According to new data published by the Australian Bureau of Statistics (ABS), it can be seeing that Queensland’s population is projected to reach 5 million by May which is a great growth. This strong growth is likely to be translated to a stronger demand for property for sure.
Robert Honeycombe, chairman of the Real Estate Institute of Queensland (REIQ), said Queensland’s property market and the wider economy would benefit from such strong population growth.
Last year, $54 billion of Queensland residential real estate was bought and sold which is appointing to our popularity means demand for housing is growing and this is good news for some of our weaker markets such as the inner Brisbane apartment market and regional Queensland.
Besides, it could be knowledge that there were pockets where housing supply is tight. Population growth is placing pressure on markets like the Sunshine Coast and Gold Coast, where prices are rising steadily, and vacancy rates are at historic lows. Moreover, the latest ABS data revealed that 12,000 of Queensland’s 19,000 net internal migrants were from New South Wales.
Apparently, Queensland real estate offers great value, and that is why it underpins the state’s economy. When real estate performs well, everyone benefits.
MPA – Mortgage Professional Australia www.mpamagazine.com.au