Queensland property market shows signs of improvement

The property market in Queensland appears to be showing some signs of recovery – and not before time.

According to a recent study conducted by Australians for Affordable Housing, people who live in the state are under more financial stress than Aussies in other parts of the country.

This was not helped when the Bank of Queensland announced earlier this month it was hiking the interest rates attached to its home loans.

However, the Urban Land Development Institute has revealed that key indicators of an improving housing market have risen faster in Queensland in the past three months than anywhere else in Australia, the Courier-Mail reports.

Lending for new homes grew by 5.8 per cent in the January quarter and by 1.6 per cent for existing properties.

As well as this, the number of new developments getting planning permission increased by 5.7 per cent and 17.5 per cent for detached houses.

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