Earlier this year, we were greeted with images of tent encampments mushrooming within Brisbane.
A report by 9News highlighted the situation, with “makeshift campsites and tent cities expanding across south-east Queensland”. This included a “tent city in Rothwell, in the heart of Premier Steven Miles’ electorate of Murrumba”.
According to PropTrack, Brisbane dwelling values have rocketed by 71% since the beginning of the pandemic in March 2020:
SQM Research shows a similarly aggressive increase in Brisbane rents since the start of the pandemic:
Wednesday’s dwelling construction data suggests that Queensland’s housing crisis will worsen as demand from population growth continues to swamp new supply.
Queensland added 141,400 people in 2023 (latest available data), with 87,900 of this increase coming via net overseas migration. However, only 33,900 dwellings were completed in the year to March 2024.
The forward-looking construction indicators for Queensland were equally poor.
Only 32,500 dwellings were commenced in the year to March 2024 across Queensland, while only 32,900 dwellings were approved for construction in the year to May.
Clearly, Queensland’s housing crisis will continue to worsen unless the Albanese government succeeds in slashing net overseas migration.
