Investment options rise in Queensland as economy grows
It's been a great seven days for those looking into reasons to purchase residential property in Queensland, with two reports released earlier this week (April 28) highlighting the overarching economic strength of the state and the expected continuation of this growth heading into the future.
Both the CommSec State of the States report and the Deloitte Access Economics Business Outlook have illustrated the great economic position the state finds itself in, with Treasurer Tim Nicholls stating that it will be essential to make smart decisions in the coming years to help maintain this development.
For example, the CommSec State of the States report showed Queensland had the nation's second strongest economy behind Western Australia, while remaining 18.6 per cent higher than the decade-long average established.
Queensland is second only to Western Australia with regards to retail spending and construction working, the latter of which is beginning to change - with more dwellings commencing over the first quarter of 2014. As recorded in the report, Queensland saw a 49.2 per cent rise in construction over the last quarter, following Western Australia's rise of 60.9 per cent.
Furthermore, this point is reinforced by the Deloitte Access Economic Business Outlook report, highlighting growth in both retail and property activity.
"Dwelling starts have since moved up into positive territory and Queensland is climbing its way up the rankings. The report notes that Queensland will outperform the rest of the nation on both of these important indicators," said Mr Nicholls in an April 28 statement.
"It also confirms that Queensland will have the fastest growing state economy by 2014-15 and that we are the only state where engineering construction spending is rising."
A release from the Housing Industry Association (HIA) has highlighted the growing degree of Queensland's new home building starts, with national rates rising by 8.2 per cent over the final quarter of 2013. HIA Economist Geordan Murray said these figures were some of the highest seen since the global financial crisis stimulus.
"New home building activity in Queensland also grew strongly in the final quarter of 2013. It is encouraging to see the state's housing recovery gathering momentum. Dwelling commencements lifted 15.8 per cent in the December quarter to around 9,233 in the quarter," said Mr Murray in an April 16 statement.
"This is comparable with the healthy level of activity in middle part of the last decade."
With the four pillar economy within Queensland continuing to move from strength to strength, this could present a great number of opportunities for investment property in the coming months.