Despite media reports today, principally in The Financial Review (page 3), that net interstate migration into Queensland had stalled, the reality is that numbers are in fact "on track". Net migration for 2006-7 was 29,500 compared with 45,000 in 2002-3 and 50,000 in 1994-5.
Migration is cyclical, and follows closely Sydney property booms. Sydneysiders typically visit the Gold Coast for family holidays and after some years make a decision to move to Queensland. That decision becomes reality when a target selling price is achieved for their Sydney property, coinciding with a Sydney boom.
Hence current interstate migration levels are between cyclical peaks, which is perfectly normal. Queensland's average growth rate is 2% p.a. or about 85,000 persons p.a. Overseas migration has grown at the expense of NSW and this sector is likely to push the numbers beyond 100,000 p.a. by 2015. This creates an underlying demand for 40,000 new dwellings p.a, more than any other state.