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New research on the Sunshine State’s 10-year forecast reveals steady tailwinds for the property market.
Colliers has foreshadowed a “golden decade” for Queensland property with the release of its new report, Queensland 2022 and Beyond, which looks at the economic factors that will impact the state’s housing market in the coming years.
The 2032 Olympic Games that will be held across Brisbane at South-East Queensland has, since its announcement, prompted expectations of a major infrastructure boost for the host locations that will ensure their desirability for years to come. Colliers says it will do all that and more.
“International exposure and visibility resulting from planning and hosting the Olympic Games provides the opportunity to globally showcase theState as a region having solid market fundamentals including a diversified and strong economy, modern and convenient infrastructure, an efficient public transport system, and a growing region attracting internal migration,” the report noted.
“This exposure has the potential to consolidate Brisbane and SEQ as an attractive geographical location for global capital looking at diversifying their investment portfolio across Asia Pacific markets,” it continued.
But the economic boon to the state the Olympics will likely deliver is only one facet of the property market’s current and expected ongoing strength.
Colliers reports the state’s net interstate migration in 2021 hit its highest rate since 2005, with 31,000 new residents.
“The strong positive interstate migration that has occurred has meant that the estimated population growth year-to-date to June-2021 for Queensland was 0.9 per cent, the strongest growth rate across the states and well above the national result of 0.2 per cent,” the group reported.
Colliers’ researchers estimate the state will see an additional 1 million residents added to the current population of 6.2 million by 2031, putting increasing pressure on available housing stock. They believe Queensland will need to build at least 385,000 new dwellings over the next 10 years to accommodate the growing population.
Jobs growth in the state is also showing stable positive momentum, with the number of employed people rising to above pre-pandemic levels.
“The jobs market has rebounded strongly, and a large share of new jobs in the state have been created in higher valued knowledge-based industries such as health care, education, and professional services,” Colliers state chief executive of Queensland Simon Beirne said.
He noted that if the trends currently experienced across the state continue, property markets will reap the benefits.
“The Queensland economy has evolved significantly over the past decade, and the rate of change is expected to accelerate due to the substantial capital investment that is 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 the investment and development unfold in the future”.