June 11, 2010, Australia – According to the news that stated budget in Queensland might experience some changes. This is said because of the bad effect of the deterioration in the state’s traditionally strong property market. From Michael Matusik who stated that the sales this financial year will be 10 per cent lower than last year, and 40 per cent lower than the year before. In which affect most of the land and house packages in the state.
Mr Matusik even added that in 2008-09 there were about 130,000 sales in Queensland that covers all the categories, including individual houses, apartments, and house land packages – but in the current year he is expecting only about 117,000. With the released report regarding the budget for Bligh government amounting to $1.82 billion from stamp duty in the current year, indeed they are not hoping for positive results to their property industry in the coming year.
At the same time as Queensland’s population is still increasing by about 100,000 people a year, there has been a big change in the make-up of this, with smaller amount people approaching to Queensland from other parts of Australia and more from overseas.
Mr Matusik said, “The one consequence of this was that overseas immigrants were less likely to buy property.” In line with the report from state’s branch of the Urban Development Institute of Australia by Access Economics stated the decreased by 8.5 per cent last year, and more than 10,000 jobs had been lost in the construction industry here in Queensland.
Source: The Australian News
