Back in 2007 Queensland was announced as one of the most undersupplied property markets in Australia where prices and rents were set to surge due to the lack of properties.
Since then we note that the population has been growing strongly.
A final state government analysis shows Queensland’s growth rate was 2.6 per cent in 2008/09 – 0.5 per cent above the national average and second only to Western Australia’s three per cent.
Yet today we note that Queensland’s real estate is all of a sudden oversupplied.
Property markets in south-east Queensland and Perth will continue to suffer during Spring as listings decrease and buyers continue to look for bargains, experts predict.
SQM Research founder Louis Christopher says although most markets are holding up well in a relatively flat market, areas such as south-east Queensland and Perth are continuing to suffer due to low tourism activity and an oversupply of dwellings. Some areas within those markets could even record slight price decreases, he warns.
Those sneaky houses, where were they all hiding when we counted them in 2007? Are they building themselves?
Interesting to see how the market is suddenly oversupplied as soon as a downturn appears.
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