Queensland Heading for Sustained Growth
- October 3, 2017
- Posted by: wpgroup
- Category: Economics, Future trends, Investment Property
We have been commenting on the future growth trajectory and economic environment in Queensland for some time and now the facts are in, Queensland is heading in the right direction and it has been coined by many Economists to be Australia’s most “the progressive state”. Due to long term vison and sound fiscal settings, the prosperity of Queensland is looking very positive. There has been no sale of assets and the state debt is reducing and the economic team responsible must be applauded for robust, quantitative decision making that has built a strong foundation for the future.
Brisbane is on the way to become an international city with population growth expected to increase by 660K by 2031 taking the population to 2.95 million. We are already experiencing local migration from other capital cities and this will continue as the climate is right for young professionals. As a consequence, more homes need to be built with an estimate of 280,000 forecasted for 2031. With population growth, the need for additional motor vehicles is estimated to rise by 500,000. Brisbane has a lifestyle that the southern cities would love to have and is therefore well positioned to reap the benefits into future.
The development of the Queens Wharf and casino resort along with the cross river rail project will take the city to another level, making travel more convenient. Brisbane airport will soon see the second runway increasing the connection to the rest of the world and in particular Asia.
It could not be a better time to take advantage of the opportunities in Brisbane and invest in business. The data below will demonstrate the opportunities ahead.
- Population to grow by 660+ thousand by 2031
- Additional homes needed 280+ thousand
- Additional jobs needed 361+ thousand by 2031 and 646K+ by 2041
- Additional shopping centers to be built 42 by 2031
- Additional doctors required 1250+
- Double the number of passengers expected to fly through Brisbane approx 50+ million
- The economy will grow from 150 Billion to 250 Billion by 2031
The Government must stay focused and pursue good fiscal management.