As the state comes out of the collapse of the mining industry, what is advancing its economy?
From a property perspective, the decade was tumultuous in Queensland, as several factors combined to stop real estate price growth.
The economic repercussions of the weakening of investment in resources have been widely felt, especially as China's economic growth rate has slowed down and foreign investment in Australian real estate has fallen. The relatively low population growth and overabundance of apartments add to the state's woes and, as a result, southeastern Queensland has not benefited from the meteoric growth of its counterparts in the United States. south in recent years.
However, investors are finally ready to be rewarded for their presence in the state, with growth prospects being positive for the year ahead. Queensland's economy is emerging from its post-boom malaise, with further economic improvement expected.
According to the Queensland State Infrastructure Report 2018, prepared on behalf of the Queensland Civil Contractors Branch in collaboration with BIS Oxford Economics, Queensland has a "diversified economy" drawn by mines, agriculture, international student education and tourism.
"Queensland's exposure to the resource industry has guided the state's economy over the last decade. Nevertheless, after several years of underperformance following the fall in mining investments, the outlook for the Queensland economy is promising, "the report says.
"After several years of underperformance following the fall of mining investments, prospects for the economy of Queensland are promising"
"The diversity of the state as a renowned tourist destination, its vast natural wealth, its proximity to Asia, its growing population attracted by its warm climate and its lifestyle benefits, and its growing importance in industries such as defense, health, and education, will continue to lay the foundation for future growth. "
Although economic growth remains under threat, BIS Oxford Economics expects short-term price growth.
"Net interstate migration flows in Queensland have increased. There is still an oversupply of housing in the state, mainly in the apartment sector, and economic recovery in the state has not yet progressed, which should limit any price increases in 2019/20 – with accelerated price growth expected to emerge the following year, "says Angie Zigomanis, associate director at BIS Oxford Economics.
"With the easing of credit conditions and falling interest rates, improving affordability will be a catalyst for increasing price growth, as economic growth will pick up again and the market will become more and more of a deficit. The median housing price in Brisbane is expected to increase by 20% by June 2022, although most of the growth is concentrated towards the latter part of this period. The return of price growth in the unit sector is expected to be longer, with a 14% increase in the median unit forecast. "
At the same time, the Gold Coast and the Sunshine Coast each recorded a sharp rise in housing prices, benefiting from large migratory flows and a poorly supplied market.
"Vacancy rates are low, but the supply is increasing. This will slow down price growth, with total increases of nine and seven percent respectively by three years to June 2022, "said Zigomanis.
Top suburbs:
Thebarton
,
Glendenning
,
Eagle Valley
,
Midland
,
tank
Get help for your real estate investment
Do you need help in finding the right loan for your investment?
When you invest in real estate, it is important to make sure that you do not only have the lowest available rate that you can get, but you also have the features of ready adapted to your needs.
Just fill in a few details below and we will then make the necessary arrangements for a local Australian mortgage broker to contact you and solve the problem What features or what types of loans are suitable for your needs? We will even help with the paperwork. In addition, an appointment is free.
We value your privacy and treat all your information seriously – you can check
our privacy policy here
