So, what’s happening in Queensland in terms of population growth in September 2022?
Recently I watched a Channel Seven news article on some of the figures about the population growth in Queensland.
For anyone that lives up in Southeast Queensland, you will have seen more cars on the road, more traffic new infrastructure going in everywhere. And there are real reasons for that.
To quote some of the figures from the Channel 7 news article, into Queensland we had 50,000 interstate migrants this year, and by 2027 will have 85,000 population growth just coming from Sydney and Melbourne alone without the other states without international migration.
We are currently experiencing a thousand new residents into Queensland every week. So, if you consider that’s a household of four, that’s 250 properties we need every week.
There’s simply not enough construction to cater for that demand.
If you are a property investor in Queensland or considering property investment in Queensland, that’s a real bonus because there’s already a shortage of rental properties.
Vacancy rates in most suburbs are under 1%, extremely tight. And interstate and overseas migration is really going to put another compounding effect on our rental incomes.
I am recently seeing rental increases on a massive scale.
I spoke to a first home buyer last weekend about their property. They were previously renting at $600 a week.
I just got them into a brand new home and they’re expecting the landlord to put their rental back on the market for a thousand dollars a week. A massive increase of $400 per week.
I hear these types of stories every day. And this is great news if you are currently a property investor or are out to invest in Queensland.
If you like to see the full Channel Seven article, you can watch it here.
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
