From the CEO: Queensland’s Property Market Remains Steadfast Post-Election

While COVID-19 has caused a lot of economic uncertainty, Queensland’s property market has remained remarkably resilient when you consider we confronted the State’s worst bushfire season late last year and we’re now in recession for the first time in 30 years. When you look at Corelogic’s latest Hedonic Home Value Index data for September 2020, Brisbane’s property market saw another moderate monthly price rise of 0.5 per cent, bringing the capital city’s annual median to 3.5%. Regionally, property markets have continued to maintain moderately healthier annual growth, the latest annual median 4.6% for September 2020.

Brisbane’s steady performance even before COVID has really been its strength, unlike Melbourne and Sydney which have experienced more pronounced fluctuations in property prices given their higher dependence on immigration, higher debt-to-income ratios and house price-to-income ratios. That’s not to suggest Brisbane is immune to any economic side effects of this pandemic, but any impact will depend on how much longer it takes to contain the virus, how deep this recession will reach and future growth rates in employment as well as consumer confidence.

Across the rest of the State, there are a variety of factors helping to support regional housing market conditions including strong demand despite any anticipated drops due to a pause in migration. Regional markets are also proving to be appealing for their relatively low density and lower price points. The normalisation of remote work through the pandemic has also made proximity to major cities less of a factor in home purchasing decisions. Interstate demand continues to strengthen in Queensland, and we anticipate this demand to surge in the coming year ahead as we navigate through to the other side of this pandemic.

While the State Government has committed to providing a range of grants and incentives to help drive Queensland’s property market, particularly via first-tome buyers, this support remains limited – restricted to new housing, units, and townhouses as well as off-the-plan or build-yourself options. To better support Queensland’s economic recovery, access to established housing is necessary to mitigate the relatively tight supply/demand balance we currently face and something we will continue to strongly advocate for.

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What’s also clear is that with the RBA’s recent record low interest rate cut to 0.1% and the resilient nature of property during these turbulent times are encouraging for investor interest. However, the level of investor activity currently in Queensland is nowhere near where it needs to be. Over 36% of Queensland’s population rent and 90% of that housing is provided by private owners which is why gauging investor confidence is always important when trying to assess future property market performance.

The rental sector plays a critical role in Queensland’s housing system and the role and size of our investor market has never been so critical so it’s important to respect it. In recent times, property investors have faced potential onerous rental laws that would strip them of essential rights, to force the hand of many investors to consider selling. Any further tightening in rental availability levels, with approximately 64% of the market already below 1 percentile, will only place additional undue pressures on our housing sector which is why more needs to be done to better support both increased and ongoing property investor activity including access to a fair and balanced legislative framework around tenancy laws that provide sufficient support and protection to both tenants and property investors. This issue remains firmly on our radar and members will be kept fully informed.

Equally important is the support for growth and success of commercial property investors and business owners. While we respect and support the need for responsible COVID-19 border protections and health measures, we hope to see a balance between the needs of the community and that of the economy, with additional funding toward small to medium-size business sustainability with a range of pandemic grants committed to the support of commercial property owners along with the growth and success of small business in Queensland including tax rebates, return to office initiatives, retail sector support, and tourism and hospitality.

With Queensland likely to be the one of the better performing property markets in Australia over the next few years, technology continues to shift from being a driver of marginal efficiency to an enabler of fundamental innovation and disruption. It’s clear digital technology will transform how real estate transacts in the future, and so we look forward to continuing our work with the State Government on the transformation of the real estate industry, particularly the use of electronic signatures by corporations and individuals; the recognition of electronic contracts and approved forms by governing authorities; and, further streamlining real estate processes by permanently implementing measures that assist virtual transactions on a permanent basis extending beyond the COVID-19 pandemic.

IN THIS week’s EDITION OF THE REIQ JOURNAL:

IN OTHER NEWS:

  • The REIQ advocates on a diverse range of issues relevant to both real estate businesses and every day Queenslanders. Stay up-to-date with our latest advocacy campaigns here.
  • The REIQ is pleased to announce the appointment of two new directors to its board after election results were announced at the 2020 Annual General Meeting. Read more.

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Here’s what others have to say

