No signs of slowing down for Queensland economy
Investing in property requires certain skills and resources. One of these skills is being about to hunt out places that are poised for future growth, making them great spots for property investment.
Fortunately, Queensland is home to many fantastic places for property investment, due to its strong economy.
Queensland positioned for growth
The Queensland economy has been a hot topic in recent times, due to a high level of construction and property activity. While this has all helped boost the economy, it's also making it a more attractive place to live and invest.
However, some commentary in the media has pointed to a slowdown in the national resources sector. National economic growth was below trend over the June quarter, according to the Australian Bureau of Statistics. But if you take a look at Queensland, a slow down in the resources sector hasn't had much of an effect.
Queensland Treasurer Tim Nicholls recently commented on the Deloitte Queensland Index report released by Deloitte and said that the economy is "effectively moving from a resources investment phase to a production phase without a substantial dip."
And his reasoning behind this? Because Queensland has a "diverse economy", which is made up of tourism, agriculture, construction, wealth management, education and resources.
Despite a slight dip in the resources sector, there's still lots to be excited about in the Queensland economy. In fact, Mr Nicholls said Queensland will be the strongest statewide growing economy in Australia this year, meaning all signs for investors point to the Sunshine State.
In addition to this, major gas projects are expected in the near future, helping to push forecast economic growth to 6 per cent in 2015-16.
Job growth on the horizon
In Gladstone, a resource-rich part of Queensland, a new project was completed well-ahead of schedule and has delivered many benefits for the local area.
The $127.5 million Gladstone Substation Rebuild Project has provided 815 jobs for the region, helping to drive growth in the future.
Meanwhile in Brisbane, development and construction is literally sky-high, as more and more cranes are appearing across the city's skyline. There are 33 per cent more cranes in the Brisbane sky than late last year, according to Premier Campbell Newman.
Regardless of whether this is commercial and residential property or simply infrastructure, more construction means more jobs, which attracts more people to Brisbane. This is a positive for both the local economy as well as owners of investment property looking for tenants.