The latest release from the Housing Industry Association (HIA) has highlighted the growth of new home sales across the nation, offering some insight into the strengthening economy of the country. This could reflect an increasing demand for commercial property in Surfers Paradise and abroad, as the need for employment increases.
Highlighted in the latest HIA New Home Sales Report, new home sales figures increased by a huge 3 per cent over October, following a relatively flat month of activity in September. HIA chief economist Harley Dale said the result reflected growth across various regions, and was a good sign following the sharp decline in new home sales of 5.7 per cent in July.
"Sales are still off their cyclical peak reached back in April this year, but the overall volume of new home sales is still at an elevated level. That augurs well for healthy new home construction activity persisting into 2015," said Mr Dale in a 27 November statement.
He went on to say that Australia was back on the right track to achieve a record level of home starts this year, which will continue well into 2015 and could offer a number of investment incentives for those looking to get ahead – with the need for commercial properties needed as region's continue to grow.
"In this regard we have positive signals coming from three key leading indicators. HIA new home sales and ABS building approvals are past their peaks but remain at elevated levels. Lending for new housing is still trending higher and doesn't appear to have peaked yet," said Mr Dale.
Over the three months to October, Queensland alone saw a 1.2 per cent increase in new detached home sales. As more people begin to call the region home, the potential for those interested in making moves into the Surfers Paradise commercial property market to turn a profit could increase as well.
Earlier this month, the Queensland government announced plans to reduce red tape across the state and save the region up to $425 million per year. Treasurer Tim Nicholls announced that the state was well on the way to their goal of 20 per cent reduction in the near future – with many of these focusing on the regulations surrounding small businesses and commercial property.
Assistant Minister for Regulatory Reform Lisa France said that reducing these costs by 20 per cent statewide would result in an estimated reduction of $569 million.
"The LNP's measured plan to cut red tape, reduce the cost of doing business and maintain Queensland's competitive tax status is helping to grow a four pillar economy and create jobs. We have more than 500 red tape reduction initiatives underway delivering total savings of around $425 million," said Ms France in a 5 November statement.
"For example, recently we announced businesses with a payroll tax liability of less than $20,000 will now only need to lodge returns twice a year, instead of every month. This simple change will save business a total of around 40,000 hours of time spent on paperwork and around $2 million in administration costs."
Furthermore, things like overhauling planning and development and speeding up project approval processes and simplifying regulation relating to routine plumbing work are some of the other suggestions made in the new red tape reduction plans.
This opens up the market to a whole host of new investment opportunities, especially for smart buyers interested in developing a commercial property portfolio in Surfers Paradise. Get in touch with a local real estate agent to begin discussing the options available to you and start working towards finding the most suitable option today.