THE good news, if you live or invest in Queensland, is that the Sunshine State is creating jobs once again.
And that means a sunnier outlook for Queensland’s housing sector.
The relationship between job creation and the housing sector is inextricably linked in ways that can impact economic development and our overall quality of life. Simply put, job creation sits at the very core of a healthy real estate market. It is no accident that residential markets improve where new jobs are generated.
The latest available figures indicate that close to three million people are employed throughout the Sunshine State.
Here’s a breakdown of job numbers in the state’s major employment nodes:
Inner Brisbane — 300,000
Brisbane other — 342,000
Logan and Redlands — 202,000
Ipswich — 72,000
Gold Coast — 308,000
Sunshine Coast — 181,000
Moreton Bay — 178,000
Darling Downs and Western Corridor — 181,000
Bundaberg and Hervey Bay — 124,000
Mackay and Rockhampton — 240,000
Townsville — 133,000
Cairns and Far North Queensland — 134,000
Last year, around 45,000 new jobs were created across Queensland — that’s a net figure after taking statewide job losses into account.
The Sunshine Coast had the majority of those new jobs, with the region’s employment growth driven by one of the largest infrastructure projects in Australia — better known as the Kawana health hub.
This regional initiative, incorporating the sixth largest teaching hospital in the world and supporting educational infrastructure, has resulted in the Sunshine Coast transforming into one of the state’s pulse points.
The area has reportedly had 40 new businesses start in just the past three months alone — and after many years in the doldrums, underlying demand for property is now rising on the Sunshine Coast.
Another winner in the employment stakes was central Queensland, with the regions of Mackay, Rockhampton and Gladstone enjoying an increase of almost 16,000 jobs.
Brisbane city did well too with employment growth of more than 15,000 jobs.
Logan and Redlands had an increase of almost 16,000 jobs.
The Gold Coast followed with employment growth of close to 6000 new jobs.
But some areas, unfortunately, had job losses over the past year.
These included Cairns and far north Queensland, down almost 12,000 jobs; the Townsville region, down almost 5000 jobs; Ipswich, down 7000 jobs; Hervey Bay and Bundaberg, down almost 4000 jobs; and the Western Corridor, down 5000 jobs.
Despite those locations that are doing it tough job-wise, the overall outlook for Queensland housing is positive.
Without employment and consistent new job growth, our housing market would continue to languish. For Queensland that is no longer the case.
Michael Matusik is a Queensland property commentator.