property market is experiencing a significant upswing, with Victoria and Queensland emerging as the standout performers, according to the latest data from the Real Estate Institute of Australia (REIA).
Victoria and Queensland Lead the Charge
Both states have seen a sharp rise in property prices, driven by strong demand and limited supply. In Victoria, Melbourne's suburban areas are particularly hot, while Queensland's coastal regions continue to attract buyers seeking lifestyle changes.
What’s Fueling the Boom?
Experts point to several factors behind the surge:
- Low interest rates: Borrowing remains affordable, encouraging buyers to enter the market.
- Remote work trends: More Australians are prioritising space and lifestyle, boosting demand in regional areas.
- Investor activity: With rental yields improving, investors are returning to the market.
Challenges for Buyers
While sellers celebrate rising prices, first-home buyers face growing hurdles. Affordability is becoming a key concern, especially in high-demand suburbs where competition is fierce.
What’s Next for the Market?
The REIA predicts steady growth in the coming months, though some analysts warn of potential cooling if interest rates rise. For now, Victoria and Queensland remain the ones to watch.
