{"id":13008,"date":"2017-07-25T15:40:55","date_gmt":"2017-07-25T05:40:55","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=13008"},"modified":"2017-07-25T15:40:55","modified_gmt":"2017-07-25T05:40:55","slug":"buyers-wary-of-artificial-queensland-jobs-data","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/buyers-wary-of-artificial-queensland-jobs-data\/","title":{"rendered":"Buyers Wary of Artificial Queensland Jobs Data"},"content":{"rendered":"

The growth in Queensland employment is not what it seems, according to new research, with it being artificially inflated by one solitary sector.
\nPropertyology<\/a> claims that comparing an unemployment rate to the national average is a far too simplistic measurement of economic performance and that more detailed analysis of jobs data over the past two years revealed that Queensland’s mildly positive jobs growth was courtesy of a ballooning public service.
\n“Every state needs to be a champion at something. New South Wales is Australia\u2019s financial and insurance capital, Victoria holds the trophy for manufacturing and major events, and (sadly) Queensland has become the champion of \u2018administrating\u2019,” said Propertyology\u2019s Head of Property Market Research, Simon Pressley.
\n“Over the past two calendar years, Queensland produced only 14,476 new jobs, yet public administration and safety added more than 29,600.\u201d
\n“One can only speculate whether the soaring number of public servants was intentional or not, given the continued lacklustre performance of the Queensland economy.”<\/p>\n

\"buyer<\/a><\/p>\n

While the public service added nearly 30,000 jobs over the past two years, Pressley said a similar number of jobs were lost in key industries such as health, education, professional services, real estate, transport and warehousing, mining as well as electricity and utilities.
\n“It’s clear that Queensland\u2019s economy is weaker than how it appears on face value,” Pressley said.
\n“Commentators have been predicting big results for the Brisbane property market for a few years now, but the poor jobs market hasn’t supported their rampant optimism.”<\/p>\n

\"buyer<\/a><\/p>\n

Pressley said it was disappointing that Queensland’s job sector continued to be weak given its abundance of tourist attractions and the Sunshine State\u2019s proximity to Asia at a time when international tourism is booming.
\nHe said Queensland’s international visitor numbers painted a picture of enormous lost opportunity, which was reflected in the disappointing job figures for retail trade as well as accommodation and food.<\/p>\n

\"buyer<\/a><\/p>\n

\u201cEconomic activity is a precursor to property market performance. Brisbane\u2019s underwhelming property market performance over the last few years is a biproduct of the broader Queensland economy. Bold decisions are needed if the potential is to ever be unlocked.\u201d
\nThe job volumes attached to new infrastructure projects currently in the pipeline did not inspire great confidence either, he said.
\n“Unless the upcoming State Election produces a range of major new infrastructure projects, Propertyology anticipates Brisbane’s property market to continue to mirror the underwhelming job numbers,” he said.
\n“Several nation-building infrastructure projects are needed to get the economy cranking again. This plus a sophisticated tourism campaign, combined with Queensland\u2019s affordable housing and lifestyle, could drag annual interstate migration above 20,000 and get cash registers ringing again.”
\nPressley said that the Cairns property market had significant potential from an impressive list of job-creating projects in the pipeline, enormous potential for economic development in this Asian Century, and very affordable housing.
\nWhilst Townsville\u2019s property market has been flat for several years, Propertyology\u2019s latest market research report contains a long list of reasons for optimism.
\nToowoomba, Scenic Rim, and Gold Coast also have a good outlook.
\nPropertyology is a national property market researcher as well as buyers\u2019 agency specialising in investment property and is a Queensland finalist in the 2017 Telstra Business Awards. Simon Pressley is also a three-time winner of the REIA and REIQ Buyers Agent of the Year award.
\nENDS<\/i>
\nFor an interview or to receive additional data \/ infographics, please contact Simon Pressley on simon@propertyology.com.au or mobile 0417 634 096.<\/p>\n","protected":false},"excerpt":{"rendered":"

The growth in Queensland employment is not what it seems, according to new research, with it being artificially inflated by one solitary sector. 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