A buyers' market has developed in Queensland due to falling demand for investment properties, the Real Estate Institute of Queensland has said.
New figures from the REIQ show that demand for properties usually targeted by investors or first time home buyers fell more than 20% over the September quarter. The drop in the $350,000 to $500,000 price bracket came as demand in all other price brackets remained steady.
“Investors and first home buyers are usually competing for the same affordably-priced properties but the current lack of competition between these two buyer types has created ideal buying conditions, especially for investors,” REIQ managing director Dan Molloy said.
Molloy indicated that investor demand is currently half what it was in 2007, but that falling vacancy rates and interest rate stability make it a good time for investors to re-enter the market.
“As it appears that interest rates will be left on hold for the time being, opportunities currently exist for buyers interested in the long-term benefits that can be made through investing in residential property.”
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