Colliers has released its Queensland 2022 and Beyond report, signalling the start of a golden decade for the Sunshine State.
According to the report Queensland has entered an era of growth with several economic and demographic trends distinctly demonstrating its long-term potential as a destination for investment and development activity through 2022 and beyond.
The State has been the beneficiary of 31,000 interstate migrants in 2021, the highest in two and a half decades, with a forecast population growth of one million people over the next 10 years.
A growing economy, internal migration, jobs growth, major infrastructure and investment projects, and the preparation for Brisbane Olympics 2032 are some of the strong underlying fundamentals identified within the report.
Colliers State Chief Executive Queensland Simon Beirne said the report reinforces Queensland’s resilience and the business community’s commitment to accelerating the recovery of the COVID outbreaks.
“The Queensland economy has evolved significantly over the past decade, and the rate of change is expected to accelerate due to the substantial capital investment that is underway or planned across the State,” said Mr Beirne.
“Despite the challenges over the past two years, the local economy remains in good shape and will continue to benefit from one of the highest rates of population growth in the country.”
The result of 31,000 people who have migrated into Queensland from other states is the strongest year-on-year interstate migration figure for Queensland reported since early 2005.
The reports assessment of forecast residential demand indicates that Queensland will require building circa 385,000 new dwellings over the next 10 years to accommodate the forecast growing population.
Further to Brisbane’s success to host the 2031 Olympics, the report predicts an acceleration of white-collar employment and base office demand in Southeast Queensland, underpinning the transformation of Brisbane CBD.
“The jobs market has rebounded strongly, and a large share of new jobs in the State have been created in higher valued knowledge-based industries such as health care, education, and professional services,” he said.
“It’s an exciting time to live and work in Queensland, and I look forward to seeing the investment and development unfold in the future.”
Colliers Queensland 2022 and Beyond Market Research Report is available for download here: https://info.colliers.com.au/queensland-is-open-for-business
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