Powered by MOMENTUM MEDIA
finance-advice
1 minute read

High unemployment rate ‘undermining’ confidence for Qld investors

High unemployment rate ‘undermining’ confidence for Qld investors

by Emma Ryan | November 14, 2019 | 1 minute read

New figures showing Queensland has the highest unemployment rate will undermine property investment confidence in the sunshine state, according to the president of Property Club.

Kevin Young
November 14, 2019

ABS research found that at 6.5 per cent, Queensland has the highest unemployment rate out of any state in Australia.

Commenting off the back of the stats, Kevin Young, president of Property Club, voiced concerns that the figures would present a significant hurdle in attracting property investors to the state.

“ABS figures also show that during September 2019, Queensland recorded the biggest fall of 7 per cent in property investment lending in Australia,” Mr Young told SPI.

“In addition, a survey of Property Club members throughout Australia reveals that 80 per cent of members are reluctant to invest in Queensland property because of concerns over the very high unemployment rate in the state.

Advertisement
Advertisement

“Our members are concerned that this high unemployment rate in Queensland may have a negative impact on property values moving forward.”

Mr Young said members are adamant that more needs to be done to address the unemployment rate as a means to fuel the Queensland economy and bolster activity in the state’s property market.

“The clear message is that if the Queensland government can quickly reduce the state’s unemployment rate from 6.5 per cent to 4.5 per cent, which is the RBA national target, then the Queensland property market will receive a major injection of capital from investors throughout Australia,” he said.

“It will also lead to a construction-led jobs boom as more houses and apartments are developed following the influx of property investment funds into the Queensland economy.

“Property investment is all about confidence, and as long as Queensland has the highest unemployment rate in Australia, then property investors will be shy about putting their money into the state.”

About the author

Emma Ryan

Emma Ryan

Emma Ryan is the deputy head of editorial at Momentum Media and editor of Smart Property Investment.

Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.

Email Emma on: [email protected]com.au

High unemployment rate ‘undermining’ confidence for Qld investors
Kevin Young
spi logo

Subscribe to get the latest news and updates - join a community of over 80,000 property investors.

Check this box to receive podcast updates

From the web

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.