Whether you are a current resident of Queensland or not, you're probably aware of the state's growing population. More people are changing their lifestyles and choosing Queensland to do so. But what does this mean for those who already live there? And how could this affect someone currently interested in moving to the area? Today, we'll dive into some of the details.
In general, Queensland has always been one of the most populated states in Australia, with some notably large cities drawing in the masses. Here are some of the cities with the highest population:
Thanks to thriving mining, agricultural and tourism industries, real estate buyers consistently show interest in Queensland. Moving into the area could be good for your career, your family or a change of lifestyle. This has made the state the third most populous in the country, which ends up making up about 20% of the total Australian population.
While Queensland has never been small, the past few years have marked a shift in population growth for the state. This has already impacted the real estate market in notable ways. To understand what has created the shift in population growth, we can look at national and international events. Here are some examples:
According to Queensland Government statistics, the Queensland population stood at 5,093,880 people in June 2019. Merely a year later, 80,550 Australians moved to the state making the overall population 5,174,440. This was the fastest annual population change of any Australian state during that time period.
In 2022, Queensland continues to boom, especially when compared to other states with a declining population like Victoria. According to Informed Decisions, the population saw "a massive +16,612 net interstate migration for the quarter is the core contributor – a level not seen since records began in 1981!"
Similar to any other industry, an increase in housing demand paired with a shortage of supply will result in increasing prices. For developers, it's difficult to keep up with the increasing population, leading to a natural shortage of real estate that is affordable to most people. This trend was followed by Queensland in the past two years and seems to continue slightly.
Luckily, Queensland is a large state and offers many opportunities for those who are interested in living in the region. On the other hand, now could be a great time for those who are looking to sell this market. In general, it's best to communicate with your real estate agent and explain your wants and needs when it comes to buying and selling property.
Are you ready to work with the best? Reach out to Ray White Surfers Paradise today.