Queensland out in front
What a few weeks it's been for Queensland!
The 'comeback kings' the Brisbane Broncos closed out a rollercoaster season with a Premiership, mainly thanks to the freakishly talented Reece Walsh, while Brisbane has also taken out the NRLW and AFL codes respectively over the past fortnight.
Economist Warren Hogan projects that the booming Queensland economy will overtake Victoria as Australia's second largest state economy by 2042.
In some respects south-east Queensland is becoming a victim of its own success, since we can barely build infrastructure and housing fast enough for the rollicking rate of population growth, as movers from interstate flock to this corner of the country.
The number of properties for sale across Greater Brisbane is now the lowest since before the global financial crisis, according to SQM Research data:
Source: SQM Research
Earlier today, Westpac released its latest consumer sentiment survey.
Consumer sentiment pulled back a little as interest rates expectations shifted slightly in a hawkish direction, but the house price expectations index rose to a fresh 15-year high.
Dr. Alex Joiner of IFM Investors charts the correlation between the house price expectations index and the 3-month annualised change in dwelling prices, which points to a significant upswing in the housing market cycle.
Justin Fabo of Antipodean Macro also charted the below comparison of Google searches for investment property versus trends in investor housing credit:
'Nuff said.
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