Queensland remains the 3rd most populous state in Australia. This state population has reached 5,012.2 people as at June 2018. Current growth in residents is coming from a mix of immigration and natural births. QLD is increasing its residents at a third fastest rate in Australia at a resident increase of 1.7%. Victoria and the Australian Capital Territory recorded the highest growth rates of all states and territories at 2.2%. This is followed by Queensland at 1.7%. NSW is a distant fourth.
QLD share of Australian population increasing rapidly
The breakdown of Queensland population between the states is very interesting. Queensland has been steadily increasing its share of total Australian population. VIC share of Australian population has increased from just under 16% in the 1980s to almost 20% lately.
Queensland has been also gaining internal migrants. Furthermore, internal migration rate to Queensland are the strongest in Australia and some of the strongest in a while. The third largest state is gaining on average almost 20 thousand internal migrants a year.
Sunshine state population has been growing steadily and increased significantly from 2007. Despite the fact of this population growth, Brisbane remained a relatively affordable property market. This leads us to believe that Brisbane is yet to get it moment in property cycle. Below table shows Queensland population metrics and the growth trend for QLD Population.
Below chart shows that QLD population growth didn’t go through the three phases that were seen in NSW and VIC. Unlike, the rapid growth in the other states, QLD has been exhibiting a steady growth.
We think people make decisions on where to settle or immigrate based on a wide range of variables. However, we think property affordability is a very important variable, especially for internal migration. We see Queensland property market, and Brisbane property market in particular, as some of the most affordable markets. Thus, we believe this will provide support for Brisbane property prices.
The capital of QLD, Brisbane remains a very attractive city. This city population keeps growing at very attractive rate. Current Brisbane population is over 2.4 million (2,413,457 at June 2017 to be precise).
Above discussion indicates that Queensland remains an attractive state to live in. Should the job and employment conditions in the state improve we could see some positive movements in the state’s property market. This could potentially have a very interesting impact on property values. We think people make decisions on where to settle or immigrate based on a wide range of variables. And, property affordability is a very important variable. Especially for internal migration. We think, Queensland is very affordable, and is likely to remain very attractive for a long while. Victoria, is also more affordable than NSW. This makes us believe people make decisions rationally, and property values is impacting immigration flows and population growth as we expected.