State of Origin: growing number of Queensland residents have NSW landlord

Liam Martin and Hudson Young after winning game 1 of the 2025 State of Origin. Picture: Adam Head

Queensland Origin supporters might be advised to rein in their celebrations if their team is victorious in this year’s NRL showpiece.

New figures reveal NSW residents have acquired an unexpected source of leverage over their Queensland counterparts, one that could inflict a surprising amount of economic pain.

The Westpac research indicated that if you live in Queensland there’s a good chance you have a NSW landlord.

NSW investors are already ahead on the scoreboard when it comes to property in the Sunshine State.

Westpac lending data showed nearly a quarter of investment properties in Queensland are being purchased by residents of NSW.

The number of former NSW residents living in Queensland has been growing. Picture: Scott Gardiner

The rivalry isn’t mutual. Just one per cent of NSW investment properties are being bought by Queenslanders, with much of that interest concentrated in a single market: Bondi.

There’s another trend giving NSW an edge: Origin games in Queensland have historically been very difficult for NSW to win given the overwhelming home crowd advantage in Suncorp Stadium, among other things.

That’s changing. ABS figures indicate southeast Queensland has been the favoured target for Sydneysiders wanting a more affordable lifestyle.

Brisbane, Gold Coast and Sunshine Coast all abound with newly settled former Sydneysiders whose allegiances likely remain with The Blues.

Sydney accounts for 67 per cent of all outbound capital city migration across the country, with southeast Queensland the overwhelming favourite for the nearly 320 Sydneysiders leaving per day.

NSW home buyers and investors are highly active in the Queensland market. Picture: Annette Dew

Westpac director of mortgages James Hutton said Queensland homes and the state housing market were being increasingly dominated by NSW property buyers, particularly investors.

This meant cashed up NSW investors – often on higher salaries – competing with local home buyers and becoming landlords in Queensland.

“While the Maroons and Blues battle it out on the field, NSW investors are making their move on the Queensland property market,” Mr Hutton said.

“It’s a strategic move for savvy NSW investors. Queensland offers strong rental yields and relative affordability — fuelling a consistent flow of NSW residents purchasing investment properties in the state over the past two years.”

With infrastructure projects booming and population growth on the rise, Queensland is proving to be more than just a holiday destination — it’s a serious investment hot spot.

NSW investors are also showing a strong preference for regional Queensland, with Mackay and Gladstone leading the charge, followed closely by Ipswich, west of Brisbane.

“The popularity of regional centres like Mackay and Gladstone reflects their affordability and strong rental yields,” Mr Hutton said.

“NSW buyers are playing both sides of the field – investing in Queensland while holding firm at home.”

Westpac senior economist Matt Hassan said the NSW surge into Queensland followed a rise in investor activity nationally.

“Nationally, investors accounted for more than a third of new loans during the past year, compared to about a quarter during Covid,” he said.

“Many are moving ahead on plans previously on hold due to cost of living constraints, with lower interest rates and the prospect of more rate cuts an added drawcard.”

Mr Hassan said NSW investors were branching out to new Queensland destinations.

“Investor interest in Queensland is shifting,” he said. “While the Gold and Sunshine Coasts remain popular, Mackay, Gladstone, Toowoomba and Townsville have all seen a surge in interest, and some of the strongest price growth nationally over the past year.

“Low vacancies and solid rental yields are clearly part of the appeal of these regional hubs.”

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