QUEENSLAND & BRISBANE ON THE RISE

More positive news this week which bodes well for current, and future prospects, of the Queensland residential property market. The latest Interstate Migration and employment figures published by the ABS saw ever increasing numbers of people moving to the Sunshine state, and a dramatic surge in employment to support these new residents. With an enviable lifestyle now supported by improved employment opportunities, and affordability in Queensland / Brisbane compared to southern states at an all-time high, people are discovering it’s difficult to find reasons not to move north.

Not only does Brisbane offer a fantastic lifestyle but it also offers improved employment opportunities, and fantastic housing affordability. Here at Mosaic we believe Brisbane should replace Melbourne as the ‘World’s Most Liveable City’.

Net Interstate Migration to Queensland was up 7% to a total of 15,716 persons for the 12 months to March 2017. This was the second highest number recorded across the country, trailing slightly behind that of Victoria at 18,557 persons. The gap between Queensland and Victoria has closed to a 3-year low, with Net Interstate migration to the two states growing since 2014 and attracting residents away from the other states. This typically results in more consistent demand for housing in Queensland and consequently brighter property market prospects lay ahead.

Net Interstate Migration:

Source: ABS

Queensland has also just recorded the strongest employment growth in the country. This is an exceptional outcome, particularly considering that 3 years ago, during the 12-month period ending August 2015, Queensland experienced a net loss of 3,835 jobs. Queensland’s employment growth for the previous 12 months was 96,324 persons. This saw the unemployment rate decline from a high of 6.6% in February 2017 to a new low of 5.7% as at August 2017. With employment growth for Queensland now exceeding Victoria and other states, net Interstate migration to Queensland also seems likely to claim top spot in the country in the near future.

State Employment Growth, Year to August (Original Series):

Source: ABS

If you would like to know more about Brisbane register your interest on our Brisbane Investment Page.