Nearly 28% of interstate migration is to the Sunshine StateNovember 12 2018
Making the journey north isn’t just for migratory birds and humpback whales anymore — it’s becoming the norm for Sydneysiders too. More interstate migrants have started calling Queensland home over the last seven quarters then since the end of the Global Financial Crisis (GFC), and there’s no doubting why. The inflated property market in many Australian states, Sydney more significantly than any other, has led to a dramatic increase in the number of Australians who’ve made the move to the Sunshine State.
The latest Australian Bureau of Statistics data released in December 2017 highlights a dramatic transitional period, with Queensland, Victoria, Tasmania and the ACT all recording net interstate migration booms, Queensland with the highest migration gain. Net losses were experienced in Western Australia, South Australia, the Northern Territory and most dramatically, New South Wales. Of all interstate migration, 27.5% of people relocated to Queensland, a total of 30,687 people.
Within the last twelve months, the rate of interstate migration to Queensland has overtaken Victoria, with 20% of total population growth arising from interstate migration. Coffee culture and hipster hangouts aside, there are significant factors driving Australians to Queensland: and it’s good news for the property market.
Affordable housing, year-round great weather, plenty of new investment opportunities, growth in the job market, and exciting new infrastructural developments throughout the state make Queensland the no-brainer choice for Sydney locals who can no longer justify the inflated cost of living. With an increase in demand comes a natural increase in the competitive nature of the market. Interstate migration levels are now steadily and consistently approaching pre-GFC levels, and all these new Queenslanders need somewhere to live. While many will end up renting, these statistics still indicate great things to come for the property sector in the Sunshine State. More demand means that prices are only going to go one way. Prices are predicted to go up by 13% in the next three years, so now is a great time to get started on the Brisbane property ladder!
While this migration increase will be dispersed throughout the entirety of the state, Brisbane and the Gold Coast are expected to notice a significant boom. The latest Deloitte Access Economics report, Business Outlook, highlights expected growth not just in the property sector, but a job and infrastructure boom may be contributing to the interstate migration rates, with more to come in the future.
It seems, just like those whales frolicking off the Fraser Coast, Queenslanders really do have something to get excited over.