A leading demographer today blamed a lack of interstate migration for low house prices.
He says South-East Queenslanders have had a tough time since the Global Financial Crisis but there is good news on the way.
Rebekah Ison reports.
Queensland used to attract more than 30,000 migrants from interstate.
In the last two years that figure has dropped to less than 10,000.
He says Queensland’s property success is dependent on the markets of other states.
Bernard Salt, Demographer: “People are confident of selling their house in Hornsby or Kograh crystalising value and converting it to residential property in Queensland.”
Developing costs also play a part.
Chris Mountford, Deputy Executive Director of Australian Property Council Qld: “The costs of providing infrastructure are much higher than in other states and these things add up to making Queensland I guess a more difficult place to do business.”
Queensland is also attracting one generation in particular.
Baby boomers make up nearly one third of the state’s population and that is set to grow. The Australian Bureau of Statistics predict one 1.3 million more will call Queensland home by 2021.
The oldest baby boomers will turn 65 next year and many of them are leaving the workforce.
Bernard Salt says we can expect a turn around within the next few years.
Bernard Salt, Demographer: “Queensland property will remain in the doldrums. I certainly see that throughout the balance of 2011 but have great hopes for 2012.
Rebekah Ison, QUT News.