QUEENSLAND'S property market has "bottomed out'' and is ready to rebound, Real Estate Institute of Queensland chairman Peter McGrath says. 
 

Mr McGrath was speaking after the REIQ's board meeting at Cairns International Hotel recently.

While acknowledging there had been difficult times, Mr McGrath said there was cause for optimism.

"In terms of sales volumes, there has been a turning in the market and for the negative'' Mr McGrath said.

"That has been caused by uncertainties in the market and concerns about how far it is going to go.

"That was exaggerated by the heavy rains in North Queensland.

"But it appears that the banks have done the Reserve Bank's job for them in curbing inflation.

"It appears that we've gone back to stable interest rates from the Reserve Bank.''

Mr McGrath said Queensland was in the fortunate position of having a healthy economy driven by the mining sector.

There was also a "critical under-supply of new properties".

Also driving the economy was strong overseas immigration, he said.

During the meeting, board members discussed changes in both state and federal laws, including residential tenancy laws and the Property Agents and Motor Dealers' Act.

In the federal sphere, members discussed plans for uniform real estate licensing across Australia.

While the REIQ supported this in principal, Mr McGrath said it remained to be seen how it could work given the many different laws and jurisdictions.

The meeting also heard about a business degree program at Griffith University on the Gold Coast where students gained on-the-job experience and graduated as qualified real estate agents.

The REIQ is discussing a similar course with James Cook University.

Share this article