Housing finance commitments rise

Published Monday, 15 May, 2017 at 05:16 PM

Treasurer and Minister for Trade and Investment
The Honourable Curtis Pitt

Latest ABS figures show a rise in housing finance commitments in the past year. 

Treasurer and Minister for Trade and Investment, Curtis Pitt, said there were 130,404 finance commitments for owner-occupied dwellings across the state in the 12 months to March  2017 compared with 125,457 in the 12 months to March 2016. 

“The 3.9 per cent rise took the trend value of housing finance commitments in Queensland to $3.38 billion in March 2017,” Mr Pitt said.

“The ABS Housing Finance data show the total number of finance commitments for the construction of new dwellings in Queensland was 9.9 per cent higher in the three months to March 2017, compared with the same period a year ago. 

“In addition, commitments for the purchase of established dwellings rose 4.0 per cent over the same period.

 “However, it needs to be noted that both of these components have shown some slowdown in recent months, and with housing approvals falling due to an emerging over-supply of apartments in the state’s south-east, growth in dwelling investment may be constrained beyond the current financial year.”

Mr Pitt said the Queensland Government remained committed to ensuring that home ownership was within reach of all Queenslanders. 

“That’s why the Palaszczuk Government offers assistance to get into the market through the Queensland First Home Owners’ Grant,” he said. 

“We have strengthened the QFHOG by boosting it to $20,000 for 12 months to 30 June 2017.  

“That deadline is approaching so I urge anyone interested in buying a home to take action soon. 

“Our Queensland First Home Owners’ Grant for newly built properties not only widens home ownership but helps support jobs in the building industry and related industries.”

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

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