Great training course was very informative. I feel I gained lots of knowledge and there is a lot of support from the REIQ team online, via phone and in person and am looking forward to starting my career in the real estate industry!
Laura Stills
Laura Stills
08:14 22 Oct 20
I found the REIQ Real Estate Licence Online Training Course was very good, easy to access, with brilliant course materials to read and assignments that really checked on your understanding of the details of every aspect of real estate practise. I enjoyed the course even though it took a few months due to working full time and found the support of the trainers and assessors very helpful and encouraging. Thanks REIQ Training team for helping me through!
Lindy Lear
Lindy Lear
10:47 18 Oct 20
Gerry MacKenzie
Gerry MacKenzie
06:53 12 Oct 20
Good course. Materials and tools given to finish the course easily. Was no problem to finish. Support is there if needed it.
Jade Dodds
Jade Dodds
09:11 09 Oct 20
I would like to share with you our experience that we have recently had through the REIQ Professional Development Team.We have had an awesome start to 2020 thanks to the great service provided by the REIQ Professional Development Team. Congratulations to Liz who started and finished her Certificate of Registration Course with the REIQ in December 2019. She loved the training, particularly the fact the trainers are experienced and still walk the talk and are active in real estate. Fast turnaround for marking of the assessments with help on hand by way of tutoring if needed meant she could get the Application to Office of Fair Trading for her registration happening quickly. We are thrilled, from start to finish with the course and application to Fair Trading she had her Certificate of Registration within 5 weeks. Really impressed with the training, help and support team REIQ gave Liz and the quick processing time by the Office of Fair Trading.We also regularly use the Property Management Support Service and General Agency Advice Service and believe it offers great value for our membership. The PMSS team provide practical advice by practising property management professionals who can relate to the everyday challenges property managers face.Keep up the good work Team REIQ,
RE/MAX Ignite
RE/MAX Ignite
05:56 21 Jan 20
I cannot recommend REIQ enough. The training, environment & staff were beyond my expectations. A special mention for Rachael who is a trainer at REIQ. Rachael knows her stuff. Her knowledge of the industry and style of delivery helped me get across the line and score my dream job.
Paul Conway
Paul Conway
05:11 15 Jan 20
I wasnt sure that I would get through the Agents and Licence course with everything I had on, made an attempt a year ago with another provider that went totally pear shaped but the REIQ course is structured in a way that made sense. While all of their trainers are experts in their field, they offer onsite student support on Tuesdays with Rachel providing the right advice and reassurance to get you there, even if you havent studied for a while. If you've ever wanted a career in Real Estate this is where you get started!
Lynette Nitson
Lynette Nitson
01:48 13 Jan 20
Great staff that are always helpful.
Kensington Ràpoza
Kensington Ràpoza
11:20 28 Dec 19
Great friendly environment
David Priest
David Priest
22:47 19 Nov 19
Very impressed with the trainers that I have had for the past 3 days. Each individual trainer was very helpful and made sure that everyone in the class understood everything before we progressed through the modules.
Shannon Goldsworthy
Shannon Goldsworthy
04:34 23 Oct 19
Recently completed my Licence course and thoroughly enjoyed the in-class tutorials taught by highly professional trainers with many years of industry experiences. The student support that is available every Tuesday is an extremely helpful resource, again with very experienced trainers to ensure you get the right advice the first time. REIQ has really structured the entire full Licence course end to end thoughtfully, especially when you’re new to this industry. Highly recommended!
Julian Phua
Julian Phua
07:01 02 Oct 19
Recently I completed the Real Estate Licensing course at REIQ and was blown away by the help and support provided by Ms. Connie McKee who is a trainer at REIQ. Connie is very professional and has years of knowledge and work experience in the Real Estate Industry.I am glad I chose REIQ as my pathway into the Real Estate Industry.
Kaizan Irani
Kaizan Irani
00:23 30 May 19
Helpful staff. Useful networking events and training videos.
Eagle Real Estate
Eagle Real Estate
02:27 25 Jul 18
Just done two days interactive training with Melissa Sullivan. Sensational! Such a great presenter and electric delivery of material. Quick paced and hands-on!Very glad to have been in this class!!! Awesome
Miles Griffiths
Miles Griffiths
07:01 26 Jun 18
Jason Bond
Jason Bond
10:29 19 Jun 18
Welcoming and friendly staff, always available to support their members. The Property Management Support Team is particularly helpful. Well worth the subscription fees just to have access to advice from these experienced practitioners.
Laura Valenti
Laura Valenti
21:29 16 Jun 18
Haydn Denovan
Haydn Denovan
02:51 20 Mar 18
Jacqui McKeering
Jacqui McKeering
02:01 08 Mar 18
Proud to be a member of such a prestigious organisation. Thank You for the support 🏡
Jamie Smith
Jamie Smith
07:28 07 Mar 18
Blake Richard
Blake Richard
01:34 05 Mar 18
Tina Nenadic
Tina Nenadic
12:57 02 Mar 18
Michelle Wright
Michelle Wright
04:07 26 Feb 18
Rob Honeycombe
Rob Honeycombe
21:51 16 Dec 17
Annette Jeffs
Annette Jeffs
14:43 23 Nov 17
Adam Milton
Adam Milton
01:52 22 Nov 17
Katie Cotton
Katie Cotton
10:04 31 Oct 17
Liam Hanlon
Liam Hanlon
12:06 05 Sep 17
Had Melissa Sullivan conducting the sales registration course for the past two days I have to say I think this woman is inspiring she kept the class focused and engaged throughout the two days. I dont normally complete surveys but felt that I wanted to share that this lady has inspired me to give sales ago and I never thought i would say that as i have been a PM and honestly never thought I could see myself as a sales agent... Thanks Mel for such a great two days
Karen Riddell
Karen Riddell
07:04 03 Aug 17

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