OFFPLAN NEWS

(20.06.2007 )
Australian property Real estate head sees alarming trend in Australia

Queensland houses and land for sale in Australia were 4 times more affordable 5 years ago than they are today according to Raine & Horne CEO Stephen Sharry.

Mr Sharry outlined this fact to a group of Queensland’s leading agents this week as they assembled to consider the present market conditions and endeavour to predict future conditions.

“A report by Matuzic Research shows that in 2001, 13,500 houses or 74% of all property sales in Queensland were considered to be affordable. This compares with 16% in 2006 or 3,000 properties’ he told the group.

“This is having a devasting impact on the ability of young people and especially first home buyers, to enter the market” Sharry said.

The Matuzic Report also revealed that in 2001, there were only 2 areas in the state considered to be ‘unaffordable’. They were Gold Coast and Noosa.

By contrast today all markets in Queensland are considered to be ‘unaffordable’ with the exception of Maryborough.

“Every market will carry affordable houses but there comes a time in the market when the affordable homes are so difficult to find that they are almost non-existent. This is now the case in most of the state” said Mr Sharry.

Mr Sharry also told the group of agents that politics is playing a big part in determining future real estate market conditions in Queensland.

These conditions include:
1.Any interest rate movement. An increase is not likely in an election year and with the reporting of good inflation figures in the last few days.
2.The changes to superannuation to take effect in July 2007. Likely to effect the top end prices and demand.
3.The likelihood of an increase in the first home owners grant. Possibly an election sweetener.
4.Rumored relief in stamp duty for home buyers.

Mr Sharry predicted the Queensland market would remain buoyant during 2007 with a continuation of moderate growth in median prices across the state.

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