Investor activity returning to property sector

Investor activity is returning to Queensland’s property market as the Newman Government’s policies flow through, Treasurer Tim Nicholls says.

ABS data released today shows the value of finance commitments, in original terms, for the purchase of existing dwellings for rent or resale by individuals totalled $1.12 billion in November.

“This is almost $200 million higher than last month’s figure and 13 per cent higher than the monthly average up to October last year,” Mr Nicholls said.

“In further pleasing news, the original value of finance approvals for the construction of dwellings for rent or resale totalled $85.6 million in November, compared with a monthly average of $69.2 million up to October 2012.

“Essentially, the figures today show that investor activity in the housing market picked up in November, which is an encouraging sign.

“It’s particularly pleasing because it follows positive figures from earlier in the week which show a 6.6 per cent increase in housing finance approvals up to November 2012.

“While it’s too early to call this a market revival, it is further evidence the Newman Government’s policies aimed at growing the property and construction sector are having an impact.

“The Government has moved to stimulate construction activity by introducing the $15,000 First Home Owners Construction Grant, while our decision to reintroduce the Principal Place of Residence Concession has wiped up to $7000 off the cost of buying a home.

“We already know that Queensland is a great state with great opportunity and this Government is committed to delivering more opportunities for all Queenslanders.”

[ENDS] 16 January 2013

Media Contact: Treasurer’s Office 3224 6900