Property investment dries up in regional Queensland after budget shake-up
Regional Queensland property prices fell 4 per cent since May, with investment inquiries down 30 per cent after budget changes.
Property prices across regional Queensland have slumped 4 per cent since May, with the worst hit in south-east Queensland down up to 6 per cent. Homes now take an average of 43 days to sell, double what it was a year ago.
Buyer confidence dropped after the Reserve Bank's fifth interest rate hike this year. Banks report more than a 30 per cent drop in investment inquiries since the budget was handed down in May because of investor retreat.
Real estate agents say buyers are now more hesitant. Research firm Cotality expects the market to weaken further as people's borrowing power has fallen about 12 per cent.
- 4 per cent
- Price fall since May peak
- up to 6 per cent
- South-east Queensland decline
- more than 30 per cent
- Investment inquiries down
- 43 days
- Average days to sell
Why it mattersInvestors and homebuyers in regional areas face a tougher market, though lower prices may offer deals for first-time buyers.
AustraliaRegional Queensland property owners are struggling to sell while investors retreat, but buyers have more negotiating power and choice.
✓ Claims checked against the source. checked 2 h ago
