Added over 8 years ago

Mining boom driving QLD property market

Queensland's mining boom is increasingly driving the state's property business, with population growth slowing in all areas except those close to new mines or processing plants. The Midwood Report on the outlook for the Queensland property industry claimed that the number of people moving to Queensland from other states was at its lowest level since 1983. While in recent years interstate migration has accounted for more than 50,000 people a year - 1000-plus people a week -- in the current year it is forecast to be only 10,000 people. Consequently, dwelling approvals across Queensland are at their lowest level for a decade, falling from a high of about 24,512 in the second half of 2007 to 10,634 in the most recent six months. But while Queensland's population growth is expected to pick up again over the next few years, the pattern of development will change. There will be less emphasis on sea-change destinations, which have grown strongly in the past decade, and more on cities and towns close to mining areas.

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