Solid increase in number of Queenslanders buying their own home

Following on from the resurgence in Queensland’s State Final Demand figures, today’s ABS Housing Finance data shows Queensland is outpacing the national rate on housing finance for owner-occupied. 

ABS data released today show the number of Queenslanders who have received finance for an owner occupied dwelling has increased in the year to July 2016.

Treasurer Curtis Pitt said that it was an encouraging sign for the State’s real estate market.

“Today’s ABS Housing Finance data shows over the year to July 2016,

Queensland recorded a 5.8 per cent increase in the number of housing finance commitments,” Mr Pitt said.

The value of housing finance commitments in Queensland in trend terms totalled $3.46 billion in July.  

“Looking ahead, the substantial amount of construction work still in the pipeline, particularly apartments in inner-Brisbane, is expected to support dwelling construction activity in Queensland.

“The Queensland Government is committed to creating the right conditions to grow jobs, deliver economic certainty and lift business confidence.

“More jobs mean more Queenslanders have the confidence to buy their first home, or upgrade their current home.”

This week has also seen the results of the Palaszczuk Government’s positive economic plan and stimulatory initiatives across the state starting to shine through. The ABS data for the June Quarter 2016 show that Queensland’s State Final Demand rose by 0.3% in trend terms in the June quarter 2016. 

“The trend figures for the June also compare favourably with the worst State Final Demand results in recent years — for the September and December quarters 2014 — under the failed LNP policies of Tim Nicholls and Campbell Newman of negative 0.9% and negative 0.8% respectively. 

Mr Pitt also said that ABS data released earlier in the week also recorded an increase in residential building approvals across a number of regions of the State.

“These figures show that the approval of residential dwellings for construction remain elevated in many regions, including Brisbane, the Gold Coast, Ipswich, Logan-Beaudesert, Sunshine Coast and Toowoomba ” he said.

“However, we recognise there are regions that need our assistance and that’s why I encourage first time home buyers to also apply for the Queensland First Home Owners’ Grant which could see them receiving $20,000 towards a new home.

“This is going to be even more effective in regional Queensland, where $20,000 is more than half of the 10 per cent deposit on the median house price in many regional cities.

“It’s an initiative that will create more jobs and help more people into home ownership.”

For more information about the Queensland First Home Owners’ Grant visit firsthomeowners.initiatives.qld.gov.au

Contact: 0419 945 546