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REIQ Journal : September 2008
real estate data By Nicola McDougall, Deputy Editor, REIQ Journal There is no denying that the Queensland residential property market is much changed from last year – even though the Sunshine State has weathered this year’s economic storm better than most. THERE NOW APPEARS to be some light at the end of the tunnel, with signs from the Reserve Bank that the next interest rate movement will be down. Whether that will be impetus enough to stimulate the market remains to be seen. But as well as the scratchy economic climate, one thing that has done the market no favours at all this year has been the wide variation of data – some predicting doom and gloom – released to the media by an ever-increasing number of commentators. According to property research company Braxton Chase ongoing speculation and perceptions of possible large and widespread price drops in the residential property sector have created unwarranted fear and confusion amongst owners and investors. And central to the problem has been the frequent and broad use of data - in particular median and average figures – depicting the Australian residential market as being on the precipice of calamity. Braxton Chase director Andrew Donnelly said the company was seeing a marked increase in clients showing signs of nerves because of selective data that is being misinterpreted and portraying the market negatively.