January 14, 2018

Confidence Falls

Confidence in Queensland’s property market has fallen for the first time in nearly two years on the back of the latest tax grab proposed by the state government. The ANZ/Property Council Survey released today, taken in the weeks either side of the November state election, has recorded a drop of two index points for Queensland in the March 2018 quarter — the first decline in 20 months. The state now has the lowest confidence levels of all Australian jurisdictions. The re-elected Palaszczuk Government has announced plans to increase land tax rates by 2.5% on properties worth more than $10 million and more than double the tax rate for foreign investors from 3% to 7%.