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Other than its beaches, Queensland is a state that's generally known for its mineral-rich natural environment. However, recent research has shown it's the construction and property industries that are making a name for this sunny Australian state.
CommSec's latest State of the States report placed Queensland as the third best performing state for economic growth. Economic activity was recorded at 15 per cent above the decade average level of output.
Equipment investment in Queensland grew to reach 6.3 per cent above decade average levels, making it the strongest out of all states.
Meanwhile, Queensland recorded the third highest level of construction work completed over the March quarter. Construction in the rapidly growing Sunshine State reached a staggering 45.9 per cent above decade average levels.
Commenting on the release of the information, Queensland treasurer Tim Nicholls said it's the real estate sector in the state that has pushed up Queensland's economy.
"Before the LNP's election, Queensland was the worst performing state on dwelling construction starts and we're now moving strongly up the rankings," Mr Nicholls said in a statement.
"Encouragingly, the report notes Queensland housing starts are 26.2 per cent higher than a year ago."
Mr Nicholls also commented on another report by Deloitte Access Economics Business Outlook, which had other positive mentions about Queensland.
"Deloitte predicts Queensland's economic growth will continue to outstrip the national average," explained Mr Nicholls.
"In particular, they note the potential for growth in the retail and housing construction sectors."
New home building increases in Queensland
Queensland is a growing state - not just for people, but housing developments, too. Figures from the Australian Bureau of Statistics (ABS) showed a 1.3 per cent increase in dwelling commencements in the March quarter.
Commenting on the ABS figures, Master Builders Australia CEO Wilhelm Harnisch said the general uplift in building across the country "confirms the strength of the recovery in new housing construction".
"It is very encouraging that this growth extended to all states with the exception being South Australia," Mr Harnisch said.
It's not just the present that's positive for brand new real estate in Brisbane. The outlook for future construction in Queensland is bright, too.
A report from BIS Shrapnel predicts housing starts will rise by three per cent over 2014/15. This activity is due to "strengthening local economies and underlying pressure from mounting stock deficiencies", the report stated.
With a high level of construction and strong economic growth, residential real estate in Brisbane presents opportunities galore for investors.
