The backbone of a great commercial investment is a strong local economy. After all, this is evidence of a lot of financial activity occurring – both locally and statewide – and can be a very persuasive and interesting statistic to investigate before committing to a piece of commercial property in Surfers Paradise. Not only should you investigate what the markets are currently doing, but taking a look towards the future is another thing to take into consideration.
For example, the future development of Queensland could be an encouraging sign to consider. Late last week, treasurer Tim Nicholls announced the Strong Choices plan for the state, which aims to create over 33,600 new jobs and boost the state's gross profit by a huge $8.1 billion. Through the reduction of debt, commitment to future infrastructure products and providing living relief for those in needs, the state government aims to help keep Queensland as one of Australia's strongest local economies.
"Our $8.6 billion series of infrastructure investment funds would generate 25,000 new jobs and our proposed $3.4 billion cost of living fund would support a further 8,600 jobs. The modelling also indicates our plan could support a further 21,000 indirect jobs," said Mr Nicholls in a 16 October statement.
"This plan has the potential to provide a significant boost to the economic growth this state is already experiencing, while also creating tens of thousands of new jobs for Queenslanders."
This is just one plan in a series of programs rolled out to stimulate the Queensland economy and help keep money in the pockets of people and businesses across the region. For example, the Strong Choices Electricity Price Relief initiative run by the state government aims to save the average household $577 over the next five years in power bills.
Furthermore, new research from Roy Morgan offers some insight into the growing business strength of Australia as a whole. The latest Roy Morgan Research Business Confidence survey for September found business confidence climbed by 6.8 points to a huge 122.9 – the highest level since January and resting well above the national four-year high. This also brings the nation's business confidence level to just 13.4 points below the last peak of 136.3 back in October 2013.
Specifically, finance and insurance remained the most confident sector, recording a figure of 138.1 points for September. This was followed by rental, hiring and real estate services 135.9 points, offering some insight into the attitudes and movements of people and their money across Australia.
Roy Morgan's Industry Communications Director Norman Morris said the construction industry was also showing tentative signs of confidence growth, which could be great news for the continued development of infrastructure and housing supplies nationwide.
"The improvement in business confidence in September was due largely to the increase in optimism about the next 12 months for the Australian economy and the positive impact that this would have on the financial position of businesses," said Mr Morris in a 13 October statement.
"This improved outlook was a result of a number of factors, including issues relating to the budget going relatively quiet due to an increased focus on international events and the blocking by the senate of a number of major changes. Other positive impacts were interest rates being kept low, house prices continuing to rise and unemployment remaining unchanged."
As the nation's confidence and investment figures continue to rise steadily, now could be the perfect time to consider your own movements into the property market. Get in touch with a local real estate agent to discuss the commercial property options in Surfers Paradise today.