“the Victorian government introduced extra land tax for investors, amounting to about $1,300 a year for a property worth $650,000. A levy on platforms such as Airbnb and expanded taxes on vacant properties and land came soon after.”
Along with strong and consistent new construction are cited as the drivers behind this but the catalyst has been remote work and the COVID lockdowns.
Victoria’s lockdowns were particularly onerous and many Melbournites realised they could move to south east QLD and pocket the potentially massive difference between the QLD and VIC properties, while still earning capital city $$$ and having better weather.
Melbourne will surge again eventually as their government takes a long view on infrastructure while QLD is adversarial to public utilities.
Along with strong and consistent new construction are cited as the drivers behind this but the catalyst has been remote work and the COVID lockdowns.
Victoria’s lockdowns were particularly onerous and many Melbournites realised they could move to south east QLD and pocket the potentially massive difference between the QLD and VIC properties, while still earning capital city $$$ and having better weather.
Melbourne will surge again eventually as their government takes a long view on infrastructure while QLD is adversarial to public utilities.