The latest Urban Development Institute of Queensland (UDIQ) report has provided a wide range of figures about the growth of the state as a whole, highlighting some of the strengths being experienced across the region's various industries. This could be great news for those considering commercial property investment in Surfers Paradise, as strong economic growth offers the backbone needed for the community to continue thriving.
Released on 24 October, the UDIQ's Development and Construction Industry Performance Report has reinforced the fact that Queensland is leading the housing approval figures, with the best annual result seen in the state in nearly six years. As the construction industry continues to thrive and more people begin moving into the local residential market, these figures are likely to grow even more – offering some brilliant opportunities for getting into the local Surfers Paradise market and establishing your own commercial investments.
Furthermore, the report also highlighted a shift from an investor-driven market to more owner-occupiers moving into the region. During the August 2014 quarter, loans for the construction or purchase or properties by occupiers rose by 4.2 per cent – following a huge 17 per cent increase over the three months to May 2014. What this means is more families are settling down to create a long term life in the state, reinforced by movements in population figures.
In fact, the south east Queensland region was highlighted as one of the strongest areas in the state. The Gold Coast alone saw detached dwelling approvals increase by 38.7 per cent during August, with lending for new construction rising by 5.4 per cent statewide during the August quarter. As these industry continue to see increases in economic strength, the overarching development of the state is on a strong track to remain one of the strongest region in the nation.
Furthermore, the latest Master Builders Survey of Industry Conditions for the September 2014 quarter paints a brilliant picture for the future of the state, with the economic outlook increasing over the last year. Both the residential and commercial property sectors have seen a growth in the amount of confidence seen over the last year, with commercial property in particular seeing a projected eight per cent increase in business conditions between January and December 2014.
Business activity on the whole as held steady over the September quarter, with 39 per cent of responders indicating a stronger demand for their service. However, the majority (59 per cent) stated that activity remain more or less the same from the last quarter. However, this doesn't seem to be bad news across the board, as profitability has seen another projected growth of eight per cent overall for the year – highlighting the strength of the state's commercial market.
This was reinforced by a recent release from the Master Builder Australia, with chief economist Peter Jones recently pointing out that construction of commercial property has returned to a positive territory for the first time since the global financial crisis.
"For the second consecutive quarter the Survey shows improvement in the current business conditions of commercial builders while the index measuring expectations of future activity also rose sharply," said Mr Jones in a 21 October statement.
"Driving the recovery is increased confidence in the prospects for commercial construction as the upturn in residential building strengthens and evolves."
With these figures all pointing towards a strong future for the Queensland economy and property markets, now could be a great time to consider your own investment potential. Get in touch with a real estate agent and begin looking into future commercial property developments in the Surfers Paradise today.