Queensland property market to see sunshine in 2012
The cloudy atmosphere surrounding residential real estate markets in the sunshine state is set to clear in the New Year, according to a new industry report.
Researchers at Australian Property Monitors - a Fairfax company - have reviewed that factors that impacted on the state's performance over the last 12 months and then looked to how the current economic and financial climate could affect vendors and buyers in the future.
Their findings show that although both detached housing and units experienced a downturn in prices over the 12 months to October 2011, the situation is set to improve.
Apartments were slightly better off on the whole, only shifting down by 2.2 per cent, while in contrast houses saw a decline of 6.9 per cent.
However, these market actions were identified as being in response to the flooding experienced in Brisbane and other areas in January last year - with the public awareness of property damage labelled "a significant contributing factor".
Yet there is good news for vendors in Queensland - the mining and resources rush has managed to drive up the population across the state and subsequently begun to eat into vacancy rates.
In turn this will put upwards pressure on both rental rates and property prices - improving buyer confidence and helping to "contribute to a recovery in buyer activity".