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Property News

Good news for Queensland home building

May 17, 2012

Property investment opportunities could be on the rise in Queensland after new figures signal positive news for the state's home building industry.

Compared to the same period of last year, approvals for new constructions were up seven per cent during the March quarter.

Warwick Temby, executive director for the Housing Industry Association in Queensland, said that although activity is low by historical standards, there are some signs of improvement.

He continued: "It is the central Queensland cities associated with the resources boom that are experiencing the strongest growth.

"Townsville, Rockhampton, Mackay and Gladstone have all seen home building approvals more than double over the last year."

Mr Temby emphasised that there is still some hope that the new state government will boost confidence in the market by restoring stamp duty concessions for family homes.

Data from the Australian Bureau of Statistics recently showed that more people have been granted the finance for buying a house, as lending increased throughout March.

Figures for more recent weeks are expected to improve further when they are released, especially since the Reserve Bank of Australia reduced the cash rate by 0.5 per cent.

 



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