I read the other day that a fall in population growth in Queensland has led to a general slowdown in market activity, especially in South East Queensland and particularly during the past 12 months.
Many real estate offices on the Gold Coast were adversely affected by the global financial crisis (GFC) – related trend and I know from talking with my colleagues, many offices struggled to keep the doors open. Some didn’t win that struggle. However, the ones who did get through it, are now benefitting with an increased traffic level although still rather subdued.
Real Estate Institute of Queensland president Dan Molloy said there has been a reduction in sale numbers, an increase in properties on the market, and the days taken to sell a property have increased. I would venture to agree but the buyers and sellers are out there and sales transactions are definitely taking place.
Interesting to note too that Mr Molloy believes investors are waiting for the Brisbane market to hit the bottom of the cycle – if, indeed, it hasn’t already done so.
“I think we shouldn’t be under any illusions that there will be substantial growth in 2011, however, it will present good opportunities for buyers and cashed-up investors in the right place,’’ Mr Molloy said.
While 2011 may not break any property sales records, I’ve heard many say 2012 and 2013 are looking much bright. No doubt this will be buoyed by burgeoning resource activity throughout Queensland which is set to create many new jobs and boost the population once again.
Like Mr Molloy I feel optimistic about the next few years for property. Might be time to look for a good deal while they are around to ensure if the market picks up in 2012/2013 investors will be in a good seat to reap any rewards that may be in the offering. Always do your homework though and talk to the experts in each area of property investment, including the financial side, to ensure it is the right thing for you. Everyone’s situation is uniquely different.
