The number of interstate migrants to Queensland is the highest it’s been for eight years, supporting predictions of an emerging exodus of Sydney and Melbourne homeowners selling up and moving to the Sunshine State.
Premier Annastacia Palaszczuk has told state parliament 15,716 people moved to the state in the year to March 2017, with most of those coming from New South Wales.
“It’s a resounding vote of confidence again as more and more people are continuing to find our state an attractive destination to live, work and raise their families,” Ms Palaszczuk said.
New Australian Bureau of Statistics figures show interstate migration to Queensland fell to a low of 5753 over the year to June 2014, but increased to 11,581 in the year to June 2016.
It comes after Macquarie Bank released a research note estimating interstate migration was worth a potential $8.1 billion to the southeast Queensland housing markets.
Ms Palaszczuk pointed to her government’s marketing campaign in southern states for promoting Queensland as an attractive destination to move to, as well as lower taxes and house prices as driving the migration growth.
“With inflated proceeds from selling their house in cold capitals, they can head beyond the Tweed to the warmth and competitively priced quality homes and units in Queensland,” she said.
“While my Government’s priority is for Queenslanders, particularly young Queenslanders, to get into the property market, we are making our pitch to the south too.”
CoreLogic senior research analyst Cameron Kusher said Brisbane still had a big affordability advantage over its southern rivals.
“If we continue to see job growth (in Queensland), we might see more people leave Sydney and Melbourne for Brisbane.” he said.
Mr Kusher said the Gold Coast and Sunshine Coast property markets were also starting to benefit from increased interstate migration.
The Sunshine Coast was the strongest performing regional housing market in Queensland in September, with home values rising 6.6 per cent.
AMP economist Shane Oliver also expects Brisbane to be a big winner from interstate migration.
Mr Oliver said Brisbane was likely to benefit from flow on or “refugee” demand from Sydney and Melbourne.