- Regional Queensland's population is set to boom in lead up to the Olympics.
- Townsville and Toowoomba are among the regions expected to reap the benefits.
- A blueprint to address the housing supply has been released.
With the Sunshine state preparing for the Brisbane 2032 Olympic and Paralympic Games, regional Queensland is expected to be a significant beneficiary of the predicted $8.1 billion generated in social and economic benefits, according to Colliers’ research.
Regional Queensland is forecast to see the population grow from 1.4 million to almost 1.6 million by 2036, which marks an 11% increase from 2023.
Flow of migration and housing affordability
The regions are expected to boom in the lead-up to the Olympics, said Colliers Queensland State chief executive, Simon Beirne.
“Not only are we seeing strong overseas migration, but we are also witnessing strong interstate migration to Brisbane from people being displaced from Sydney and Melbourne due to affordability, where the median house price in Q1 2023 was $1,890,000 and $1,060,000 respectively.”
Beirne added that this will have a ripple effect, wherein Metro Brisbane residents will migrate to wider South East Queensland and into regional areas which offer far more affordable housing options.
“As further infrastructure and amenities are introduced, and the population projected to increase, some areas will experience growth at a more significant level than others,” he said.
“With many of the venues located in South East Queensland, this region is expected to benefit the most, however, Cairns and Townsville are also expected to see growth, with neighbourhoods in suburbs near Olympic venues experiencing significant population growth.”
Moreover, Townsville stands as an attractive investor market, offering a high level of affordability for first home buyers and investors at a median price of $400,000.
Townsville Colliers managing director, Peter Wheeler, said the city was actively pursuing opportunities to secure a lasting legacy for the region.
“Townsville is in the midst of a once-in-a-generation transformation. The hype very much remains around critical minerals and green energy, which North Queensland can provide in spades.
“There is no doubt that the ongoing interest in all areas of the local property market is being driven by these sectors.
The next decade is also expected to bring growth to Toowoomba, which will be partly driven by the Olympics.
“Toowoomba stands as one of Queensland’s third largest economies among regional cities, attracting individuals from all walks of life with its appealing lifestyle, abundant job opportunities and affordable housing options,” said Colliers Toowoomba managing director, Dan Dwan.
“Toowoomba offers businesses viable investment opportunities for expansion and relocation in response to current scarcity in the market for available properties and surge in demand.”
900,000 homes in SEQ by 2046
To keep pace with the rapid population growth and job opportunities brought on by the Games, the Queensland government has devised a plan to supply 900,000 new homes across the state by 2046.
“South East Queensland is booming, with almost six million people expected to call this region home by 2046,” said Deputy Premier, Steven Miles.
“More housing is needed than ever before, and we need a plan that ensures homes are delivered when and where they need to be while also protecting Queensland’s great lifestyle.”