Property Market Growth Predicted in 2012

All signs are pointing towards a positive year for Queensland’s property market, suggests Aaron Brooks, Chief Executive Officer of real estate group, Harcourts Queensland.

After a subdued 12 months for the Queensland property market, Mr Brooks says that property price growth is likely within the state as interest rates remain low, housing affordability improves and demand for rental properties increases.

“Over the past 12 months, the property market within Queensland has been fairly sluggish due to 2011’s natural disasters and other economic factors.

“We’re less than a month in to 2012 and already we’re seeing some incredibly positive indicators in the market that point towards solid growth,” Mr Brooks said.

“The latest round of interest rate cuts – and the prediction that there will be more to come – has had a positive impact on housing affordability and consumer sentiment.

“I believe that this improvement to affordability will drive buyers, particularly first time buyers, back to the property market.

“There is also great demand in the rental market which should attract more property investors to the market over the next few months,” Mr Brooks continued.

“2012 has only just begun, but already our sales offices are reporting a significant lift in buyer enquiries and sales – I believe this is an early sign of things to come,” Mr Brooks said.

Despite this positive outlook, Mr Brooks suggests that the impending Queensland state election adds an element of unpredictability.

“The Queensland state election is looming which is likely to affect the property market – whether the effects are positive or negative is yet to be seen,” Mr Brooks finished.