Q1 2019 Key Market Indicators – Queensland
Queensland gets the people’s choice award
Queensland (QLD) continues to attract new residents into the sunshine state, with 14,358 people choosing to call it home in the June quarter of 2018. This is a 7.5% increase over the past 12 months, which earned QLD a silver award nationally for the highest nett migration category in the PRDnationwide Q1 2019 Key Market Indicator Awards.
An increase in population would naturally suggest an increase in housing demand, so naturally, QLD earned a bronze award nationally for the highest number of dwelling approvals in December 2018, at 2,601 approvals. This is however a sharp -29.6% decline over the past 12 months, which suggests there is room for previous, current, and incoming stock to be absorbed. This provides comfort to developers with current projects in the pipeline, and also to those scoping out future projects.
The QLD home affordability index read 35.5 points in the September quarter of 2018, which is a minor softening of -0.3% compared to 12 months prior. That said, this is higher than the home affordability index reading for New South Wales (27.3 points), Victoria (29.5 points), and the Australian average (31.9 points), suggesting that QLD remains the most affordable state between the three largest states in the country. The number of first home buyer loans approved declined by -6.2% over this timeframe, to only 5,879 loans. This is surprisingly large considering home affordability only declined by -0.3%. In saying this, other deterrents such as tighter lending criteria by banks may have further played a role.
Weekly family median income in QLD was $1,711 in the September quarter of 2018, representative of a 2.6% increase over the past 12 months. A 2.6% growth in weekly family median income is in line with growth in New South Wales and the Australian average. This also brings QLD weekly family median income to the same level as Victoria. This suggests there is strong wage growth in QLD, which lays a strong foundation for economic growth in 2019.
The PRDnationwide Q1 2019 Key Economic Indicators provide consumers with a quick snapshot of the current state of the market in Australia, from an economic and property perspective. The 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
View the Q1 2019 Key Market Indicators