24 Nov The Sunshine State
Queensland has experienced many ups and downs over the last few years. The global financial crisis meant that the head offices of many organisations left the state, either to be consolidated or moved to a city with a dense population base. The end of the mining boom saw billions of dollars to leave the state, and many thought that would be the end of Queensland as a significant contributor to the economy.
But Queensland rebounded, and has evolved into a city with an economy that is no longer centred around a single industry – mining – and has embraced the advanced technologies and digital industries. Business confidence has grown, as has business investment, both from within and outside the state.
Even regional mining towns that experienced a decimation in both property prices and local economies have worked hard to find other industries that can complement their unique environments and cultures.
The good news for potential residential property investors is that the Queensland recovery is continuing. As infrastructure projects and robust international investment continue to increase, so to do property values. Due to the GFC and mining slowdown, Queensland housing prices have failed to rebound as quickly as New South Wales and Victoria – this means that for those seeking investment property in Australia, Queensland may be the perfect mix of growth and affordability.
The long-term indicators are good, and if this confidence continues to grow, and innovations continue to come out of the Sunshine State, the future will be very rosy indeed