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Queensland’s population hits 5 million people today

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Queensland's population hits 5 million people today
PHOTO: Is this Queensland’s 5 millionth person? Cordy Kerr-Kennedy was born yesterday in Townsville. (ABC News: Mark Jeffery)

Queensland’s population has tipped the 5 million mark today, Premier Annastacia Palaszczuk has told State Parliament.

Ms Palaszczuk said several expectant families were on standby to welcome the state’s five-millionth resident.

“Somewhere today a brand new mum and dad will be eager to meet their new arrival,” she told the house.

“The whole family will want to know: is it a boy or is it a girl? And the doctor will say, ‘congratulations, it’s a Queenslander’.”

Ms Palaszczuk said the two main drivers of the increase were migration growth, particularly from New South Wales, and from 60,000 babies being born in the past year.

Queensland's population hits 5 million people today
PHOTO:
 The state’s five-millionth resident was born today.(ABC North Queensland: Nathalie Fernbach)

“Overseas and interstate migration is up by 50,000 people in the past year, 19,000 came from interstate … more than 12,000, or 230 a week, move from New South Wales to Queensland,” she said.

ABS data also revealed the fastest and largest-growing area in Queensland in 2016-17 was Pimpama on the Gold Coast, which grew by 3,000 people.

Large growth also occurred in Jimboomba on Brisbane’s south side and in North Lakes — a suburb north of the city — which both increased by 2,100 people.

Coomera on the Gold Coast and Springfield Lakes in Ipswich also experienced large growth up 1,400 people.

The State Government’s population counter gives a “synthetic estimate” of the number of current Queenslanders, assuming a total population increase of one person every 6 minutes and 22 seconds.

Earlier this year the Australian Bureau of Statistics (ABS) said Queensland’s population was growing at 1.7 per cent and was projected to tick over to 5 million in May.

ABS data released in March also revealed Brisbane was one of the country’s fastest-growing cities and had increased by 48,000 in 2017, hitting 2.4 million people.

Queensland's population hits 5 million people today
PHOTO: The ABS estimated Queensland’s population was growing 1.7 per cent a year. (AAP: Dan Peled)

ABS demography director Anthony Grubb said the state’s population had “come a long way” in the last century.

“In 1901 the population was half a million; a tenth of what it is today… it took 37 years to hit the 1 million milestone in 1938 and another 36 years to reach 2 million in 1974,” he said.

But Mr Grubb said population growth “picked up the pace” after that, taking just 18 years to reach 3 million then only another 14 years to hit 4 million in 2006.

Queensland could be leading growth state in future

Population demographer Dr Elin Charles-Edwards said although Queensland is not currently the fastest growing state, it is possible it could top the leader board later down the track.

‘Not in the short-term, but Queensland is coming up off a relatively subdued growth so perhaps we might be entering an era of more rapid growth,” she said.

Dr Charles-Edwards said the challenges that generally come with increased population could be managed in Queensland.

“As long as we keep up and don’t take our eye off the ball we can continue to absorb quite high levels of growth… but really it’s keeping up with the infrastructure that’s the key challenge,” she said.

Dr Charles-Edwards said it was important to note some parts of the state, particularly in western Queensland, were experiencing population decline.

“While the south-east corner is growing and also many Indigenous communities are growing, other parts of the state are shrinking,” she said.

“Perhaps we could do more to encourage people to move outside the south-east corner.

“If we were able to work out some way to decentralise our population, growth a little bit further up into the northern regional centres, I think that would benefit the growth of south-east Queensland.”

Source: www.abc.net.au

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Flood suburbs leaving rest of Brisbane in their wake now

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Flood suburbs leaving rest of Brisbane in their wake now

Houses in the suburb of Yeronga submerged by flood waters on January 13, 2011. House price growth in the area has bounced back to outperform the rest of Brisbane. Picture: Jonathan Wood/Getty Images.Source:Getty Images

BRISBANE suburbs devastated by record floods in 2011 have sprung back to beat the rest of the housing market, with one growing at double Brisbane’s five-year average.

New analysis has found that in 19 of the 20 suburbs affected by floods, house price growth was now outperforming the rest of the Brisbane market.

RiskWise Property Research found 95 per cent of the suburbs affected have gone on to deliver strong double digit capital growth over five years, with the top suburb Fig Tree Pocket notching a massive 52.7 per cent, double that of Brisbane 26.7 five-year average.

