Business

Confidence returning to housing market

ABS data released this week shows confidence is returning to the Queensland housing market, Queensland Government treasurer Tim Nicholls says.

Mr Nicholls said seasonally adjusted housing finance approvals rose 0.6 per cent in September.

The total number of trend finance approvals for owner occupied dwellings rose 0.2% to be 6.4% higher over the year.

"The September result was the second consecutive monthly increase," Mr Nicholls said.

"Interest rate cuts have helped mitigate the impact of global economic uncertainty on consumer confidence.

"The Newman Government's policies, funded in our first state Budget, have also improved housing affordability.

"We reinstated the principle place of residence transfer duty concession that the previous Labor Government scrapped, wiping up to $7000 off the cost of buying the family home, and made carefully targeted changes to the first home owner grant.

"The $15,000 grant for first-time buyers of new homes is helping stimulate the construction industry, while making it easier for people to buy a home."

Mr Nicholls said ABS building approvals data showed total dwelling approvals in Queensland increased 2.6% in September, in seasonally adjusted terms.

In trend terms, dwelling approvals were 11.2% higher over the year.

Topics:  home buyers, home loans, interest rates, market, tim nicholls




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