Queensland Property Market - Regional vs SEQ
COVID-19, rapidly rising interest rates, and continuing supply chain issues have caused all sorts of confidence issues across all sectors of the market. So how will Queensland residential property hold up in 2022 and beyond?
The regions have struggled since the GFC through a lack of infrastructure investment and a centralisation of employment, whether that be government departments or FIFO mine workers. All roads lead to South East Queensland.
There are some major infrastructure programs proposed for regional Australia, but these need to be backed up with political and investment support for living in regional communities.
Australia is a big country and it is a simple argument to have more people living in one location than spread across the state. The cost of roads and infrastructure to support a regional population in our country is large and unique. Urbanisation is happening all over the world, so why not here?
Over the next decade, sub-regional towns (less than 20,000 population) will be a mixed bag. If they have a unique offering or industry, that attracts and maintains employment. Small growth will be evident, but for many their growth may be stagnate at best.
For larger regional towns such as Cairns, Townsville, Mackay, and Rockhampton I see a level of growth from the migration from sub-regional areas, especially in industries specific to those areas – Tourism, Government, Armed Forces, Mining, Agriculture and Grazing.
I believe SEQ will be the backbone of the country’s growth (despite some cautions), not just Queensland’s, and specifically for the reasons I will outline in future blogs.
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