RiskWise CEO Doron Peleg said demand for properties in those suburbs far outweighed any concerns over flooding — especially given 2011 was considered “a once-in-a-50-year event”.

“That makes these homes a risk people are willing to accept.”

Flood suburbs leaving rest of Brisbane in their wake now

Friends pitching in to save a home in Bulimba after flooding on January 13, 2011. Picture: Eddie Safarik/AFP.Source:AFP

Mr Peleg said the financial risk was now considered to be lower than before the 2011 floods.

“That’s why we have insurance companies. And while they have revised their product offerings and premiums, which no doubt will be quite high, it is still possible to get insurance.”

While Fig Tree Pocket reigned supreme (52.7 per cent), price growth was solid in 18 other suburbs including Bulimba (44.7 per cent), Yeronga (42.4 per cent), New Farm (40.5 per cent), Tennyson (40 per cent), Indooroopilly (39.8 per cent) and Windsor (38.8 per cent).

Flood suburbs leaving rest of Brisbane in their wake now

Police patrolling flooded Fig Tree Pocket streets in 2011. Picture: Jono Searle.Source:News Limited

Also notching capital growth in the thirties were Hamilton (35.7 per cent), Norman Park (34.8 per cent), Corinda (34.7 per cent), Auchenflower (31.5 per cent) and Wilston (31.3 per cent).

Only one suburb of the 20 was running below Brisbane’s 26.7 per cent five-year average, with Pinkenba sitting just half that pace on 11.8 per cent.

Mr Peleg said the results defied post-2011 flood perceptions that the areas would see very poor capital growth and negative buyer reaction.

“Our research has shown the reality is completely different and the demand for them has eclipsed the negative perception. This is because these high-flood areas are truly well located on the river which is in high demand.”

He said some areas had also been rezoned which made them attractive to developers.

House Price 5-Year Growth in 2011 Flood Affected Areas:

Fig Tree Pocket (52.7 per cent)

Bulimba (44.7 per cent)

Yeronga (42.4 per cent)

New Farm (40.5 per cent)

Tennyson (40 per cent)

Indooroopilly (39.8 per cent)

Windsor (38.8 per cent)

Hamilton (35.7 per cent)

Norman Park (34.8 per cent)

Corinda (34.7 per cent)

Auchenflower (31.5 per cent)

Wilston (31.3 per cent)

Fairfield (29.8 per cent)

Kenmore (29.4 per cent)

Herston (28.8 per cent)

Albion (28.6 per cent)

Sherwood (28.4 per cent)

Milton (27.9 per cent)

East Brisbane (26.8 per cent)

Pinkenba (11.8 per cent)

Source: Riskwise Property, CoreLogic

Source: www.news.com.au

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Brisbane Rental Market Keeps Investors Optimistic

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Brisbane Rental Market Keeps Investors Optimistic
The Brisbane residential market is showing some signs of recovery, as vacancy rates continue to fall across the Queensland capital. 

The number of vacant properties in Brisbane dropped below 10,000 to 9774 — to 3 per cent from 3.2 per cent in March, according to SQM Research data.

The national vacancy rate was unchanged at 2.1 per cent.

Asking rents for units in the Queensland capital also picked up in April, marking a slight 0.4 per cent increase to $367.80 despite asking rents for houses falling over the month to $446.40 (-0.3 per cent).

The slight fall in rental vacancies comes as demand for prestige property in Brisbane led to a 3.6 per cent price growth over the past year.

Melbourne saw a fall in its vacancy rate to 1.3 per cent in April representing 7,317 vacancies, down from 1.4 per cent.

Sydney’s rate was steady at 2.3 per cent representing 15,809, but up from 1.7 per cent a year earlier, while Canberra rose to 474 vacancies from 392 last month.

Adelaide dropped from 1.4 per cent vacancy to just 1.3 per cent, leaving 2,427 vacancies in April while Hobart’s vacancy rate inched higher to 0.7 per cent representing 219 vacancies from March’s 191.

“While vacancies remain tight, this is the sixth straight month of vacancy increases, signaling that the worse now could be over for Hobart tenants,” SQM Research managing director Louis Christopher said.

“We are finally seeing some rent relief in Hobart where asking house rents fell by 2.8 per cent over the month to 12 May, with a slight uptick in the vacancy rate there.

