THE Brisbane housing market is picking up but it’s not time to crack open the champagne just yet, say experts.
Queensland building approvals have increased last financial year, with Brisbane approvals up by 11.4 per cent from 1,155 to 1,287.
But fragile consumer confidence is still a problem, says Master Builder’s deputy executive director, Paul Bidwell.
“While the figures are positive we don't expect to see a substantial increase until this rebounds,” says Bidwell.
“That being said, it is encouraging to see the total dwelling unit figures are 7.1 per cent higher than at the same time last year.
“And, for the first time in some months, regions are generally showing positive growth.”
On the Gold Coast approvals were up 21 per cent, from 213 to 258, while on the Sunshine Coast approvals were up by 8.9 per cent from 128 to 139.
“However, it continues to be a problem for the industry that potential buyers will not buy a home until they are confident about job security and finance, and this is all tied in with the looming federal election,” says Bidwelll.
"In the regions, building approvals dropped in Darling Downs and North Queensland, although we do not see any underlying weaknesses in these areas.”
“Burnett Wide Bay, Far North Queensland and the Gold Coast had decent lifts, but they were coming from a low base.”
“Central Queensland and Mackay also had good increases, even though some heat is coming out of the housing market in those areas.”
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support