Investment outlook good in Queensland
The level of confidence across the nation's real estate industry has reached a historic high that could be great news for anyone considering the purchase of residential property in the coming months, according to the latest Property Council - ANZ Property Industry Confidence Survey.
Results from the March 2014 quarter survey showed the confidence index rise to 140. This is the highest level recorded since the index began back in December 2011. Furthermore, this is the first time all states and territories have recorded a positive growth.
However, it was Queensland that came out as the clear winner of the states, with a 10 point increase for the index. This has pushed Queensland up to 152 from 142 and is now on top as the most confident state within Australia.
This could be great news for anyone considering buying an investment property in the region, with the overall attitude towards the future in the state soaring. Acting Treasurer John McVeigh said Queensland had the highest expectations for economic growth over the next year as well.
"There's been a marked change over the last six months in the property sector's confidence in economic growth. Planned property construction for the March quarter has also surged ahead, particularly for the residential sector," said Mr McVeigh in a January 16 statement.
Executive Director of the Property Council of Australia Queensland Kathy Mac Dermott reinforced this statement regarding growth, after she said the seeds of residential recovery have been growing for a while.
"In particular we have seen a dramatic shift in confidence among Queensland's property industry over the past two surveys, driven primarily by the ongoing recovery of the residential market," said Ms Dermott in a January 16 statement.
"The previous quarter's survey results exhibited first signs of a residential revival. During the past three months, industry's house price growth expectations have grown to the highest levels in the country, and to historic levels for Queensland."
Premier Campbell Newman said the result was an encouraging indicator about the future of the state, with this confidence aiding the growth of business investment in Queensland.
"Positive actions such as restoring the principal place of residence stamp duty concession to cut more than $7,000 off the cost of the family home are helping to bolster the property sector," said Mr Newman in a January 16 statement.
"We've also implemented the $15,000 Great Start Grant to help get first home buyers into the market. Our disciplined and methodical approach to managing the economy is now reaping real rewards."