Population growth in Queensland has been in dramatic decline since the highs of the mining boom and property prices have followed suite, with low and slow growth.
In the early 2000’s there was a huge amount of jobs on offer from the mining boom that initially attracted interstate workers, with a large number of overseas workers then following.
It peaked with 113,033 people moving to the Sunshine State back in 2008.
But what has followed has been a steady decline, bottoming out with only 55,232 people migrating to Brisbane in 2015.
A lack of employment options playing a significant part in this decline.
In a recent article I outlined what Brisbane could look like in 10 years.
With expansion of our major employment hubs like the Brisbane CBD, our Airport and Hospitals, this could be the kick-start to jobs growth that will attract people to Queensland again.
There is also a widening gap between Queensland and our southern states when it comes to affordability, which will attract people north.
And then there is the weather………. our “ghastly” winter days………
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The early signs are good, with Queensland having the fastest growing Net Overseas Migration in 2016, with a 19% increase.
In a recent speech, our Treasurer Curtis Pitt announced that Queensland’s Net Interstate Migration has doubled since the low of 2015.
Slowly, things are starting to head in the right direction.
If this trend can continue to gain momentum, our economy will pick up, more jobs will be created and demand for housing will start to ramp up again, putting upward pressure on property prices.
At the end of 2016 the Queensland population was approx. 4,883,739, a mid-range forecast predicts this may climb to 6,763,200 by 2030.
Population growth, jobs growth, and wage growth are all key factors and drivers for capital growth.
I recently talked in some more detail to Pete Wargent about the trends that he is starting to see and what the future may look like.