Queensland Population Boom is good for some and sad for others
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Queensland Population Boom is good for some and sad for others
The Australian Bureau of Statistics (ABS) recent National, State and Territory Population release shows our national population grew by 0.5% during 2021.
With Queensland showing the largest growth at a 1.4% annual increase in population. This was mainly driven by interstate migration, with more than 50,000 people moving to the Sunshine State.
Australians have migrated interstate in search of warmth, clean environment, space, lifestyle and importantly, affordable homes, and the influx of new residents has had a marked impact on property prices.
According to the ABS, interstate migration was the highest in Queensland among all states, with a majority of those who migrated being from New South Wales and Victoria, where extended Covid lockdowns and the higher relative cost of homes contributing to a surge in interstate departures.
In 2021, many Australians sought out larger homes and properties close to the sea and in regional areas as remote working became more common.
This drew many to Greater Brisbane areas and Regional, and in particular Southeast Queensland (SEQ) which were among the most popular locations due to their abundance of such offerings, and at a more affordable price relative to the two most populous states.
The immense demand for housing from all of those new residents has caused a huge surge in the cost of real estate.
Though home prices grew at record levels across the country last year, Brisbane and SEQ home prices saw some of the largest growth.
For most of 2021, regional Queensland homes outpaced the growth of our largest capital cities, with Greater Brisbane following the same trend towards the end of the year.
Sadly, as rents continue to surge, homelessness has increased, and the problem of affordability needs to be addressed.
The delay in construction timeframes and increasing supply costs and shortages, combined with worker shortages, and building companies going into bankruptcy means there is a rocky road ahead unless the issues are resolved.
