Tuesday, May 31, 2011

REIQ Says Bottom of the Market for Queensland Real Estate

The REIQ, which is trade association for real estate agents, says that now is the time to buy because it is the bottom of the market.

"The majority of Queensland’s property markets are currently at, or near, the bottom of their real estate cycles due to the continued economic conservatism amongst the population as the national economy appears to not be out of the woods just yet – a situation further compounded by the natural disasters earlier this year.
According to the Real Estate Institute of Queensland (REIQ), with property prices and buyer demand subdued, the current market is providing opportunities not experienced for more than a decade.
“There is no denying that a correction in property prices has taken place over the past 18 months to two years in many areas as the delayed impacts of the Global Financial Crisis unfortunately coincided with Queensland’s summer of natural disasters,” REIQ chairman Pamela Bennett said.
“In the majority of cases, sellers currently have to be very realistic about what price they can achieve for their property, which is putting Queensland buyers in the box-seat for the first time in many years. While it is sometimes a natural reaction to hesitate when market conditions are not strong, any buyer wanting to invest over the long-term would be hard-pressed to encounter better opportunities than the ones that are presently available.”

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