PHOTO: REIQ CEO Antonia Mercorella
The Real Estate Institute of Queensland (REIQ) is strongly urging the Palaszczuk government to protect the state’s property market as new cases of the coronavirus become apparent.
REIQ CEO Antonia Mercorella, on behalf of the body representing Queensland real estate professionals, said she has made numerous calls to the state government, pleading for essential temporary measures to help minimise the economic impacts of COVID-19 on the sector. It comes after Queensland Premier Annastacia Palaszczuk renewed restrictions that will see NSW and ACT residents unable to cross the border to the Sunshine State.
“Record-low interest rates, significant policy support and loan repayment holidays for distressed borrowers, coupled with an earlier reopening of the economy and our state’s borders, have meant the various worst-case scenarios of 20–30 per cent price falls that some economists predicted are unlikely,” Ms Mercorella said.
“However, with Queensland’s unemployment currently at 7.7 per cent, consumer sentiment down 5.8 points this month (the second largest fall this year) and the latest consumer price index figures plummeting to a record 72-year low, any significant drops in property prices will only adversely affect consumer confidence and further and stymie economic growth.
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