Real estate praised for economic growth

By Amanda Shannon

If you are thinking about investing in residential property on the Gold Coast, then you may be interested to hear that a new survey has lauded the Queensland economy.

The latest CommSec State of the States report has found that economic growth in the state for the September quarter was 18.1 per cent higher than the same time a decade ago.

State treasurer Tim Nicholls said this is cause for cautious optimism for Queenslanders as industries benefit from improving figures.

He commented: "This is solid news for the Queensland economy, as population growth bolsters the labour force and creates greater demand across all sectors, especially retail and housing.

"Housing finance totalled $1.12 billion in November. That's 13 per cent higher than the monthly average up to October last year."

Mr Nicholls also said that Newman government initiatives are also playing a role. He cited the $15,000 construction grant, which is earmarked for first home buyers who are looking to buy a new house.

The treasurer also pointed out that a Property Council of Australia survey found confidence in the Sunshine State is the second highest in the country.

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