Queensland housing approvals increase
Data released from the Australian Bureau of Statistics yesterday (November 12) showed that seasonally adjusted housing finance approvals increased by 0.6 per cent in September.
State treasurer Tim Nicholls welcomed the figures, attributing the upturn to favourable economic conditions which are helping more people get a foot on the property ladder.
"The September result was the second consecutive monthly increase," Mr Nicholls remarked.
"Interest rate cuts have helped mitigate the impact of global economic uncertainty on consumer confidence."
Mr Nicholls said the $15,000 grant available for first time buyers and other government initiatives have made it significantly easier for people to buy real estate in Queensland.
"We reinstated the principle place of residence transfer duty concession that the previous Labor government scrapped, wiping up to $7,000 off the cost of buying the family home, and made carefully targeted changes to the first home owner grant," he added.
Finance approvals for owner occupied properties increased 0.2 per cent to be 6.4 per cent higher over the first nine months of the year.