State of Markets - QLD April 2012

QUEENSLAND

House prices stabilise in southeast of state

Southeast Queensland property prices appear to have plateaued, new data from the Real Estate Institute of Queensland (REIQ) show.

The figures show that Queenslanders feel more optimistic and this is having a positive effect on the market, REIQ’s Anton Kardash said.

REIQ’s December 2011 quarter median house price report found prices in southeast Queensland remained steady, while the resources sector drives growth in Central Queensland and the Darling Downs.

Over the quarter, the median house price in Brisbane dropped 0.2 per cent to $499,000 – the lowest fall since September 2010.

“Last year was a very tough one for everyone in Queensland, with the series of natural disasters having a drastic impact on our economy as well as on confidence levels overall,’’ Mr Kardash said.

“While it was too soon for the two interest rate reductions in November and December last year to be reflected in these results, we anticipate more positive news on our property market in the months ahead as these rate cuts flow through our wider economy.”

Infrastructure spend to get $85m in federal support

Queensland is set to receive a massive injection of federal infrastructure spending, the state government has announced.

An $85 million road project at the entrance to Rockhampton is just one example of road additions and infrastructure investments in the state, said Queensland’s main roads minister, Craig Wallace.

“This is an example of not only the effort going into rebuilding infrastructure around the state but also our commitment to provide new infrastructure for our growing state,” he said.

“The project details are … real and deliverable thanks to more than 12 months of intense work by Transport and Main Roads and engineering consultancy AECOM,” Mr Wallace said.

As Smart Property Investment went to press, Queensland had begun to gear up for the March 24 state election.