Since the beginning of the pandemic, many Australians have traveled on interstate highways in search of space, lifestyle and more affordable homes, but new data show that a state’s population is really booming. Indicates that you are.
And this influx of new residents has had a significant impact on real estate prices.
Recent national, state, and territorial population announcements from the Australian Bureau of Statistics show that the population of the population increased by 0.5% in 2021.
Of all the states, Queensland has achieved the largest growth with an annual population increase of 1.4%. This was primarily caused by interstate migration, with more than 50,000 people migrating to Sunshine.
Net interstate migration was the highest of all states in Queensland.Photo: Getty
The majority of immigrants are from New South Wales and Victoria, where the extended blockade of Covid and higher relative cost of housing may have contributed to the surge in interstate highways. I have.
In 2021, as remote work became more commonplace, many Australians searched for large homes and properties near the sea and nature.
This has attracted a lot of people to the region, but Brisbane and Queensland are the most popular because of the abundance of such products and their affordability compared to the two most populous states. It was one of the places.
But how did this affect Queensland home prices?
The enormous demand for housing from all of these new residents has caused a significant surge in real estate costs.
Home prices rose to record levels across the country last year, but rural home prices in Brisbane and Queensland saw some of the biggest rises.
For most of 2021, Queensland’s rural housing outpaced the growth of its largest capital, and Brisbane followed the same trend towards the end of the year. This is despite the fact that it has shown annual growth below national levels for more than half of 2021.
The SA4 region of Queensland also accounts for most of the top 10 fastest growing regions in the past year.
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However, with recent rate hikes, home prices have fallen in many states. Brisbane recorded its first monthly fall since a pandemic showing market changes.
Housing demand will continue to ease nationwide as higher mortgage rates reduce borrowing capacity.
Nevertheless, Brisbane, Adelaide, and some regions are expected to be superior to the rest of the country.
This is driven by their ongoing relative affordability and general changes in lifestyle preferences.