Q2 2017 Key Market Indicators – Queensland
The PRD Q2 2017 Key Economic Indicators provide consumers with a quick snapshot of the current state of affairs from an economic and property perspective. The PRD Key Economic Indicators cover both national and state level data, comprising of:
· Number of loans to first home buyers
· 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
A key finding for Queensland is in relation to affordability, whereby it is the only state to report an on par/stable trend in home loan affordability over 6 months to December 2016, from 37.6 to 37.3 index points. Not surprisingly, Queensland records the highest increase in the number of loans to first home buyers over the past 6 months, of 9.7% (from 5291 to 5803 loans).
Nett migration to Queensland has increased, currently at 9643 people. Compared to the cooling approach of dwelling approvals, this suggests a potential undersupply in the market, welcome news for astute investors. Unemployment rate has remained stable at 6.3%, with the average weekly family income increasing to $1,636 – indicating further future economic growth.
The above indicators confirms Queensland as a desirable state for affordable residential real estate with a promising future economic growth, good news for both owner occupiers and investors.