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REIQ Journal : July 2008
INDUSTRY NEWS 3 FROM THE CHAIRMAN Peter McGrath, Chairman It’s amazing the difference that one year can make to the marketplace. In July 2007, confidence was high, sales numbers and prices were up, and our biggest challenge was finding stock to sell to keen buyers and investors. As we start a new financial year, the REIQ’s latest median sale price data (which you will find in the Research section of this issue of the REIQ Journal) reflects the current shift in the market and the feedback from agents state-wide. Significantly though, while volumes of sales throughout the State are certainly down on the corresponding period for 2007, median prices for Queensland property have maintained good levels, particularly when compared with other parts of Australia. In the last 12 months there has been a significant shift in certain segments of the market. For example, the price range up to $410,000 accounted for 50 per cent of all house sales in Queensland in 2007. Our latest statistics, however, show that this price range now only accounts for 24 per cent of the market. This is a clear indication of the biting effects of declining affordability. The volume of sales in the median price range of $410,000 to $535,000 has increased from 25 per cent in 2007 to 36 per cent in 2008. I’m sure all of us in the industry are aware of how hard it is for buyers to manage under the current high interest rate regime. I’m very encouraged by the State Government’s Budget release in June. The Premier has recognised the need to help fist home buyers in particular, and the home owners of Queensland in general. The initiatives will help in no small way to lift the confidence of those who have been holding off their decision to enter the real estate market. During these times, we must not lose focus on the most important asset our businesses have: our staff. I encourage you all to educate and continue to re-educate yourselves and your staff on best practice for top performance under the changing market conditions. REIQ’s Professional Services division provides a wide range of training programs for all industry sectors. If we continue to encourage and train our staff to operate effectively and efficiently, and understand current market conditions, then we will be well placed to continue to grow our businesses in to the future. Networking opportunities on your doorstep The REIQ has produced a set of brochures in conjunction with the Queensland Police Service to help promote household security, personal safety, and the prevention of crime in the community. As the major sponsor of Neighbourhood Watch, and with more than 1,900 accredited agencies operating across the State, the REIQ is well-placed to understand and complement the positive work of this vital community program. REIQ accredited agencies have close connections with their local communities as well as strong local knowledge and can support their local Neighbourhood Watch group in a number of ways. You could provide the brochures to new tenants or buyers in your area to promote the Neighbourhood Watch program and community safety in general. Why not keep a stock of brochures in your office for visitors to pick up? Consider joining your local Neighbourhood Watch group. It is a great way to meet potential clients in your area and to take an active role in the safety of your community. If there isn’t a group in your area you can start one up! To receive a free batch of these helpful brochures or for contact details for your local Neighbourhood Watch group, please phone Sarah Montgomery at the REIQ on (07) 3249 7304 or email firstname.lastname@example.org Peter McGrath CHAIRMAN REIQ Journal July 2008