Industry commentator Michael Matusik says an annual survey of property professionals across southeast Queensland shows almost 50 per cent expect prices to rise, compared with 90 per cent last year.
Matusik notes Brisbane respondents are more optimistic than property professionals on the Gold and Sunshine coasts.
From the category archives:
Queensland
Real estate along Qld’s southeast coast takes battering
Property transfers tops complaint list
For the third year in a row, conveyancing dominated complaints lodged with the Queensland Legal Services Commissioner. The Australian Institute of Conveyancers, which represents non-lawyer conveyancers, said the figures reflected the emergence of poorly supervised, solicitor-owned “conveyancing factories” in Queensland. There would be fewer problems if Queensland fell into line with all other states and licensed specialist non-lawyer conveyancers, institute president Jill Ludwell said.
Gold Coast developer Sunland
Gold Coast developer Sunland Group is negotiating to purchase two high rise development sites — one in Abu Dhabi and one in Qatar — as it diversifies outside the overheated Dubai property market.
Home improvements keep builders on job
Housing Industry Sunshine Coast/Wide Bay branch manager Adrian Langford said the value of approvals for alterations and additions on the Sunshine Coast was worth $119 million in 2007-08 - up 1% on 2006-07. Mr Langford said that already regions within the Sunshine Coast had seen very healthy growth in the value of alterations and additions approvals.
Property price drop gathers pace
In the September quarter house prices plunged by 4.4 per cent, one of the biggest drops in the country, down from a median of $490,000 to $468,250, according to the latest research from Australian Property Monitors.
This is far worse than the June quarter figures just three months earlier, which had dropped 2.97 per cent, showing the property slump is gathering pace rather than slowing down.
CP1’s shock $109m loss
City Pacific offshoot CP1 has crashed to a $109 million net loss for 2008 with massive writedowns in its property assets marking the developer’s worst year on record.
Real estate bargain of the year?
8 Million Dollar Luxury Property now slashed for a quick sale
$2,950,000
The more than 50 per cent drop in the original asking price has occurred at a time when the global credit crisis has begun to impact on the Far Northern economy, especially the property market.
Economic analysts spoken to by The Cairns Post said buyers of expensive properties were some of the most likely to have been hurt by the credit crisis and related stock market ructions.
Another Gold Coast property project crashes, developers slash jobs
The Australian Financial Review reports that BDO Kendalls has been appointed to a company controlled by Sydney-based developer Tom Manassa after a request from major creditor St George Bank.
Just weeks after the collapse of Gold Coast projects that were being developed by veterans Jim Raptis group and Sydney developer Mick Bezzina, three developments by Brisbane-based developer Petrac were placed into receivership.
Company sells Port Douglas land
Investment companies flogging off property assets is quite common since the credit crunch and a proposed eco-park near Port Douglas is the latest asset to hit the market.The Fund is selling the Port Douglas asset as part of an overall strategy to focus on income producing properties to maximize returns to unit holders.
Buyer slump hits first-home builders
AN unprecedented 80 per cent slump in buyer inquiries and fees charged to inspect prospective sites has rocked listed Queensland first-home builder Tamawood as new home sales in the Sunshine State continue to head south.
The statement by Tamawood Ltd to the Australian stock exchange coincided with the release of Housing Industry Association figures showing Queensland recorded the largest fall in new house sales during September. While the nation’s worst housing markets of Western Australia and NSW rebounded with sales increases of 16.5 and 4.5 per cent respectively, Queensland sales were down 10.6 per cent. Queensland led the falls, while South Australian sales were down 9.7 per cent and Victoria’s down 9.2 per cent.
