The number of new houses under construction in Queensland jumped almost 23 per cent year on year in the December quarter of 2015, according to the Australian Bureau of Statistics (ABS). There was also a 10.8 per cent rise in dwellings built over the three-month period when compared with the preceding quarter.
State Treasurer Curtis Pitt noted that Queensland bucked the national trend for housing constructions at the end of 2015, with Australia experiencing a 2.5 per cent decline for the December quarter overall. He suggested the results show stronger confidence in the state’s economy and pointed to the effect the news could have on jobs in Queensland.
“Last week, ABS data showed a 53.6 per cent increase in investor finance commitments in Queensland for new housing in 2015,” he stated.
“And we have had four consecutive monthly rises in building approvals. It all points to a strong pipeline of work for Queensland’s construction industry.”
Queensland housing sector
Despite strong growth in housing construction, Queensland’s real estate sector suffered a slight value dip in January. CoreLogic RP Data research showed property prices in Brisbane slumped 0.7 per cent from December.
However, the city saw a 0.8 per cent quarterly rise in values, and houses were worth 2.8 per cent year on year. The data also estimated the median price of Brisbane property at $478,200 in January.
CoreLogic RP Data’s figures are notably lower than those from the Real Estate Institute of Queensland (REIQ), which claimed the capital’s median values reached record levels in the September quarter last year.
According to the REIQ’s December update, the average home was worth $615,000 during the three months to September – $5,000 more than the preceding quarter.
Jobs growth in Queensland
Confidence in the building sector can often create more opportunities for Queensland apprentices, especially those who are training towards trades-based qualifications. Jobseekers are therefore likely to welcome the news news that house construction is on the rise.
“Every one of these new homes and apartments provides jobs for local businesses and local tradies,” explained Mr Pitt.
The treasurer said the state government has already helped 71,700 people secure employment in Queensland since February last year. He added that the number of positions created over the last 12 months equates to 2,360 new jobs every month.
Unemployment has also fallen to 6.1 per cent, which is a 0.6 percentage points decrease from February 2015.
Posted by Leanne Macnamara, Public Relations Coordinator