New data released by the Australian Bureau of Statistics (ABS) shows that Queensland is still one of the top states for property investment.
The released figures reflect the strength of Queensland’s housing market. It builds on Queensland’s already rising commercial property sector.
According to the figures, investor housing finance for the purchase of existing properties reached $4.8 billion in the July quarter. This is an eight-year high for Queensland investor finance, which has not reached these levels since 2007.
Even though Queensland’s house prices are rising, they still remain lower than in the southern capitals.
Why is Queensland so attractive?
The latest ABS Labour Force statistics for August show that jobs in Queensland continue to rise.
Queensland’s Acting Treasurer Kate Jones said that many of these new and existing jobs are being generated by the construction industry, which has been suppling a steady stream of new houses.
The National Australia Bank Group’s (NAB) monthly business survey for August showed positive signs for Australia. Importantly, Queensland topped all other mainland states in terms of business confidence.
Ms Jones said the figures show that housing is one of the highlights of Queensland’s investor market.
“They also show that investors see Queensland as a great place to invest, and they’re willing to put their money where their mouth is,” she said.
Property investors, home owners and potential sellers should always have a conveyancing expert close at hand who can help with every stage of a property transaction.
Rising home values
Queensland’s reputation as a great investment market is not just about confidence.
A recent survey by the Real Estate Institute of Queensland (REIQ) showed an increase in Brisbane’s median house price, hitting an all-time high of $610,000.
As house prices go up, so does a home owner’s capital gains. If you are already a property owner, the chances are you are sitting on quite a lot of equity.
Even though Queensland’s house prices are rising, they still remain lower than in the southern capitals. Sydney’s median, for instance, is still around $400,000 more than Brisbane’s. The difference can equate to a second investment property, a much more attractive purchase for most investors.
McCarthy Durie Lawyers have a deep understanding of all things property. Get in contact with us to speak to a conveyancing expert.