Queensland property investment surges
More and more people are entering Queensland's residential property sector, with recent data ...
More and more people are entering Queensland's residential property sector, with recent data showing November saw a flurry of new investment.
According to Australian Bureau of Statistics (ABS), the value of real estate bought last November totalled $1.12 billion - close to $200 million more than October figures and 13 per cent higher than the monthly average.
State treasurer Tim Nicholls said the positive results indicate the state government's first time buyer incentives are having on a flow on effect.
"It's particularly pleasing because it follows positive figures from earlier in the week, which show a 6.6 per cent increase in housing finance approvals up to November 2012," Mr Nicholls explained.
"While it's too early to call this a market revival, it is further evidence the Newman government's policies aimed at growing the property and construction sector are having an impact.
Mr Nicholls went on to add that the total value of finance approvals for the construction of new dwellings totalled $85.6 million in November - a significant increased on October's $69.2 million.
The state government's construction stimulus initiative offers those who build their first home $15,000, while the reintroduction of the Principal Place of Residence Concession saves buyers a further $7,000.