High unemployment rate ‘undermining’ confidence for Qld investors

“ABS figures also show that during September 2019, Queensland recorded the biggest fall of 7 per cent in property investment lending in Australia,” Mr Young told SPI.

“In addition, a survey of Property Club members throughout Australia reveals that 80 per cent of members are reluctant to invest in Queensland property because of concerns over the very high unemployment rate in the state.

“Our members are concerned that this high unemployment rate in Queensland may have a negative impact on property values moving forward.”

Mr Young said members are adamant that more needs to be done to address the unemployment rate as a means to fuel the Queensland economy and bolster activity in the state’s property market.

“The clear message is that if the Queensland government can quickly reduce the state’s unemployment rate from 6.5 per cent to 4.5 per cent, which is the RBA national target, then the Queensland property market will receive a major injection of capital from investors throughout Australia,” he said.

“It will also lead to a construction-led jobs boom as more houses and apartments are developed following the influx of property investment funds into the Queensland economy.

“Property investment is all about confidence, and as long as Queensland has the highest unemployment rate in Australia, then property investors will be shy about putting their money into the state.”

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