In this blog/video, we look at migration, both at an interstate and overseas level, and how that impacts the Queensland property market...

We explore the fresh challenges for housing supply, affordability, rental supply, and long-term planning, as well as look at key statistics, and some possible solutions to the housing problem...

Prefer to watch/listen? Click here to consume this content via YouTube!

Hi everybody - George Sourris, Empire Legal.

Today's topic: Queensland's Migration Surge: Implications for the 2024–25 Housing Market

Migration. Migration, migration. Queensland continues to experience significant population growth, driven by both overseas and interstate migration. The surge is reshaping the housing landscape, presenting opportunities and challenges for buyers, sellers, and investors alike.

Let's start with overseas migration - a major contributor to population growth.

Up to June 2024, Queensland recorded a net overseas migration gain of 74,932 people, accounting for 59.5% of the state's total population growth during this period. Key points - overseas migration remains the largest contributor to Queensland's population increase. The influx is predominantly composed of individuals between the ages of 20-34, seeking employment and education opportunities.

And this demographic trend is intensifying demand in rental markets, particularly in urban centers like Brisbane, Gold Coast and Sunshine Coast.

Now, let's zoom in on interstate migration. Queensland continues to attract residents from other Australian states. In the year to 30 June 2024, the state experienced a net interstate migration of 29,910 people, the highest among all states and territories. Yeah, that's right off the back of COVID, they're all leaving down south and they're coming to the beautiful Sunshine State.

Drivers of interstate migration - lifestyle appeal, and employment opportunity, comparative housing affordability relative to Sydney and Melbourne, and the rise of remote work enabling relocation for sea change and tree change opportunities.

Housing market impacts - supply struggles to meet demand. That old chestnut, it's been around a few years this issue. The combined effect of overseas and interstate migration is exerting significant pressure on Queensland's housing market.

Some trends - Brisbane's median house price reached $855,000 in September 2024, reflecting ongoing growth. I believe this has now tipped at about a million dollars. Regional areas like Sunshine Coast and Cairns are experiencing increased demand, leading to notable price surges, rental vacancies, remaining low, contributing to rising rents and affordability challenges.

Okay, so our friends at the government are doing their best to step in and help. In response to the housing crisis, the Queensland government has several implemented measures. Homes for Queenslander's plan. So, delivering 900,000 new homes by 2046, including over 2,000 social dwellings annually. We've got the Southern Thornlands region where 8,000 new homes are coming. Here is the link to a prior article we have done on that.

Infrastructure investments - so allocating funds to improve transport and essential services to help these growing communities and planning reforms - so streamlining approval process to expediate housing development.

All right guys, but let's call a spade a spade here. We're building approximately 36,000 new homes a year in Queensland. However, when you add the interstate and overseas migration, over 100,000 people are entering the state. So let's just assume they're families of three, then they will all just fit in. If they're couples or individuals, well, there's nowhere for them to live, and our housing crisis gets worse.

Is the problem the migrants? Well while overseas migration is often misunderstood in the housing debate, it's essential to acknowledge the immense value migrants bring to Australia; not just in terms of their population growth, but also the economy, culture, and community.

Migrants help keep Australia dynamic, diverse and globally competitive. They're often younger, highly skilled, and play a vital role in filling critical workforce gaps that many industries are facing.

In fact, according to the Department of Housing Affairs, around 70% of all incoming migrants are skilled workers. A figure that directly supports national productivity and helps ease pressure in key sectors like healthcare, engineering, and technology. We've got to keep building in mind as well, guys with the Olympics and Queensland.

To put it into perspective, nearly 1 in 3 doctors and over 20% of nurses in Australia were born overseas. These professionals aren't just part of our economy, they are essential to delivering public services that Australians need every day.

It is this property lawyer's opinion that if there was less red tape for building in this country, we could achieve a better solution for housing. I vote we call up Harry Triguboff, yes the owner of Meriton (who, ironically is a migrant) - he has the recipe for building high density towers. He can put 500 units in a single tower. That's a lot of housing. The issue is the red tape to get these dwellings approved. Also, he's now 92 years old. Just some food for thought though guys. Let's not vilify the migrants. Also disclaimer, I have no vested interest in the Meriton Group.

I wholeheartedly agree that there is a housing supply problem. The solution - well, it's harder than we think. Everyone's a couch politician. They know all the answers. Well, guess what? No one's actually cracked this code yet. I would love to hear your thoughts. Comment on our Instagram or YouTube.

Alright, just to wrap this up, the ongoing migration trends are reshaping Queensland's demographic and our housing landscape. Whilst there are many opportunities for property investors and home buyers alike, challenges such as housing affordability and supply persist. Everyone wants to live in Australia, and since COVID-19 Aussies have clued on that Queensland in particular, Southeast Queensland, so Sunshine Coast, Brisbane, Gold Coast pocket is the best spot to be - combining affordability (relative to Sydney) with the sun and the lifestyle.

Who wouldn't want to be here? I call the Gold Coast the Miami of Australia. Personally, I love the Gold Coast.

Anyway, guys, that's it for this week. I hope you've learned something. We continue to strive to deliver the best possible experience for Queensland conveyancing. If you have clients who need a hand, we'd love to represent them and make you look like a superhero for referring a great conveyancing team that will help you out.

If you are interstate, and you'll watching this, we want to help you. Anyone buying or selling in the Sunshine State, that's what we do here at Empire Legal.

Also, we're super friendly and we know our stuff. We'll see you next week guys. Thanks very much.

We've got 2,600+ Google reviews with a 5 star average. We've helped well over 12,000 people move in and out of their properties over the years, and we want to help you.

Best way to stay up to date guys - our social media channels, I'm talking Instagram and YouTube. Every week we're releasing more information for free on the Seller's disclosure regime, it's 100% free.

Now, if you haven't heard, we've also just this week launched our podcast. It's called Raising the Bar, where we storytell excellence in Queensland property. Here is the link to listen. If you prefer to watch, here is the YouTube link.

It's a great watch. It's a bit of a laugh. Thanks guys. We'll see you next week.

Also, stay up to date with our miniseries on Seller's Disclosure.

Let's get ready together and get it right from the start. Looking forward to sharing more with everyone soon.

Thanks guys. We'll see you next week!

If you know anyone that is involved in Queensland property, or is just genuinely curious - send them our page, send them our channel. It's all free content. We just want to help you be armed with the tools to make good decisions. Check out our website for more blogs. We've got over 100! 

We want to help you. If you've been listening to us for a while, but you haven't made contact, please do! We want to help people buy and sell homes and deliver QLD's best conveyancing experience. Thanks guys, we'll see you next week.

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If you have any questions, you can email me: george@empirelegal.com.au. 

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Thanks for reading everybody. See you on the next one.

Ladies and gentlemen, please keep in mind that all advice is general in nature and does not constitute legal advice. This is authorised by George Sourris, Empire Legal, Brisbane, Queensland, Australia.

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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.