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Queensland to benefit from interstate migration boom

Thursday, December 14, 2017
Brisbane’s market is ripe for a boom, according to a recent report by CBRE Research.
The report shows that employment growth in the professional sector, as well as the difference in house prices between Brisbane and Sydney, will continue to fuel a rise in Queensland prices as interstate migration increases again.

Interstate migration towards Queensland has picked up strongly again, almost reaching pre-GFC levels, with increasing numbers of millennials fleeing Sydney in favour of the lower cost of living and lifestyle advantages of Brisbane.

Brisbane house prices as a percent of Sydney’s are now at the same rate as they were in 2002 (43%), when interstate migration last peaked at 40,000 people.

The relative affordability of Queensland is coupled with good employment prospects and a perception that the northern market, which has grown at a stable and sustainable pace, is well-positioned to continue its rise.

Other factors working in Queensland’s favour include:

  • Jobs growth in Queensland remains strong, with the state the second largest contributor to job growth in Australia in 2016.
  • The state has many major projects in the pipelines, with an estimated $30billion worth of works currently underway.
  • Queensland consistently outperforms the national average when it comes to private sector confidence, according to NAB’s Monthly Business Survey. That means greater focus from businesses on investment and growth in the state.
  • There is a strong tourism-focus around many key large projects currently in development, which will work towards boosting visitor numbers to the state well into the future. 
There’s a lot of evidence that things are looking very bright for Brisbane’s housing market. Historically, data shows that when things begin to cool in Sydney and Melbourne, as is already happening, it’s Queensland that reaps the benefit.