Queensland’s housing market is facing an unprecedented surge in demand driven by its ongoing population boom. Overseas migration nearly quadrupled its long-term average in the year to September, complemented by strong interstate migration patterns. This rise in demand underscores the continued growth and potential of SEQ’s housing market, but also highlights the immediate need for real world solutions to the supply-demand imbalance.
The South East Queensland Regional Plan (SEQRP) projects the region’s population will grow to approximately 6 million by 2046, requiring the construction of nearly 900,000 new homes. The greenfield sector plays a critical role in addressing this demand, and making avenues for timely approval and prompt delivery of new housing is paramount.
The government has made a commendable move by passing the Housing Availability and Affordability Bill. The bill aims to streamline development applications and reduce red tape, paving the way for the efficient delivery of much needed supply.
The current low supply levels are naturally pushing up property prices. Coupled with increasing build costs, the average house and land package now costs $66,334 more than last year. However, even at $802,855, this figure remains below the established median house price, offering potential buyers a more achievable pathway to the Great Australian Dream.
The allure of new greenfield homes persists. We see evidence in the most recent migration data which highlights a notable population shift towards areas such as Logan-Beaudesert, Wide Bay, and Sunshine Coast – reinforcing the sector’s strength and continued potential.
As we move forward, a multifaceted approach that encourages collaboration between all levels of government and industry will be essential to addressing the current housing challenges. With effective planning and clear policies in place, the greenfield sector is poised to play a key role in ensuring sustainable growth and meeting the housing needs of SEQ’s growing population.
This article references findings from our May 2024 SEQ Greenfield Market Report.