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Escape from the big cities? Queensland becomes the top interstate migration destination 
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Queensland real estate transactions have been in a state of adjustment recently. Besides the high holding capacity of buyers, the negative impact of Covid-19 has also gradually emerged. Many developers and construction companies in the market are also facing staff shortages and overwhelmed supply chains, which have caused the completion dates of development projects to be postponed or even cancelled, resulting in a supply gap in the market!
On the other hand, Covid-19 has changed many people's work patterns, and working from home has become a cost-control trend for many companies. Since work is no longer a factor in residential location, many Australians are moving from states with high real estate prices to more affordable areas. According to the Australian Bureau of Statistics, in the 2021 census, comparing interstate migration data from different states or territories every five years, Queensland (QLD) recorded the largest net population increase (+107,500), followed by Tasmania (TAS) (+15,300) and the Australian Capital Territory (ACT) (+10,600)*.
Queensland enjoys a geographical advantage, with rich natural landscapes and activities, such as sunny beaches
, blue sky, natural park
and wildlife, etc. Therefore, it has always been one of the most popular areas in Australia. In addition, the average house price in Queensland is relatively low compared to the average house price in other states of Australia. This is definitely another factor that attracts people to move to Queensland.
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Due to various reasons, the supply of Queensland real estate is in short supply. Whether in the primary or secondary market, the purchasing power of interstate migrants is no less than that of overseas migrants. In addition, both parties are early adopters and have already commissioned buyers' agents to search for properties before arriving in Queensland. Therefore, after the market adjusts, it is believed that there will be a new boom.
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*Source: https://www.abs.gov.au/arti…/population-movement-australia
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