This article is from the Australian Property Journal archive
Population growth in the near future should underpin demand for housing and value growth in residential properties, according PRDnationwide.
According to the PRDnationwide Greater Brisbane Demographics report, an estimated 650 people are moving to Brisbane each week.
The report found that an extra 250 houses would be needed to accommodate the influx of new residents and the South-East is likely to be in good shape over the coming years.
PRDnationwide’s national research director Tim Lawless said while inner city suburbs such as South Brisbane, Fortitude Valley, Bulimba and Bowen Hills and the CBD have emerged as some of the most popular for our new Queenslanders, it is the outer areas of Brisbane which are recording the highest rates in population growth.
Lawless said the northern suburbs of Brisbane are ideal hotspots for newcomers such as the Griffin and Mango Hill areas in the Pine Rivers Shire.
“The need for additional housing has the ability to increase even more given the trend towards smaller household sizes. This is due to the availability and affordability of broad hectare land
“Ten years ago, the combined population of these areas amounted to less than 1,000 residents.
“With the recent development of Stockland’s 100-hectare estate at North Lakes, it will ultimately provide housing for 20,000 residents,” he added.
Lawless said the outer areas along key transport corridors provide land and detached housing options ranging from prestige communities to no-frills estates at affordable price points for the lower end of the market.
The report has forecast Redcliffe, Logan and Brisbane to record the lowest population growth rates in the future as broad hectare land in these areas is already running in short supply.
Lawless said looking ahead, the population of Greater Brisbane is projected to increase at an average rate of 1.5% per annum to the year 2011.
The report has forecast the Beaudesert Shire to record the highest level of projected growth, increasing by 3.6% per annum.
By 2021, the residential population of Beaudesert is expected to record a population of 100,000, compared to other capital cities, Greater Brisbane is expected to maintain one of the highest rates of growth for the nation.
Based on the report, the only other capital city with the potential to have a higher growth rate by 2021 is Darwin which is projected to increase in population on average at a rate of 2.2%.
By Kathryn O’Mearapostamble();
