The new data has come as music to the ears of the Real Estate Institute of Queensland, which is forecasting a housing demand bonanza.
“Queensland grew by 81,000 people last year, and we were the most popular state for internal migration, growing more than any other state in the year to September 2017,” REIQ Chairman Rob Honeycombe said.
“Last year, $54 billion of Queensland residential real estate was bought and sold. 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 it’s not just the southeast corner which stands to benefit from the population increase.
“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,” Mr Honeycombe said.
“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.
“These areas would benefit from increased supply and, in fact, both the Sunshine Coast and Gold Coast have additional levels of supply coming to market in the near future.”