I have long thought that Queensland is a great choice as a home for singles and families alike. The Australian Bureau of Statistics has released the latest details on Queensland today and Queensland’s population is growing fast. In the last 7 years Queensland has grown by almost 700,000 people – a rate of almost 100,000 every year.
The population of Brisbane is now close to 1.95 million people, an increase of almost 300,000 in 7 years. The Gold Coast has grown faster than any other area in Queensland with a population of 497,800 people – growing by more than 110,000 (3.7% annually) in the last 7 years. The Gold Coast is now the 6th largest city in Australia, passing Newcastle, NSW which has grown by only 7,000 in the same period.
Queensland now accounts for 20% of the Australian population and between September and December 2008, 12400 (42%) of the 29400 total population increase was due to natural growth –excess births compared to deaths. 39% (11600) of the growth was due to net overseas migration in Queensland and 18% (5400) was due to net interstate migration.
This growth is great news for property owners throughout Queensland as demand for accommodation continues to grow and should provide a solid buffer for property prices. With unemployment at 5.4% which is less than the national average and the number of building approvals increasing for 3 consecutive months following 16 months of decline it appears that Queensland is moving in the right direction.