Queensland economic growth puts homeowners in good position
The Queensland Treasurer has praised recent findings that demonstrate the strength of the Sunshine State's economy. Homeowners living in the state may be particularly interested if they're considering selling their properties in the future, as more people are likely to move to the area to make the most of the prime economic conditions.
"The CommSec State of the States report and the Deloitte Access Economics Business Outlook both confirm that Queensland is on the cusp of strong growth," explained Treasurer Tim Nicholls.
The state's growth is a mammoth 18.6 per cent higher than its 10-year average, Mr Nicholls noted. Strong growth may spur further commercial developments and business opportunities, increasing the need for quality housing in the state.
The state is second only to Western Australia in terms of the construction work and retail spending sectors, according to CommBank's latest State of the States report. Mr Nicholls placed particular emphasis on this finding.
However, the property sector is also gaining traction, with dwelling statistics moving into "positive territory", according to Mr Nicholls.
"The [Deloitte Access Economic Business Outlook] report notes that Queensland will outperform the rest of the nation on both of these important indicators," he continued.
The government is focused on stripping back red tape to stimulate ongoing economic growth, as well as continuing to support businesses as part of its commitment to a four pillar economy.
Given that positive economic activity may bring more families and couples to the area, existing homeowners may have the upper hand when they look to sell. Of course, it's essential to investigate the best mortgage rates available before choosing to sell up in order to upgrade to a new property.
With cheap home loans available from select lenders, consider your finance options now if you're thinking about selling up in the near future in order to purchase a more comfortable property.