Brisbane’s property market is picking up.
Sure some investors are now eyeing the Sunshine state where they can buy two houses for the price of one in Sydney, but more and more people are moving to Brisbane.
Brisbane’s population has been growing at about 1.6% per annum and increased by more than 174,000 people over the past ten years.
And with Queensland punching above its weight in new job formation, this trend is likley to continue:
Source: Michael Matusik
Source: Michael Matusik
Where are these people moving to?
With household formation and demographic trends (how we want to live and where we choose to live) being important drivers of our property markets, Place Advisory recently provided an excellent update on population trends in Brisbane
Here’s an overview of their findings:
Brisbane’s Population Growth Rate By Region – Past Ten Years
Over the past ten years, Brisbane’s Outer Ring (as defined by suburbs 10km-20km from the CBD) saw the largest population increase in terms of sheer numbers, recording an extra 73,000 people in 2015 when compared to 2006.
However, the Inner Ring was the area that experienced the fastest population growth rate.
Over the ten years from 2006-2015, the Inner Ring grew at 2% per annum, compared to 1.6% per annum in the Outer Ring and 1.5% per annum in the Middle Ring. Prepared by Place Advisory. Source ABS.
Recently, the majority of population growth in Brisbane has occurred in the Inner Ring.
Over the past 12 months, the population of this region increased by approximately 5,500 people.
This rate of growth is almost double the middle and outer rings.
Fastest Growing Suburbs in the Inner City
High levels of large scale developments have changed the face of many of Brisbane’s inner suburbs driving population growth
Here’s a list of Brisbane’s fastest growing suburbs over the past 10 years: Prepared by Place Advisory. Source ABS.
While Australia’s 3 large east coast capital cities will all experience strong population growth in the future, the Australian Bureau of Statistics forecasts that Brisbane’s population will increase at a higher rate than Sydney and Melbourne – 1.8% per annum.
However, in terms of pure numbers of people, Melbourne will be the fastest growing city and is set to overtake Sydney as Australia’s largest city by around 2029.
Brisbane is a city that is transitioning.
The OESR predicts that both the Inner and Outer Rings will account for a larger proportion of total population growth over time.
Between the 2001 Census and the 2011 Census, the Inner and Middle Rings both experienced population growth of approximately 50,000 persons.
Over the next 20 years however, the Inner Ring will receive an extra 90,000 residents whilst the Middle Ring will grow by half of that figure.
The Outer Ring’s population is expected to increase by almost 150,000 people in that time.
This change will be driven by the increasing popularity and practicality of high density living in the inner city and, for the Outer Ring, the affordability and availability of greenfield land on Brisbane’s outskirts. Prepared by Place Advisory. Source ABS.
Read more at: Place Advisory
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