Saturday, June 16, 2012
Prediction: Market to Keep Falling in Brisbane
My prediction for the next four months -- the Brisbane property market will continue to decline. My reasons - (a) There is much uncertainty as to what new taxes and increased taxes Newman will hit property owners with. We will not know until September. (b) There will be many Queensland government employees and contractors who will suddenly become unemployed. This has started to happen, and they are selling their investment properties in distressed situations, and few government workers are buying investments at present due to the uncertainty. It is uncertain whether foreign buyers will be less interested due to the doubling of capital gains tax for non-residents. I am seeing many Brisbane apartments being sold for 10% below recent sales price. Gloomy times ahead.