Q1 2018 Key Market Indicators – Queensland
And the highest number of first home buyer loans bronze award goes to….Queensland!
The number of first home buyer loans in Queensland as of September quarter 2017 is 6,271 loans, making it the 3rd highest number of first home buyer loans across the country, after Victoria (8,786 loans) and New South Wales (6,775 loans). This is an interesting and unexpected result for QLD, considering that the state has been known for more affordable property prices in comparison to Victoria and New South Wales – suggesting that improvements related to first home buyers policies are needed.
The good news is more so for non-first home buyers, as Queensland’s home affordability loan index increased by 3.6% over the past 12 months to September quarter 2017, with a reading of 37.3 index points. This certainly is above New South Wales and Victoria’s home affordability loan index growth (at 3.0% and 0.6% respectively) and well above the Australian home loan affordability index (at 33.0 index points), however it pales in comparison to the home loan affordability loan index of South Australia (4.2%), Western Australia (6.4%), Northern Territory (5.7%), and the Australian Capital Territory (8.6%).
Queensland ties with Tasmania for the highest median weekly family income growth bronze award category, at 2.5%. This is encouraging for Queenslanders, as their median weekly family income climbs up to $1,667 per week, getting closer to the Australian average of $1,711 per week. What’s more, the Queensland unemployment rate decreased by -1.6% as of January 2018, bringing it down to 6.1%.
Queensland takes out 3rd place for the highest number of nett migration over the past 12 months to June 2017, reporting 12,680 people. This signifies a 72.7% increase and is the highest percentage growth when compared to Victoria (11.9%) and New South Wales (39.2%), suggesting that the demand for property is about to surge dramatically. Queensland also came in 3rd for highest number of dwelling approvals (as of December 2017) at 3,364 approvals, signifying a 5.4% increase. Considering the 72.7% increase in nett migration, now is the perfect time for developers make their move.
The PRD Q1 2018 Key Market Indicators provide a quick snapshot of the current state of affairs from an economic and property market perspective. The Key Market Indicators cover both national and state level data, comprising of:
- Number of first home buyer loans
- Home loan affordability index
- Number of dwelling approvals
- Consumer sentiment index
- Standard variable loan
- Consumer price inflation index
- Unemployment rate
- Weekly family income
- Nett migration