Market Report - Queensland (November 2008)


The softening market trend has continued throughout Queensland. How long the flattening of prices will last is still unclear, even with a renewed confidence from the recent interest rate drops.

The Queensland residential market has been flat since the winter, and it's not likely to shake out of it anytime soon, real estate experts say.

"It's been a buyers market since June and July," says Scott McGeever, president of the Real Estate Buyers Association of Australia. "I think that will continue at bit longer, probably until early to mid next year."

Depending on where one looks, some Queensland regions have had a more stable performance in the residential market than others. Prices have dropped on the Gold Coast and up near Cairns, and western Queensland regions have also been very quiet.

Brisbane has also shown some declines in property values, but there are some pockets of the city still performing well.

"In the good capital growth areas, the demand is still very high," says George Kafantaris, managing director of Metropole Properties Queensland. "The supply is fairly low for good quality stock."

McGeever says that other areas in Queensland with too much stock on the market currently should be looked at very cautiously.

"If you're looking at an area with a lot of properties on the market, and the real estate agents are killing you with kindness, then you've got to take a much closer look at that market," he says. "You could potentially and very easily pay too much for a property in that situation."

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