Positive signs for Queensland property
The latest results from the quarterly ANZ/Property Council Survey have revealed growing confidence in the Queensland property sector.
Positive expectations for state economic growth brought Queensland’s confidence levels to its highest since the beginning of 2015.
Queensland Executive Director of the Property Council, Chris Mountford, said the shift in sentiment has increased by 13 index points since June 2017. The increase can be attributed to the commencement of exciting new infrastructure projects, such as Cross River Rail.
“Cross River Rail is expected to create 1,500 jobs annually, which will provide a significant boost to the Queensland economy,” Mr Mountford said.
“The opportunities created by additional jobs facilitates interstate migration. Queensland has been expecting increased migration for years, due to our lower property prices and fantastic amenities- now we have the job growth to support it.
“With major projects underway across both the public and private sectors, this is a very exciting time for Queensland.
“While confidence within the industry is growing, Queensland is still experiencing the lowest sentiment in the country. This shows the industry remains concerned about the direct impacts of the Queensland Government’s land tax increases.
“The unexpected rises in Land Tax and Additional Foreign Acquirer Duty were announced during the election campaign in late 2017, and are due to take effect from 1 July this year.
“Imposing further taxes on an industry that already pays 53.7% of government taxes, fees and charges, is bound to hurt confidence.
“We should be leveraging off the opportunities and developments within the region- increasing taxes is a big economic risk.
“It is imperative that the Queensland Government reviews the property taxes levied on the industry, to restore our competitive advantage and attract new investors,” explained Mr. Mountford.
Media contact: Chris Mountford | M 0408 469 734 | E [email protected]
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For further information on government taxes, fees and charges visit propertycouncil.com.au/qldtaxhikes