Queensland’s residential market’s bull-run is coming to an end, according to the Real Estate Institute of Queensland (REIQ).
House sales were down in the December quarter by about 20 per cent from the previous quarter, the REIQ said.
“There is no doubt that last year’s results were spectacular but a return to more sustainable levels of growth is not only likely this year, it is the preferable outcome,” said REIQ chairman Peter McGrath.
Mr McGrath said recent rate rises, increasing house prices and changing economic conditions were contributors to the market’s slow-down but that the fundamentals of Queensland’s property market – such as steady population growth – would underpin further moderate house price growth into the future.
Published: 11-02-08
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