According to the latest quarterly CommSec data, Queensland has become Australia’s best-performing economy.
This is the first time Queensland has topped the quarterly CommSec State of the States report – which ranks states based on their economic performance.
Eight key indicators are assessed in the report to provide an economic snapshot of each region:
- Economic growth
- Retail spending
- Equipment investment
- Unemployment
- Construction
- Population growth
- Housing finance
- Dwelling commencements
“In terms of five out of the eight indicators, Queensland is either number one or number two, so it’s a very consistent performance,” according to CommSec Chief Economist, Craig James.
The diversification of Queensland’s economy had historically prevented the state from taking first place in economic rankings, said James.
One of its primary drivers is population growth. The state’s strong economy, favourable climate, and lifestyle options have attracted people from across Australia and overseas, resulting in an increased demand for housing.
Recent SQM research data reflects this wave of migration, showing that average weekly rents in Brisbane have increased by $117 since January 2022 and currently stand at $668.
The Queensland economy has also recovered relatively quickly, following the events of the pandemic, thanks to a range of initiatives aimed at supporting businesses and households. This has resulted in a steady increase in employment rates, and economic growth is predicted to continue in 2023. In fact, with unemployment at 39.4 per cent below its decade-average level, Queensland has the strongest job market in all of Australia.
Moreover, a growing number of Australians are currently seeking to move to regional areas, and Queensland is high on the list of desirable locations. This demand is expected to remain strong in 2023, and with limited supply, property prices are likely to increase. In fact, in 2022 AllianceCorp achieved 32.2% growth in Queensland alone, despite a -5.2% decline in home values nationwide – a testament to these findings!
So If you’re interested in capitalising on Queensland’s booming economy, simply fill out the form below to secure a no-obligation strategy session with one of our esteemed Senior Property Wealth Planners valued at $495 for FREE!