Deloitte: Queensland economy expected to grow during 2014
A new Deloitte report has highlighted the increasing strength of Queensland's economy in the coming years, signalling more reasons for future investment in what is shaping up to be one of the fastest growing economies in Australia.
Entitled 'Deloitte Access Economics Business Outlook: December 2013', the report estimated that Queensland's economy would grow by 3.6 per cent over the next two financial years, which will help to propel the state forward into economic strength and financial stability.
This could be great news for anyone considering purchasing residential or investment property in the state, with the population also expected to begin growing in the near future. This could provide an ample opportunity to secure well-located homes or off the plan sites and cement yourself in the market early.
Treasurer Tim Nicholls said the results pointed towards a great explosion of prosperity for the state, with Queensland expected to take off in the coming months.
"The report forecasts Queensland will have the fastest growing retail turnover of all Australian states both this financial year and in 2014-15. It's also painting a bright future for the construction industry with strong growth predicted over the next four years," said Mr Nicholls in a January 28 statement.
He mentioned the recent CommSec 'State of the States' report, which also ranked Queensland as the top state to watch for great economic growth in the near future.
"It also found the state is leading the way in business investment, with spending in the September quarter almost 27 per cent above decade-average levels," said Mr Nicholls.
"We've seen Australian Bureau of Statistics data showing that three-quarters of all the jobs created in Australia in the year to December were created in Queensland."
As a result of the Queensland government's dedication to delivering economic growth through cutting red tape and streamlining approvals for the housing and construction industry, business investment and jobs have begun to grow in the state.
Getting into the real estate market at the moment could be a good call to make, especially with the official cash rate remaining low and holding interest rates down. Securing a property investment prior to the Reserve Bank of Australia's first meeting of the year in February could be a great decision to make.