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VOTIVA News

Queensland Property Outlook 2010

Monday, January 18, 2010

Comments below are from Wayne Rex, President of The Property Council in Queensland

    * Brisbane property prices increased 6.9% in the first 11 months of 2009
    * South East Queensland has seen a stabilisation of prices and turnover
    * Building Approval levels have dropped to low levels not seen since the 1980’s
    * Many house and land packages still available in South East Queensland for under $425,000
    * Release rate of new stock and lack of competition is affecting prices
    * Queensland property market will be steady for the first 6 months of the year as people will still remain cautious
    * Funding still difficult to attain along with substantial pre-sales

Other comments from Bill Morris, Rod Cornish (Macquarie Capital Advisors) and Lachlan Walker (Colliers International)

    * Still not enough homes being built in Queensland
    * South East Queensland saw a population increase of 75,000 in 2008-09 with a need for 30,000 homes, yet only 17,000 were built
    * Interstate migration has dropped in Queensland (Victoria now leading the way), there is still a high number of people coming from overseas
    * Developers still finding it difficult to attain finance
    * Developers can’t buy land at the right price meaning they can produce a home at affordable levels (under $500,000)
    * QLD suffering from a shortage but Sydney supply shortage is more severe

- Wayne Rex, President of The Property Council in Queensland, Bill Morris, Rod Cornish (Macquarie Capi