Queensland’s population growth figures indicate the state is heading in the right direction to see an increase in demand for new housing. Property investors across Australia will benefit from investing in Queensland properties over the coming months due to a significant rise in overseas and interstate migration. Figures are up a staggering 13.1% from the previous year indicating the migration trend to the Sunshine State is set to continue for the long term.
Matthew Wallace, Queensland CEO of property giant Mirvac, says annual population growth is set to increase from around 76,000 in 2010 to 100,000 by 2014. This would positively impact the State’s residential property market.
“Population growth equates to an increase in demand for new dwellings, particularly when it is growth as a result of overseas migration, and the figures show that new overseas migration is set to continue to rise,” Wallace says.
Historically Queensland grows at a rate of nearly 1% faster than the rest of Australia.
“Even though Queensland’s current population growth rate of 2.3 percent continues to outstrip the rest of the country, it is by far the smallest margin in over 30 years,” Wallace says.
According to the research, Queensland’s interstate migration follows a cyclical trend with the most recent peak of almost 38,000 recorded in June 2003, and a low of 7000 people at the end of 2010.
“The degree by which net overseas migration to Queensland recovers will depend on the rate of national population growth and the economic performance of the state,” Wallace says.
He says interstate migration to Queensland tends to increase when housing affordability is more favourable to that of Sydney.
He says with Sydney residential prices outpacing Brisbane, the financial appeal of migrating to Queensland is again increasing.