Queensland set to grow by 85 per cent over the next 40 years

Australian Bureau of Statistics (ABS) has predicted that Australia’s population will be 40 million in the next 40 years. That is more than DOUBLE what it was just a decade ago! And guess which Australian state is expected to have one of the largest growths? Queensland. With this surge in population growth comes the inevitable increase to household wealth and housing demand - great news if you are an owner or investor of property here in the heart of Brisbane.

 

Okay, so back to the part where we said Queensland will be one of the Australian regions expected to have the biggest population increase over the next 40 years. If we are talking actual figures, the ABS projects that Queensland will grow by a massive 85 per cent; taking the state’s population to 8.9 million by 2057.

  

Here are how the projected population figures looked across the rest of the country over the next four decades (listed with highest percentage of growth starting at number one):

 

  1.  Western Australia – 135% growth to 6.1 million (More than double the current 2.6 million!)
  2. Queensland – 85% growth to 8.9 million
  3. Australian Capital Territory – 80% growth to 711,000
  4.  Northern Territory – 77% growth to 434,000
  5. Victoria – 64% growth to 10 million
  6.  New South Wales – 45%  growth to 11.2 million
  7.  South Australia – 35% growth to 2.3 million
  8.  Tasmania – 9% growth to 567,000

As you can see, Queensland is sitting right up there thanks to this massive growth expectancy of 85%. As one would anticipate, this surge is set to impact all other facets of the economy, including household wealth, lifestyle and property prices - just ask social researcher, Mark McCrindle.

  

McCrindle says Australia’s population is driven by a combination of things, including:

  1.  Migrants
  2.  Birth
  3.  Longevity

“It’s big numbers. The 1.4% per annum current increase sounds modest in percentage terms, but is one new Darwin every 20 weeks and a new Tasmania every 18 months,” he said. (Darwin’s current population is about 145,000.)

Mr McCrindle said the growth would lift household wealth as demand for housing increased property prices, but this would vary between cities.

“People with property will gain from that. Those without property are not really sharing in the wealth that the growth brings,” he said.

 

Principal of HS Brisbane Property, Hannah Schuhmann says she is not at all surprised by the ABS projections for Queensland.

“When you look at how affordable Brisbane property is and how much infrastructural development Brisbane has going on, it is no wonder the ABS is expecting our population to grow by 85%,” Schuhmann said.

 

“We live in a day and age where people want value for money and this extends to when buying a house, even if it means moving interstate or even overseas to a state that offers great appeal, such as Brisbane.”

For any buyers or investors that would like a share in the suggested wealth that this forecasted growth will bring, then you need to start making a move before it is too late.

 

For more information or to speak to the experts in property purchasing and sales right here in Brisbane, contact the HSBP team on 0419 782 133.

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