Home building approvals in Toowoomba are up 75 per cent for the three months to April compared with the same period in 2011.
Home building approvals in Toowoomba are up 75 per cent for the three months to April compared with the same period in 2011. Chris Calicino

Resource boom drives development

TOOWOOMBA'S housing industry is riding high on Australia's two-speed economy with a 75 per cent increase in home development approvals compared to last year.

Executive director of HIA Queenlsand Warwick Temby said cities anywhere near resource development centres like the Surat Basin are beginning to show the benefits that the resources boom can have for other areas of the economy.

"While home building approvals are up a pleasing 8% on the very depressed levels of last year for the state as a whole, central Queensland is having much stronger increases in activity," he said.

"Home building approvals are up 75% in Toowoomba, 83% in Rockhampton and 84% in Gladstone on the same period in 2011. 

"This is a direct result of the massive investment that is taking place in the resources sector.

"It is also great to see that Cairns and the Gold Coast are showing signs of improvement, albeit from the appallingly low levels of 2011."

Cairns housing approvals are up 43% while the Gold Coast has made a modest 8% increase.

The figures come from the three months to April compared with the same period of 2011.

"HIA hopes that the reductions in interest rates over the last two months will see renewed confidence among the home buying public in those parts of the state that are more remote from the resources investment," Mr Temby said.

"The interest cuts should also be very positive for the important renovation sector.

"The restoration of the stamp duty concessions on the principal place of residence on 1 July will lower stamp duty for most buyers by about $7000. 

"HIA expects that this incentive will get the established housing market moving with positive spin-offs for the trade-up home building market."



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