For nearly two years straight, net interstate migration to Queensland has been approaching pre-GFC levels – and it’s getting the property sector excited.
“I think the reason why people are excited about it is because we’ve had a bit of a lull in our state,” PRD Nationwide’s Asti Mardiasmo said.
“There is something that’s attracting people back. That’s what the Queensland government has been working on and people are excited because those incentives are working.”
Property expert Simon Pressley said interstate migration had been weak since the GFC.
“What we saw was a massive trough in Queensland, about 2000 [migrants] per quarter until about late 2015,” he said. “Since December 2015, every single quarter there’s been 3000 or more migrants and we haven’t seen that since before the GFC.
“Seven consecutive quarters, and each quarter the number has gotten bigger, now it’s 5000.”
All those people need somewhere to live and while many end up renting, it can be a major shot in the arm for the local property industry.
But Dr Mardiasmo said while migration was one factor in Brisbane’s growth, it was not the “silver bullet” which would bring Brisbane in line with southern capitals.
“You’d need to have a humungous increase to be able to replicate Sydney’s growth,” she said. “The fact we are getting more people will help the conditions.
“It will help maintain our level of growth, it keeps it going and there will be a little more growth than we would have seen but it won’t be a massive jump the way Sydney jumped.”
This level of sustained and conservative growth is good news for the South East Queensland property market, rather than more ‘boom/bust’ myth building.