Strong quarterly results for Queensland economy
With financial conditions currently strong, more and more people are deciding to tap into their equity and invest in rental properties. Recently, the Reserve Bank of Australia identified in its monetary policy meeting minutes that investment in dwellings across the country has notably picked up over the year to the June quarter.
As more Australians realise the potential that property has to offer investors, you might be asking yourself where some of the strongest places are to invest.
Queensland has continued to stand out among other states quarter after quarter. With a strengthening overall economy, high level of construction work being done and lots of investment, there are many signs that show Queensland is a top state to invest in.
Infrastructure, construction and more
CommSec's State of the States report for the June quarter showed that resource states were the strongest for completed construction work. Queensland was ranked as third highest, after seeing completed construction work soar by 34.9 per cent compared to decade average levels.
Over the last few months, the Sunshine State has seen many construction projects occur. Some of the various works under construction include the Gold Coast Rapid Transit, Moreton Bay Rail Link, Bruce Highway Upgrade and many others. While in the construction phase, these projects will help provide jobs, and once completed they'll be a source of many benefits to the local economy.
Strong investment in equipment
It's widely known that Queensland is a strong resource state, which has been backed up in these new statistics. CommSec has identified it as the third strongest state for equipment investment, pointing to strong business and resources sectors.
The June quarter saw equipment investment rise to 2 per cent above decade average levels, likely thanks to the resources sector.
Queensland's mining industry has seen a lot of activity in the past year. The resource-rich area of Bowen, for example, recently had a $1.76 billion mine approved. The state government noted it will provide 350 construction jobs and 545 ongoing positions.
In addition to this, the RegionsQ initiative could help unlock growth in parts of regional Queensland, creating more opportunities for businesses and residents. Recent talks at July's RegionsQ Forum in Mackay allowed locals to have their input on how to develop the region in the future. Looking at local successful mining companies, Deputy Premier Jeff Seeney said he would like to witness more of this activity around the state through the initiative.
With lots of activity happening in the Sunshine State to make it a powerful region, there are many reasons to buy a Queensland investment property.