Market Reacts to Natural Disasters

The Chronicle (Toowoomba, Australia), May 28, 2011 | Go to article overview

Market Reacts to Natural Disasters


THE natural disasters earlier this year, coupled with the higher interest rate environment, resulted in a weaker March quarter for residential property, according to the Real Estate Institute of Queensland (REIQ).

The impact of the Queensland floods was keenly felt in affected Brisbane suburbs over the period with many suburbs not recording enough preliminary sales for a reliable median house price to be calculated.

The REIQ's March quarter median house price report found that out of about 50 Brisbane suburbs reportedly flood-affected, only 17 recorded a minimum of 10 preliminary sales to allow a median house price to be calculated.

The biggest drops in preliminary sales occurred in Moorooka, Graceville and Kenmore when compared to the December quarter last year.

aMany would-be sellers in these areas have wisely either taken their homes off the market a even if they were not flooded a or decided they will ride out any market reaction to properties in flood-affected areas,a REIQ chairman Pamela Bennett said.

aWhile some affected Brisbane suburbs did record a drop in preliminary sales, a number of others that were partially flooded continued to record steady sales over the quarter, which is a testament to the continued desirability of living in locations such as New Farm and West End.

aAbout 75 per cent of Brisbane was not affected by the floods and these areas are continuing to record steady sales and results.a

Over the March quarter, the Queensland property market remained soft with sales numbers down about 14 per cent compared to the December quarter last year.

The Brisbane median house price decreased 1.9 per cent to $515,000 over the quarter.

Preliminary sales numbers were down about 15 per cent on the previous quarter.

The Gold Coast's median house price remained steady at $490,000 over the quarter and was also one of the few areas across the state to record a stable number of preliminary sales.

aThe majority of Queensland is still very much a buyer's market,a Ms Bennett said.

aThere is no doubt that the floods and Cyclone Yasi had a detrimental effect on the market, which had already started to soften in reaction to the interest rate rises of November as well as the poorer economic conditions overall, in this real estate cycle. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Market Reacts to Natural Disasters
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.