Confidence grows across Queensland
They say that pride comes before the fall, but it looks like the confidence that a lot of people have in Queensland and its property market is well-deserved. CoreLogic RP Data reports that Brisbane property values have been growing steadily over the last 12 months, and with plenty of new apartments on the way, we aren't exactly strapped for choice in our investments either.
However, it isn't just the property values that have been growing – it's the trust that the average Queenslander has in our economy as a whole. Let's take a look at just how well Queensland has been doing lately.
Facing the average consumer
Every month, Westpac and the Melbourne Institute release statistics on consumer sentiment, getting a general feel for how the average person feels about the current economic climate. During months of uncertainty or stagnation, you'll find that the indicator drops, while periods of growth cause a rise, as locals puff their chests out in confidence.
And that's just what we've been doing this month it seems, as the July report has revealed that consumer sentiment in Queensland has grown by the most significant degree of any state – and a lot of it is to do with our property market. With the new First Home Buyer Grant stimulating additional housing supply and a significant volume of buildings in the pipeline, property buyers in the Queensland capital have plenty to be pleased about.
The strength of business
It's a great time to be running your own enterprise in Brisbane it seems!
This latest poll from Westpac and the Melbourne Institute follows in the footsteps of yet another indicator of Queensland's dominance in finances. Much like the consumer sentiment survey, NAB performs their own version which measures businesses in particular. And, much like the consumer sentiment, Queensland has managed to score some big points among local businesses that help to grow the reputation of our state.
While this latest round has revealed that entrepreneurs think we're in a great spot here, this is not news in reality: According to the NAB survey, Queensland has had the highest or equal-highest business confidence of any state on the mainland for most of the last year. It's a great time to be running your own enterprise in Brisbane it seems!
What does this all mean for the average property investor? Consumers love it, businesses love it, and you should love it too. The more confident people feel in Queensland, the greater demand grows to live here – and that's only a positive thing for your capital gains.
If you want to learn more about the factors affecting Queensland property today, make sure you get in touch with one of the property mentors at Think Money today!