Investor activity is seeing a long awaited resurgence in Queensland’s property market, according to treasurer Tim Nicholls.
With recent Australian Bureau of Statistics data, released yesterday, showing an increase of $200 million (to $1.12 billion) of existing dwellings’ finance commitments “for rent or resale”, Mr Nicholls noted that this is a good sign for the state.
“Essentially, the figures today show that investor activity in the housing market picked up in November, which is an encouraging sign,” he said.
While he noted that it is too early to call this a market revival, there were positive signs from the construction sector as well.
“In further pleasing news, the original value of finance approvals for the construction of dwellings for rent or resale totalled $85.6 million in November, compared with a monthly average of $69.2 million up to October 2012.
“It’s particularly pleasing because it follows positive figures from earlier in the week, which show a 6.6 per cent increase in housing finance approvals up to November 2012,” he said.