I wish I had a buck for every time someone of late spruiked south east Queensland’s pending real estate boom.
The usual misinformed drill is in play – improving net migration to Queensland and the proposed big government spend on SEQ infrastructure projects means more jobs and rapid property price growth.
Hmmmm, the five charts in this post suggest that there isn’t any boom coming soon. Well not until there is a lot more full-time work in Queensland plus private business activity and investment improves.
Right now Queensland seems to be importing more economic refugees than entrepreneurs.
In addition, state and local government spending is the only main driver behind the Queensland economy, all of which is being funded by high levels of debt.
Making matters worse is that there is more red tape than you can poke a stick at; project indecision and unnecessary plus expensive compliance.
The word Queensland used to be followed by an exclamation mark.
These days Queensland? seems more apt.
PS Not all missives are written in isolation. Thanks to Ross Elliott from APP and the Suburban Alliance for his input and especially in relation to chart 2.
Until next time,