Queensland is stabilising its position in the Australian property market as it begins to recover from the natural disasters which damaged it last year, according to the Real Estate Institute of Queensland (REIQ).
"Last year was a very tough one for everyone in Queensland with the series of natural disasters having a drastic impact on our economy as well as on confidence levels overall," said REIQ chief executive Anton Kardash.
However, he expressed optimism at the future of the market, claiming it appeared to have bottomed out to some extent and is likely to improve over the coming year.
Furthermore, the rates cuts made by the Reserve Bank of Australia in the closing months of last year are likely to have a positive impact on investment in the state over the course of 2012.
The Liberal National Party recently pledged to cut red tape in Queensland as part of a bid to stimulate the region's economy and create jobs for the area.
Posted by Craig Francis