QLD Property Approvals on the Rise
The Surfers Paradise property market could be set to benefit from news that dwelling approvals have increased in Queensland.
Australian Bureau of Statistics (ABS) data showed the total number of buildings approved rose in April, climbing 0.5 per cent in trend terms when compared with the previous month.
Figures for private sector house approvals were the most encouraging, rising 0.2 per cent – the first increase since February last year.
Queensland treasurer and minister for trade Tim Nicholls claimed the results are proof that the state government's property initiatives are beginning to have a positive impact.
"This marks 15 consecutive months of growth in dwelling approvals using the trend measure," he said.
"Trend approvals are now 11.6 per cent higher over the year to April, well above the national average of 6.3 per cent."
Even over the more volatile seasonally adjusted data set there has been improvement, Mr Nicholls continued, with a 13.5 per cent jump in dwelling approvals in the 12 months to April 2013.
The Newman government reintroduced the Principal Place of Residence Concession after being elected in the state, a measure that Mr Nicholls said has enabled more than 33,000 families to save as much as $7,175 when buying a home.