Australian Property News

Brisbane unfairly shunned by investors

Posted on Thursday, February 17 2011 at 1:56 PM

The Queensland property industry is facing another flood of problems – this time, the perception from other states that the housing market isn't back in business.

Property Council of Australia Queensland division executive director Kathy Mac Dermott says the exact opposite is actually the case, and the state has done incredibly well after devastating floods.

"Brisbane's CBD is back in full swing. Our industrial and retail property sectors are also back operating," says Mac Dermott.

"While it's important that we don't understate the devastating financial and emotional impact on those people and businesses that were inundated, we must also accurately reflect the scale of the event in terms of the quantum of damage across the region."

"In this context, it's important to recognise that the majority of properties received no damage, and many of those that did experience some flooding bounced back incredibly quickly."

Mac Dermott adds interstate investors are now turning away from Queensland and Brisbane, which is a major problem for the economy. She says most of the focus has been on the impact of tourism, rather than investment properties and the real estate market.

"The Property Council is calling on the State Government to immediately tackle this issue head on. We need a bigger push on the 'back to business' message," she says.