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MatusikQUEENSLAND’S natural disasters could be good news for the state’s property market, says property analyst Michael Matusik.

Addressing members of the Property Council of Australia Queensland division, the Matusik Property Insights director said the recent floodings and cyclone were acting to break the malaise that the state’s property market has found itself in.

“The rebound will be strong, as to how strong no one can say,’’ Mr Matusik said.

He was also unsure as to how property growth would be affected in the future.

“Brisbane prices over the last 10 years have increased by 10.6 per cent per annum, and 6.5 per cent per annum over the last five years,’’ he said.

“Anybody saying that prices will fall by 35 per cent in 12 months time… I don’t know where that figure is coming from.’‘

Mr Matusik said that out of the 26,000 Brisbane homes affected by the floods, only 5400 were damaged substantially.

“Now we have to change our message and say that we are open for business, and that not everything is flooded,’’ he said.

Mr Matusik predicted interest rates could fall by more than a quarter of a per cent.

“I think it’s very logical, and I wouldn’t be surprised if they do,’’ Mr Matusik said.

“The worst case scenario is that they don’t move much this year and maybe into next year, and that will be a good thing for our businesses.

“The undersupply will be brought forward and infrastructure will be rebuilt, creating a stronger market.’‘

Mr Matusik was keen to emphasise a more positive take on the aftermath of the Queensland floods, referring to recent statistics from Realestate.com.au which showed that buying interest was still high, with the website hosting an online traffic increase of 11 per cent on last year.

Story by Ben Johnson http://city-news.whereilive.com.au

Tags: disaster, floods, property, real estate, value

View the original article here

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