Queensland is demonstrating strong growth in residential housing construction, with the state one of the strongest performers in the Australian Bureau of Statistics’ latest figures on building approvals, released on October 2.
Among the larger Australian states, Queensland was a top performer, achieving a 2.7 per cent increase in approvals in the month of August. Although the Northern Territories and the ACT both recorded stronger gains, none of the other major states came close. In fact, none of the other states recorded more than a 1 per cent increase, with many declining in trend terms.
For Queensland, this represents the fourth straight month that building approvals have grown in the state, while the trend for private sector residential properties has risen consistently for the last 19 months.
Numbers are also good across Australia, with the country’s total number of approvals creeping up by 0.8 per cent in the month of August.
As the trends for building approvals filter through into new homes being built and sold, there will be positive signs for anyone looking to move house or purchase new property in the state.
Building approvals aren’t the only measures of the strength of the housing market that are improving in recent months. This quarter, house prices in Queensland are expected to keep growing, especially in the Brisbane area.
With such strong figures across both new approvals and house prices, there is clearly plenty of interest in the property market across Queensland.
While these trends are good news for home buyers, it is important not to take shortcuts when going through the legal process of selling a house. Consulting with a property lawyer is going to be essential, regardless of whether you are purchasing a newly built home or an established property.