As the Sydney and Melbourne property markets continue to cool due to housing affordability issues, interstate migration continues to increase dramatically into QLD. Numbers are almost as high as pre GFC conditions.
Population growth is a key driver of any economy and a strong indicator of future property price performance as it places upwards pressure on a property market.
Numbers don’t lie and what they are showing is a major shift to QLD markets with 19,000 people coming from interstate migration and additional 31,000 from natural births and overseas migration in 2017 alone. We are told to expect the population base to hit a record high of five million by May 2018. says ABS demography director Anthony Grubb.
QLD reached 4.9m people in September last year and the economy continues to thrive as infrastructure projects go live.
There is currently an estimated $30 billion worth of infrastructure projects across South East Queensland that are expected to come online between the years 2018 to 2025 delivering tens of thousands of jobs, creating immense pressure on property prices throughout the market.
Read the top 10 major project list HERE.
Now which infrastructure projects are going to have the biggest impact on the capital city Brisbane? From the $3 billion Queen’s Wharf to the airport’s second runway, as well as Howard Wharf and the new Brisbane International Cruise Terminal just to name a few. These projects are all set to complete in the coming years as well as many other key infrastructure projects, driving strong underlying demand.
We discuss this in more detail in our recent Coffee & Property episode 5 which you can view HERE