Brisbane’s Population Boom: Fueling Property Market Resilience
In recent years, Brisbane and Queensland have experienced a significant influx of internal migrants, bolstering the robustness of their property markets. The pandemic, lockdowns, and a surging property market have driven many Australians, particularly from Victoria and NSW, to the Sunshine State in search of more affordable lifestyle properties.
Continued Lifestyle Migration in 2023
This lifestyle-driven migration continues to gain momentum throughout 2023. The appeal of popular areas like the Gold Coast and Sunshine Coast has been strengthened by the increased flexibility of remote work, reducing the need for daily commutes to major cities.
Strong Investor Activity
Investor activity in Queensland’s property market remains robust, especially for houses. Both local and interstate investors are drawn by the strong potential for property price appreciation and favorable rental returns. It’s important to note that Queensland’s property market is diverse, with different regions performing uniquely.
According to the latest ABS data, Queensland recorded a population growth rate of 2.6% in the 12 months to June 30, 2023. This growth rate is above the national average of 2.4% and is the third highest among all states and territories, following Western Australia (3.1%) and Victoria (2.7%).
What sets Queensland apart is its significant net interstate migration, which made the largest contribution to its population growth. In the 12 months to June 2023, Queensland welcomed 107,935 interstate arrivals, resulting in a net gain of 32,255 people. This contrasts sharply with NSW and Victoria, which saw net losses in interstate migration.
Federal Government Forecasts
Federal government forecasts indicate continued population growth for Queensland, projecting a 16% increase by the time Brisbane hosts the Olympic Games in 2032. The population is expected to concentrate increasingly in Greater Brisbane, with the capital projected to grow at a rate of 1.9% in 2022-23, compared to 1.4% for the rest of the state.
Looking further ahead, Queensland’s population is set to boom, potentially reaching 8.27 million by 2046, up from the current 5.4 million. This anticipated growth underscores the long-term potential of Brisbane’s property market, making it an attractive prospect for both homebuyers and investors.
Brisbane’s Property Market Potential
In summary, Brisbane’s population boom is a key driver of its resilient property market. With continued migration, both internal and interstate, the city and its surrounding regions are poised for sustained growth and prosperity in the coming decades.