The Sunshine Coast is forecast to be a major beneficiary of migration driven population growth, fuelling demand for all residential property types.
The Australian Government has lifted the permanent migration cap from 160,000 per annum to 195,000 for the 2022-23 financial year. A further $36 million is also being invested toward processing the existing visa application backlog and setting up the permanent migration program. The regions are set to benefit from a greater intake of much need skilled workers under the program.
International students are returning to Australia en masse and 2023 is forecast to be a blockbuster year for enrolments. While demand is at record levels, the challenge is for the Australian Government to process the high level of student visas in a timely manner.
Queensland is the leading State for net interstate migration and the lifestyle regions including the Sunshine Coast are the clear winners of this trend. In the year ending March 2021, Queensland was head and shoulders above all other states and territories, with net interstate migration totalling 30,785 people. This incredible figure is at the expense of Victoria and New South Wales, which experienced large declines of 18,191 and 17,796 respectively.