QUEENSLAND will hit the magic five million headcount in May, official figures show, a milestone helped by a surge in births and migration – putting real estate in the crosshairs.
ABS demography director Anthony Grubb said the state had hit 4.9m by the end of September last year and was growing at 1.7 per cent, helped along by the likes of 12,000 New South Welsh-people crossing the border last year alone.
“Natural increase and net overseas migration each added an additional 31,000 people to the state’s population in the year preceding September 2017,” he said. “The third component, net interstate migration, contributed 19,000 over the same period, including a net flow of 12,000 from New South Wales.”
At the turn of the 20th century (1901), there were half a million Queenslanders, and it took 37 years to double that figure and another 36 to then go to two million in 1974.
“After that, population growth picked up its pace, taking only 18 years to get to three million in 1992, and just 14 years to reach four million in 2006.”
Real Estate Institute of Queensland chairman Rob Honeycombe said $54b worth of properties changed hands in the state last year.
“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.
“Of course, there are pockets where housing supply is tight and this population growth is placing pressure on markets such as the Sunshine Coast and the Gold Coast, where prices are rising steady and vacancy rates are at historic lows.”
He welcomed the northern migration by NSW residents.
“We have known for some time that many southerners are also moving to regional Queensland, seeking a peaceful lifestyle change. Downsizers and pre-retirees are selling their Sydney property to move to regional coastal towns, such as Bundaberg and the Fraser Coast, to buy waterfront property and a great lifestyle.”