There are signs of improvement in the Queensland residential market overall, which has historically delivered consistent growth, and continues to follow that trend. Offering a unique lifestyle to its residents, along with relative housing affordability, it is no surprise that Queensland’s internal migration rates remain the strongest in the country. Lot sales continue to run at around 700 per month however this is expected to rise during the course of 2020.

Consistently high numbers of residents relocating from the southern states to Queensland should see the local population increase, pushing down supply and in turn, driving prices upwards. From an investor perspective, Queensland continues to offer ample opportunity, due to its strong rental demands, increase in rental population and steady rise in rental rates. Investors are also attracted to Queensland’s affordability and healthy returns on investment, which are generally more lucrative than in the southern states. The Greater Brisbane rental market remained in the upper end of the tight range for the fifth consecutive quarter, with a vacancy rate of 2.4 per cent, up from 2.2 per cent the previous quarter.

The latest State Budget included an investment of $895 million for local infrastructure projects in the Ipswich region, estimated to support 2000 jobs. It also allocated $642 million for health services in the area and a total of $107 million to maintain and upgrade schools.

Among the big spending commitments was $238 million allocated for improvement works including the construction of additional lanes for the Ipswich Motorway. Education spending also increased, with $7.2 million for capital works at Ipswich TAFE, $2.5 million for new classrooms at Springfield Central High School and $550,000 for upgrades at Woodcrest State High. The government also announced $2.4 million for an upgrade to Springfield’s park-and-ride facility to provide 650 extra car sparks at the central train station.

*See important disclaimers at the end of this document