“In Sydney too, we are seeing some relief in rental costs […] but high rents remain a constraint for many renters, with unit asking rents still rising in most capital cities, apart from Darwin and Perth,” Christopher said.

Capital city asking rents for houses rose fell over the month to 12 May 2018 by 1.6 per cent to $554 a week, while unit asking rents rose 0.5 per cent to $445 a week.

The asking rent for a three-bedroom house in Sydney remained the highest in the nation at $726 a week while for units it stands at $525. Canberra follows at $619 a week for houses and $442 for units.

In Melbourne, asking rents for houses were down over the month by 0.7 per cent to $534 while unit asking rents rose by 0.7 per cent to $410.

Source: theurbandeveloper.com

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Apartment glut prompts massive discounting in Brisbane, research reveals

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Apartment glut prompts massive discounting in Brisbane, research reveals

PHOTO: New Brisbane apartments are coming in for heavy discounting, SQM Research found. (ABC: John Gunn)

A recent real estate advertisement revealed what some might call the bargain of a lifetime — a northern Brisbane apartment selling for almost 40 per cent below its 2010 purchase price.

The two-bedroom unit in Chermside is what property analyst firm SQM Research call a “distressed property”— bought for $522,000 and now on the market for $315,000.

In a more buoyant market, it might be enough to attract a long list of eager buyers, but with a rental vacancy rate of 3.3 per cent in Chermside the apartment has proven far from an easy sell.

SQM Research managing director Louis Christopher said large price falls have become the new norm for Brisbane apartment owners looking to sell in a saturated market.

“We have seen some heavy discounting before, but this is probably one of the biggest ones I’ve ever actually seen,” he said.

“It’s fair to say this is not normal in the market. Nevertheless, there has been an oversupply of properties — we see it through the rental market in the Brisbane CBD where we are recording rental vacancy rates of 5 per cent.

“We are noticing the vacancies in Brisbane are still elevated in the CBD and in the inner city market, whereas in the outer regions of Brisbane, we are recording tighter vacancy rates.”

Worst could be over, expert says

Mr Christopher said homeowners and investors might see their fortunes improving in coming months, as SQM data showed vacancy rates had been falling for the past four months.

“We noted the overall Brisbane rental vacancy rate is now at 3 per cent and has actually been dropping,” he said.

“There’s a chance now that the worst may actually be over when it comes to property investors in the rental market.”

Apartment glut prompts massive discounting in Brisbane, research reveals
PHOTO:
 Inner-city apartment vacancy rates remain high, Mr Christopher said. (ABC News: Isobel Roe)

Queensland population growing steadily

Australian Bureau of Statistics (ABS) data also suggested the state was enjoying steady population growth.

Marking the birth of the 5 millionth Queenslander yesterday, Premier Annastacia Palaszczuk said the two main drivers of the population increase were migration growth, particularly from New South Wales, and from 60,000 babies being born in the past year.

Apartment glut prompts massive discounting in Brisbane, research reveals
PHOTO:
 Is this Queensland’s 5 millionth person? Cordy Kerr-Kennedy was born yesterday in Townsville.(ABC News: Mark Jeffery)

“Overseas and interstate migration is up by 50,000 people in the past year, 19,000 came from interstate … more than 12,000, or 230 a week move from New South Wales to Queensland,” she said.

Mr Christopher said property oversupply was a problem mostly localised to Brisbane, with surrounding Queensland regions and other states recording much tighter vacancy rates.

ABS data also revealed the fastest and largest-growing area in Queensland in 2016-17 was Pimpama on the Gold Coast, which grew by 3,000 people.

Large growth also occurred in Jimboomba on Brisbane’s south side and in North Lakes — a suburb north of the city — which both increased by 2,100 people.

“On the Gold Coast, we’ve been recording vacancy rates well under 2 per cent and on the Sunshine Coast, the vacancy rate is once again under 2 per cent, strongly suggesting it’s been a landlord’s market in those two regions,” he said.

“When I look at the three main capital cities — Melbourne, Sydney and Brisbane — Brisbane has suffered the most in terms of an oversupply of units.

“Brisbane’s population growth rate has been falling behind Sydney and Melbourne and because of that, it hasn’t been able to absorb the surplus stock that’s been built, hence the reason why we’ve seen higher vacancy rates compared to Melbourne and Sydney.”

Source: www.abc.net.au

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