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Queensland property market continues to grow

Queensland property market continues to grow

New projects are changing the face of Brisbane's inner city suburbs.

Brisbane in particular is witnessing a strong increase in the construction of multi-unit residential and commercial projects in the CBD and surrounding areas. In fact, the state government has reported a 33 per cent growth in the number of cranes operational in Brisbane, as new structures get off the ground.

Fortitude Valley, Teneriffe and Newstead are the areas which have benefited the most from these projects, recording the highest increases in large-scale construction projects.

At the same time, there has been a considerable growth in the number of detached dwellings constructed in Queensland, with these numbers outstripping other states across Australia.

According to a recent study from the Housing Industry Association (HIA), Queensland has seen a 1.8 per cent expansion in the number of detached home sales, well ahead of the decline seen in New South Wales and Victoria.

Across the country, home loan lending also increased, with the HIA recording that lending is up 12 per cent on the same time last year. Part of the reason for this boost is the growing supply of new housing stock, which is offsetting the higher demand for detached homes.

This year has also seen a massive jump in the number of dwellings approved in Queensland, according to the Queensland Government Statisticians Office. Across the last six months there has been an 8.4 per cent gain in the number of building approvals in Queensland, outstripping the 7.9 per cent recorded across the rest of the country.

Of these, almost half are as the result of multi-unit dwellings, according Master Builders’ Executive Director Grant Galvin.

“It’s interesting to note that 42.5 per cent of approvals in the last 12 months are for multi-unit dwellings, mainly in Brisbane and the Gold Coast,” said Mr Galvin.

“We’re on target to exceed the 40,000 dwelling commencements forecast for 2014-2015 with total building approvals for the 2013-2014 financial year well above 37,000.”

With high demand for new housing projects and an increasing number of developments currently in the works, now is a good time to consider an apprenticeship in Queensland. An apprenticeship or traineeship in an industry related to construction can unlock plenty of new opportunities in this industry, as ground is broken on new projects across the state.

By Leanne de Toerkenczy, Public Relations Coordinator

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