Queensland on the cusp of a ‘golden decade’

Colliers heralded a “golden decade” for Queensland property with the release of its new report, Queensland 2022 and beyondwhich examines the economic factors that will impact the state’s housing market in the years to come.

The 2032 Olympics to be held across Brisbane in southeast Queensland have since their announcement raised expectations of a major infrastructure upgrade for the host venues, which will ensure their appeal for years to come. Colliers says he will do all of this and more.

“The international exposure and visibility resulting from the planning and hosting of the Olympic Games provides the opportunity to showcase on a global scale the SunshineSun, NSW Sun, VIC state as a region with strong market fundamentals, including a diverse and strong economy, modern and convenient infrastructure, an efficient public transportation system, and a growing region attracting internal migration,” the report notes.

“This exposure has the potential to cement Brisbane and SEQ as an attractive geographic location for global capital looking to diversify their investment portfolio into Asia-Pacific markets,” he continued.

But the economic benefit the Olympics will likely bring to the state is only one facet of the current and expected strength in the real estate market.

Colliers reports that the state’s net interstate migration in 2021 reached its highest rate since 2005, with 31,000 new residents.

“The strong positive interstate migration that has occurred meant that the estimated year-to-date population growth to June 2021 for Queensland was 0.9%, the highest growth rate of any states and well above the national result of 0.2%,” the group reports.

Colliers researchers estimate that the state will see an additional 1 million residents added to the current population of 6.2 million by 2031, putting increasing pressure on the available housing stock. They believe Queensland will need to build at least 385,000 new homes over the next 10 years to accommodate the growing population.

Job growth in the state is also showing steady positive momentum, with the number of people employed surpassing pre-pandemic levels.

“The job market has rebounded strongly, and a large portion of new jobs in the state have been in higher-value, knowledge-based industries such as health care, education, and professional services.” , said Queensland Colliers State Chief Executive Simon Beirne.

He noted that if the trends currently seen across the state continue, real estate markets will reap the benefits.

“Queensland’s economy has evolved significantly over the past decade, and the rate of change is expected to accelerate due to the substantial capital investments that are underway or planned across the state,” Mr Beirne said. .

“It’s an exciting time to live and work in Queensland, and I look forward to seeing investment and development unfold in the future.”

Queensland on the cusp of a ‘golden decade’

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Last update: March 11, 2022

Posted: March 12, 2022