Queensland is once again creating jobs. And yes, more full-time positions would be welcomed.
Job creation is vital for a healthy real estate market. But where are jobs in Queensland being created?
It is no accident that residential markets improve where the new jobs are.
- Whilst Brisbane holds the lion’s share of employment in Queensland, substantial numbers are employed in regional centres & on both the Gold and Sunshine Coasts. 308,000 are employed on the Gold Coast; 240,000 across central Queensland and about 180,000 on the Sunshine Coast & also west of Ipswich.
- Close to 45,000 new jobs were created across Queensland over the last 12 months. Some regions are winners, others losers. The big winner is the Sunshine Coast (yes the Sunny Coast) with 26,000 new jobs during 2013. Other winners include central Queensland – that’s Mackay/Rockhampton/Gladstone & the inland municipalities (surprised hey – see not everything is doom & gloom in Queensland’s resource regions) – Brisbane City; Logan plus Redlands and another surprise for many, the Gold Coast.
- Those areas in Queensland doing it tough, job-wise, include Cairns; Townsville; Ipswich & the Bundaberg area.
- The Sunshine Coast has always struggled as an employment force in Queensland. It lacked an ‘economy of scale’ & also a major 21st Century employment driver. The Kawana Health hub & associated education infrastructure has now changed this. The Sunshine Coast has a new ‘pulse point’ and with it is creating a hell of a lot of jobs. Some of these jobs might go away once construction slows down, but most should remain. The CEO of the Innovation Centre on the Sunshine Coast recently told me that over 40 new start-up Sunshine Coast businesses have commenced trade in the last three months alone.
- Central Queensland is also creating jobs and the chart shows that job numbers across this part of Queensland have been growing since early 2013. Ditto for Brisbane. The Gold Coast is more cyclical, but is back to its longer term volume. It sometimes pays to not read the daily newspapers.
To repeat, job growth means strong residential markets. We spend a lot of time looking into employment when assessing an area’s or new project’s potential. Without a solid quorum of existing employment plus consistent new job growth there is really little chance of sustainable price or rental growth.
STATS: Our quick grab of the recently released property-related statistics.