What an amazing election result in Queensland on the weekend. I've never seen an encumbent government get smashed so hard. Bad sentiment must have run deep within the psyche of a lot of Queenslasnders.
Now there has been a deeply desired change I think a new level of confidence will return to the state over the next 6-12 months and that buyers will begin to return to the property market. Is this too simplistic or will the psychology of a new government have little impact?
Not living in Queensland my pov is a bit specualtive. But I think psychology has a role in markets especially where a sizeable chunk of purchases are emotional.
itsandrew
Go as far as you can see and you will see further.
Yes I agree I think the problem with Queensland is that the market is at least 10% under market because of confidence in the economy. I think we will see confidence go up a lot. I also think this is because Campbell Newman will be a great Premier. I really like inner city Brisbane.
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Interestingly of the 'top' 15 suburbs in Australia with arrears of more than 90 days 6 were located in Queensland with Gold Coast featuring twice (South and East) and Ipswich, Logan and West Moreton being the 'metro' areas. While confidence may jump up – I would think stats like this may cause the average punter to put the wallet away further.
Buyers market for some but …………………………………..
with these suburbs being under 'mortgage stress' they might be prime targets for investment in terms of picking up a bargain from a distressed seller.
Hi Lillystar,
Know what you are thinking – while investors may be in a position to 'buy low' sometimes the stigma lasts for a lot longer which, in turn, continues to effect suburb/area performance for a long time after things have returned to 'normal'
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