Queensland has population has been bolstered by the COVID-19 pandemic and has seen the highest interstate migration in 20 years.
Net immigration into Queensland for the year ending June 2021 saw the population increase by 30,939. This is the largest increase in population since 2004 which saw a population gain of 35,498 [1].
The main reason for people choosing to leave the southern states of Victoria and New South Wales has been the extended lockdowns in both states. The increase in population in the sunshine state is not expected to decline as young families seek job opportunities and cheaper housing.
New South Wales and Victoria saw a decline in population in the same period to June 2021.
Victoria saw an outflow of 18,300
New South Wales also declined with -16,676 in net migration
Net Interstate Migration 12 months to June 2021
Source ABS
The Predictions.
It is predicted that Melbourne will see a decline in the population of 32,000 in 2021-2022 and in the same period Sydney is forecast to lose 38,900.
Queensland’s estimated population growth for 2021-2022 is 1% and that is expected to grow to 1.25% in 2022-2023.
Property prices in Queensland increased by about 25% in the last year but it is still much cheaper than Sydney or Melbourne. This surge in property prices is forecasted to continue up until the Brisbane Olympics in 2032 [1].
Tim Davis - Property Investment Consultant at Meridian Australia
P: (02) 9939 3249
Disclaimer: When considering purchasing a property, it's always prudent to seek the advice of an appropriately qualified professional to determine which strategy is most appropriate for your circumstance.
References
[1] ABS