The Australian property market in Queensland was negatively affected by external factors last year which lowered house prices and reduced sales, according to global real estate services firm Jones Lang LaSalle.
Geoff McIntyre, the company's Queensland managing director, told the Courier-Mail that instability caused by natural disasters and the eurozone debt crisis effectively cut the 2011 trading period by four months, weakening sales.
He added that despite picky investors and the sale of distressed assets dominating the market, the resurgence of the resource sector and the mining industry is one positive to take into the new year.
"We remain optimistic in the long term in regards to the gas and mining sector in terms of its impact on the Queensland economy," he said.
The Australian Bureau of Resources and Energy Economics recently forecast a 15 per cent increase in Australia's minerals and energy export earning in 2011-12, indicating higher sales for resources such as iron ore, coal and gold.
Posted by Craig Francis
