Queensland’s housing industry continues to impress, with new data from several organisations highlighting growth in the sector.
CommSec’s State of the States report revealed construction activity is 10.7 per cent above the ten-year average, while the latest Deloitte Access Economics Business Outlook also acknowledged progress in the building industry.
State Treasurer Curtis Pitt said the research showed Queensland ranks third in Australia in terms of construction work booked. He added that it is encouraging when respected analysts recognise the state’s performance in recent months.
“According to the Deloitte report, housing construction in Queensland is rising strongly, and a strong lift in approvals suggests there’s more to come,” he explained.
The growth is likely to have a positive impact on building jobs, which is encouraging for people pursuing Queensland-based apprenticeships in construction. Mr Pitt noted that employment is already beginning to show signs of improvement.
He stated: “The latest labour force data revealed steady trend unemployment in Queensland, with 4,800 extra full-time jobs created in March. Recent ABS data also shows a high level of investor commitments for the construction of new dwellings.”
The treasurer confirmed the Queensland government is pressing ahead with its jobs agenda, which aims to generate numerous employment opportunities across the state over the coming years.
Housing hot spots
Real Estate Institute of Queensland (REIQ) figures show property prices are on the rise, with the median value of a Brisbane home reaching $600,000 for the first time in the December quarter last year.
REIQ CEO Antonia Mercorella said the capital’s prestige housing segment, which covers properties worth $1 million or more, is particularly active. Quarterly sales jumped from 274 to 332 compared with the preceding three-month period.
“The Gold and Sunshine coast markets are going from strength to strength, amid increased transactions and rising median house prices,” she added.
Earlier this month, the government called for accommodation providers on the Gold Coast to come forward and learn more about the opportunities that could arise from the 2018 Commonwealth Games.
Minister for the Commonwealth Games Kate Jones indicated the sporting event will have a significant effect on employment in the region long after it is finished.
“The Games are expected to create 30,000 jobs and leave an economic footprint of $2 billion,” she remarked.
“When the very first guest checks into their accommodation, our image as a world-class host will be on display.”
By Leanne Macnamara, Public Affairs Coordinator