Few Optimistic Words From Real Estate Lobby Group

From an REIQ media statement, issued last night:

"Queensland home buyers retreated from the property market in the June quarter as they waited for the return of stamp duty concessions but house prices held their ground, according to the latest Real Estate Institute of Queensland (REIQ) data.The REIQ June quarter median house price report, released today, shows house prices remaining steady in the face of lower sales activity across the State. REIQ CEO Anton Kardash said there was a noticeable slow-down in activity from May to June."

REIQ is the lobby group for Queensland real estate agents, and they are reporting a slow-down and lower sales activity.  That is, nothing is selling.  (The median house price data released by REIQ, which is for houses (not apartments) is not that useful, if there are few sales.  The price data reports only on what is selling today, and not whether values for any particular property have risen or fallen.)