Construction boom drives-up Brisbane rental vacancies

According to the Australian Bureau of Statistics (ABS), population growth for Brisbane increased by 1.72% in 2015 to arrive at an estimated total population of 2,084,850 people. During 2006 & 2011, the ABS Census recorded an average of 2.7 people per household. If we adopt that rate for our forecast population growth of circa 36,000 for 2017, it would mean that a demand of around 13,000 dwellings would be necessary, however, the total forecast completions by SQM Research for Greater Brisbane (apartments as well as house & land) may be in the vicinity of 21,000, meaning that an oversupply of 8,000 new properties could be possible. Adopting the same methodology as 2017 as well as the same person per household rate of 2.7, we can assume that Greater Brisbane may be oversupplied by circa 9,000 new dwellings in 2018 due to a required demand of circa 14,000 dwellings and a forecast supply of 23,000.