What's ahead for Queensland growth?
While we have already looked at the great growth occurring locally in construction, the present situation doesn't necessarily dictate exactly what will happen in the future. And as any good investor knows, the future growth is where the capital gains can be made.
Fortunately, a new release from the Housing Industry Association (HIA) casts its eye to the future of construction, which is an excellent resource for Queensland property investment players.
Bringing home a great report card
The HIA's Queensland State Outlook is described by the company as the most authoritative discussion of construction levels in the state, and a representative of the HIA said there's going to be some very productive expansion in the building of new homes in coming years. In fact, it is expected that more than 40,000 homes per year will be constructed for at least the next two years.
This doesn't just provide a steady stream of new homes for investors, it can boost the wider economy by allowing more people to move into homes and contribute to the Queensland economy. The HIA also said that the low interest rates and rising prices of property meant more and more residential real estate was making its way to the market after being built.
Another cited factor for growth was the population of Queensland, which has continued to rise over the last ten years.
How high will the population go?
The most recent data from the Australian Bureau of Statistics showed that the Queensland population is still rising, and at a rate bested only by Western Australia and Victoria. And with the third largest state population in the country, there is already a huge base to which more people are being added.
This consistent increase in population will continue to spur economic and residential growth, which will likely drive up property demand and prices.
The Real Estate Institute of Queensland has already said that confidence is on the way up this year, yet another indicator of a strong market for investment. However, just because conditions are good doesn't mean it is a good idea to jump at the first property you see.
Tailoring a property investment strategy to your needs and financial situation is the key to long-term capital gains and success. Property coaching is one way to get a step ahead of the competition, and make informed, intelligent purchases that can yield results for you in the long-term.