Brisbane 14 July 2015. The REIQ congratulates State Treasurer Curtis Pitt on delivering a State Budget that includes benefits for small business, for the regions and measures that will benefit the real estate sector in myriad ways.
Infrastructure projects in north Queensland, including a $25 million special school in Cairns and a new $50 million primary school and a $40 million high school for Townsville, will add jobs to those towns.
REIQ CEO Antonia Mercorella said jobs were vital to the recovery of the real estate market and Townsville, in particular, would get significant benefit from these new schools being built over the next few years.
“Increased employment opportunities bring economic stability and that will help people make a decision about whether to rent or to buy; whether to stay or to move,” she said.
“The $4 billion that the Government intends to spend on arterial roads, including the upgrade of the Gateway Motorway North to six lanes, the Toowoomba Second Range Crossing and the roads being improved on the Gold Coast in preparation for the Commonwealth Games, will provide stable employment prospects for “It also benefits property values when transport is upgraded, improving accessibility and reducing commute times,” Ms Mercorella said.
Townsville’s real estate market has been patchy over the past six months, with sales down nine per cent over the past quarter and the median house price sitting at $350,000.
The rental market has been struggling, with vacancy rates up 1.2 percentage points over the first quarter of 2015 to 5.9 per cent at the end of March.
Ms Mercorella also welcomed the State Government’s $300 million schools refurbishment plan that would bring additional work to tradespeople throughout the state.
“This will help tradespeople of all descriptions as schools in every corner of the state are refurbished to meet the needs of today’s school children and educators,” Ms Mercorella said.
In addition, the Treasurer announced a Budget for small business, which is the backbone of the real estate sector throughout Queensland.
“As the Treasurer knows, the real estate industry is largely made up of small business and we welcome the $186 million earmarked for supporting business growth and providing a positive economic plan to generate employment and investment in Queensland,” she said.
“A plan to keep our best and brightest here in Queensland should be celebrated, and a plan to encourage entrepreneurs and start-ups is vital to our state’s economic prosperity.
“We were disappointed to see the Treasurer did not extend the first home buyers grant to include established homes, a measure that would have unlocked additional funds for new home buyers getting into the market,”
Ms Mercorella said. “However, on balance we applaud Mr Pitt’s efforts to return the Budget to surplus.”
