Queensland families are set to weather further falls in home values as Labor's property crisis worsens.
A new property industry report released today has revealed Queensland is entering its worst confidence decline on record.
LNP Shadow Minister for State Development, Manufacturing, Infrastructure and Planning Andrew Powell has warned any further falls in confidence will cost jobs and increase housing costs.
"This is a record Queensland doesn't want," Mr Powell said.
"With one of the worst unemployment rates in the nation and $2.2 billion of new Labor taxes, Queensland families are already struggling to pay household bills.
"If these property prices get any worse, it may lead to breaking point for many Queenslanders.
"Industry has described Annastacia Palaszczuk's tax hikes and economic mismanagement as a 'double whammy' on confidence."
In a telling sign, the ANZ Property Council report revealed the Palaszczuk Labor Government was ranked the worst in the nation*.
"Not only is Labor's crippling taxes and economic failures ruining the value of existing family homes, it's also stopping new ones being built," Mr Powell said.
"The value of residential building work has dropped every single quarter since September 2016**.
"Labor have lost Queensland nearly half a billion dollars' worth of residential building work.
"The reality is that's thousands of pay checks and countless jobs Queenslanders will now never get."
Building Activity for December 2018: https://www.abs.gov.au/AUSSTATS/abs@.nsf/DetailsPage/8752.0Dec%202018?OpenDocument
- Trend value of residential building work done has dropped every quarter since September 2016 (9 quarters).
- This is a drop of $494.51 million
- Compared to December 2017, this is a drop of $297.781 million (8.4 per cent)