As Queensland takes stock of the effect that last year’s natural disasters had on its property markets, new figures show signs that stability is returning to the state.
According to recently released December quarter figures from the REIQ, Brisbane’s quarterly median house price drop of -0.2% was its lowest fall since September 2010.
Meanwhile, the state’s resource-led regional centres showed some encouraging quarterly results. Gladstone saw quarterly growth of 8.6%, according to REIQ figures, followed by Toowoomba (4%), and Mackay (2.4%).
These results will come as welcome relief to property investors in a state that has had a torrid time over the past year in the wake of widespread flooding and Cyclone Yasi.
“Last year was a very tough one for everyone in Queensland with the series of natural disasters having a drastic impact on our economy as well as on confidence levels overall,” said REIQ CEO Anton Kardash.
“With the first anniversary of these events now passed, it certainly appears that Queenslanders are feeling more optimistic about the future and this is starting to have a positive effect on our property market.”
With Brisbane seeing a -5.2% drop in its median price over the past year according to REIQ results, December’s encouraging quarterly figures can’t be viewed in isolation, but Kardash believes that they are a sign of things to come.
“While it was too soon for the two interest rate reductions in November and December last year to be reflected in these results, we anticipate more positive news on our property market in the months ahead as these rate cuts flow through our wider economy,” he said.
Is Queensland making its comeback? Have your say on our property investment forum.
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