The ABS has recently released new projections for the Australian population looking forward to 2066 and they make interesting reading:
- Australia’s population is expected to grow from the current 25.0m to somewhere above 42.6m (using the middle of the road prediction – the highest rate of growth will see us at 49.2m)
- the ageing of Australia’s population is expected to continue. The median age of Australia’s population (37.2 years at 30 June 2017) is projected to increase to between 39.5 years and 43.0 years in 2066.
- Queensland is projected to increase 4.9million people from 30 June 2017 to reach between 7.5 and 10.5 million people by 2066 .
So what are they saying about the Brisbane Population?
- Brisbane’s current 2.4m residents will double to 4.8m (and that’s using the ‘medium” assumptions – the higher estimates would see us reach 5.8m!)
- Brisbane will be home to more than half of Queensland’s population with 55% of our residents (currently 49%)
- Overseas migrants will keep coming: Brisbane will receive 60% of the state’s net overseas migration
- Conversely the ABS predict interstate migrants other states will more and more choose to live in other parts of Queensland (down from the 68% who currently stay in the capital, to 45% by 2066)
- Queenslanders will be older in 2066. Our median age is forecast to rise from 37 to 43, with the proportion of over-85’s doubling in that time.
This all sounds like there will be strong demand for houses in the Brisbane market for the foreseeable future. Good news if you have invested into property in Brisbane.