Population growth is generally a good thing. It means more dollars flowing to our businesses, more people to help pay for our increasing numbers of elderly and more employees entering our growing workforce and contributing to the economy.
Just as well that recently released Australian Bureau of Statistics (ABS) figures show that population growth has not slowed down one bit in 2015, with the national population growing by 1.4 per cent over the year to the March quarter. It now stands at 23,714,272 – a lift of 316,000, according to Housing Industry Association economist Diwa Hopkins.
The question, however, for anyone who owns real estate in Burpengary and surrounding neighbourhoods is: What does this mean for them?
As it happens, it could very well translate into a boost to the value of existing houses. Back in March, CoreLogic RP Data's Cameron Kusher reported that increases in population, specifically through migration, were one of the main drivers of capital growth in what were then the two best-performing states: New South Wales and Victoria. This is because more migration translates into more retail spending and, subsequently, more jobs, making an area increasingly desirable to live in.
The fact that Queensland is continuing to see a steady, reliable rise in its population is therefore good news for property owners. The ABS numbers show the Sunshine State has increased by 1.3 per cent over the year to March 2015, not far behind the state in first place – Victoria, with a 1.7 per cent rate.
Anyone wanting to buy property in Deception Bay, Morayfield or another nearby area with the hope of seeing it increase in value might therefore do well to start looking now. If you wait a whole lot longer, it might be quite a bit more expensive.