Queensland housing finance commitments up as investor confidence grows

Treasurer Curtis Pitt has welcomed new ABS figures released today which show Queensland’s housing sector going from strength to strength.

According to the ABS, investment commitments for the construction of new dwellings in Queensland increased in the March quarter to the highest level since February 2008.

“This is a great result which shows that strength is returning to Queensland’s housing sector as investor confidence builds,” he said.

“Lending Finance data shows investor housing finance in Queensland for the purchase of existing dwellings for rent or resale totalled $4 billion in March quarter 2015.

“Meanwhile, investor finance commitments for the construction of new dwellings rose to $625 million in March quarter 2015.

“Looking ahead, sustained low interest rates are expected to support investor activity in Queensland’s housing market.

“With Brisbane’s rental yields more attractive than other major capitals, particularly for apartments, units and townhouses, further investor interest may switch towards Queensland.”

Mr Pitt said the Palaszczuk Government was ruling out any new State taxes targeting foreign property investors in Queensland.

“We want to send out a very clear message that Queensland is open for business and that we welcome foreign property investment,” he said.

“This is about providing certainty to businesses and investors to make Queensland a more attractive destination for foreign capital.”