Property investors still committed to Queensland
It's been a good spring for new highs. According to Guinness World Records, in the last few weeks there have been new benchmarks set for the most origami lanterns displayed, the largest collection of compact discs put together and even the most people gathered in one place dressed as Mahatma Gandhi!
We're also getting close to a new record here in the Sunshine State. It might be a little less flashy than the aforementioned feats but if you're into Queensland property investment, it's possibly more exciting than anything Guinness has to offer.
Approvals for investment powering away
In an October 12 media release from Queensland Treasurer Curtis Pitt, there was a great deal of good news for property investment in the state. According to Mr Pitt, over the three months to August this year there was $675 million committed by investors to new homes. This was a response to Australian Bureau of Statistics data.
That's more than twice the amount that was green-lit at the same time last year, and it highlights the popularity of property investment at the moment. With the Reserve Bank of Australia holding the cash rate at 2 per cent yet again, we might be in for even more growth in this sector.
It isn't just good for you
As Mr Pitt also noted, the near-record levels of investment for new homes are great for the wider Queensland economy. It's boosting jobs across the state, which in turn increases our economic power. This is likely to foster conditions that see more fresh real estate cropping up, increasing your options further. Positivity breeds positivity!
"Respondents from the Sunshine State were far more likely to believe now is a good time to buy"
On top of all this, Mr Pitt confirmed that rental yields for investment property in Queensland are out-performing those of Sydney and Melbourne. These good conditions could explain why Queenslanders are feeling so positive about property at the moment. According to Genworth's Streets Ahead report, respondents from the Sunshine State were far more likely to believe now is a good time to buy than people living elsewhere.
All in all, we're getting continued signs pointing towards property investment as a great step forward. However, that doesn't necessarily mean you should jump at the first opportunity you see. Wealth creation needs a careful plan, which is why developing an investment strategy with a professional should be a well-considered step before you make a commitment.
At Think Money, we've got years and years of experience getting people off on the right foot. Get in touch to see how we can help you.