Queensland In North Queensland, around Sarina, Whitsunday Coast, Bowen, Townsville and Magnetic Island, results have been steady and improving – also off the back of the mining boom, which is related to Moranbah and other mines. However, the negative publicity with Moranbah and other mining activities has slowed the pace a little for Sarina and Whitsunday Coast. The Bowen region has just had approval to proceed with ‘Abbott Point’, which is likely to result in increased activity. First National’s Townsville office has just recorded its best sales results for the past four and a half years, with the previous four months also proving solid. The network’s Magnetic Island office is also experiencing improved results, but not to the same extent as Townsville. Key to this success has been vendors pricing their properties correctly. In Far North Queensland, particularly the areas of Mission Beach, Innisfail, Cairns and Atherton, the market has been flat for some time, but it is a widely held belief that the market has now bottomed and an upward swing is expected. The Cairns and Far North precinct averages unemployment rates between 10 and 14%, which also determines the confidence levels of the locality.
Trends The majority of Queensland members (56%) believe interest rates will remain unchanged for the coming six months. This would serve to generate sales, stimulate activity and improve demand. However, low and reducing rates are not enough – banks also need to act and small to medium businesses need assistance to bring stability back to the overall market.
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First National Real Estate 2013 Property Market Outlook