Positive signs for housing industry

Queensland’s housing industry continues to show positive signs, with figures released today showing housing finance approvals for owner occupied dwellings rose in August for the 20^th consecutive month.

Treasurer Tim Nicholls said approvals rose 0.3 per cent in trend terms in August to be up 5.0 per cent over the year.

“Queensland has had the biggest increase in approvals across the year of any of the mainland states,” Mr Nicholls said.

“Encouragingly, the growth has been supported by finance for new dwellings which is good news for the construction industry.

“It’s a particularly good result for Queensland because nationally there was a 0.2 per cent decline in approvals in August and a rise of just 1.2 per cent over the year in trend terms.

“The figures come on top of building approval figures last week showing a 2.6 per cent rise in August to be up 13.2 per cent over the year in Queensland.”

Mr Nicholls said since coming to office the Government had been supporting the housing industry with initiatives including the removal of transfer duty for Queenslanders buying a family home and the introduction of the Great Start Grant.

“Labor slugged Queenslanders buying a family home by removing the transfer duty concession, adding up to $7,125 to the cost.

“This LNP Government understands that is a huge impost on families trying to get into a new home and we have reinstated the concession to make it more affordable to buy a family home.

“We’ve also helped more than 8,000 Queensland families to into a new home with the $15,000 Great Start Grant for first home buyers.

“Our focus on the construction sector as one of the four key pillars of the Queensland economy is paying dividends.

“Only the LNP Government has a strong plan to grow our four pillar economy so Queenslanders can enjoy a brighter future.”

[ENDS] 10 October 2014

Media Contact: Treasurer’s Office 3719 7200