Confidence is on the improve
An annual survey of REIQ-accredited agents reveals activity is increasing in key markets, with a confident outlook for the years to come
AT THE end of June, the REIQ carried out its annual sales market survey to gain on-theground market trends from our accredited agents.
We can all look at sales statistics until the cows come home, but what sets the REIQ apart is its ability to tap into the knowledge base of its members.
It’s what enables us as Queensland’s peak professional body to keep abreast of what is really happening in the state’s property markets.
After all, real estate agents know better than all the data reports we can run what the current trends are.
It’s now well-known activity is increasing in key southeast Queensland property markets.
REIQ agents confirm buyers are becoming more committed, and we’re seeing shorter days on market and lower listing numbers.
The absorption of listings is also said to be further compounded by some vendors holding off from listing property in the hope the market will improve further.
In the most buoyant markets, REIQ-accredited agents tell us they are very much in need of more listings as buyer demand strengthens.
Across the state, a key theme being reported by REIQaccredited members is softer market conditions following the release of the federal and state budgets.
The negative press surrounding the budgets put an immediate dint in consumer confidence, as measured by ANZ-Roy Morgan.
REIQ members also reported caution among both buyers and sellers.
According to many, the business sector, in particular, understands hard decisions had to be made by the government, but at the same time, there are a number of major infrastructure projects to be funded, which is contributing to the positive outlook for many regions across the state.
As the weeks have gone by since the budget releases, confidence has slowly returned, and more than half of REIQ members surveyed have a positive outlook for the remainder of 2014, as well as for the following calendar year.
The most positive region is Toowoomba, with 100 per cent of agents surveyed very positive about the rest of 2014 and also with 2015.
With a number of key major infrastructure projects going ahead in the region, it’s little wonder home buyers and investors have increasing confidence in the Toowoomba property market.
The second most positive region was the Gold Coast, where 56 per cent of REIQ agents surveyed were positive about the rest of 2014.
For 2015, however, 56 per cent felt the market would be stable and 44 per cent had a positive outlook.
And, while some of regional Queensland’s property markets are going through subdued market conditions, the outlook is set to improve.
While 19 per cent of agents surveyed felt the rest of 2014 wasn’t looking very good, 33 per cent were positive.
And in 2015, this level of optimism is vastly improved, with 62 per cent of agents saying 2015 would bring better conditions to their real estate markets.