That is despite high demand,including as a result of population growth,which hit 1.7 per cent last financial year and is still higher than Treasury projected.
“Reflecting this strong demand,there was a record $10.6 billion of residential work in the pipeline in December quarter 2021,easily eclipsing the previous record in 2016 during the inner-city apartment boom in Brisbane,” the budget papers state.
“However,despite the record amount of work in the pipeline,dwelling investment fell in December quarter 2021 and March quarter 2022 (although remains elevated).”
Rising prices meant the amount of money tipped into Queensland property slightly surpassed expectations,with 10 per cent growth which will continue in 2022-23 – defying Treasury’s previous expectation of a subsequent downturn.
That helped deliver a billion-dollar stamp duty windfall,plus greater collections in coming years,even though Treasury expects real estate activity to decline.
But with low rental availability rates and still rising prices,there is increased demand for accommodation across Queensland,particularly among the most vulnerable groups.