Queensland's strengthening economy presents investment opportunities
Economic growth for Queensland experienced significant increases over the 12 months ending September 2013, which could be great news for anyone considering property investment in the Sunshine State in the near future.
In fact, the figures released by the Queensland State Accounts earlier this week (February 27) said the region has the strongest economic growth over the entire nation during this period, with Treasurer Tim Nicholls saying the Newman government was working towards supercharging the region's economy.
"The Queensland economy grew by 4.1 per cent during this period, compared to 1.9 per cent for the rest of Australia over the same time," said Mr Nicholls in a February 27 statement.
"Looking at figures for the September quarter, Queensland Gross State Product increased by one per cent in trend terms, double the growth of 0.5 per cent recorded by the rest of Australia. We are taking a careful and planned approach to dealing with that debt so that we can secure Queensland's financial future."
According to Mr Nicholls, Queensland has outperformed the rest of Australia for the last 10 consecutive quarters, highlighting the region's place as an economic powerhouse and illustrating a potentially lucrative real estate market for those interested in buying a property in the state.
Household consumption was one of the key factors driving this growth, with the state's Gross State Expenditure increasing by 0.3 per cent over the September 2013 quarter, rising the annual rate to 1.3 per cent.
"What we're seeing is business regaining confidence and committing to investing, employing and growing in Queensland. Export growth was also strong, with a 3.1 per cent increase in exports of goods and services overseas and interstate over the year to September 2013," said Mr Nicholls.
"The government's pro-growth approach is delivering results for the state's economy, with Queensland's trend employment growth in the year to January 2014 more than three times greater than the national rate."
Now could be the perfect time to consider purchasing investment property in the state.
Regardless of whether you're interested in rural property in the state's thriving regional areas, or residential property in the bustling metropolitan areas like Brisbane and surrounding cities, there are a number of opportunities for any investor to continue developing their property portfolio.
Furthermore, with interest rates remaining low and the state's population expected to rapidly grow in the near future, the region presents a number of potentially lucrative property investment chances.