THE only way is up for Queensland’s property market now, with latest industry data finding most mining towns rebounding off the bottom of the market.

The property turnaround has begun for towns and cities that were hard hit by the mining downturn, according to the latest Queensland Market Monitor put out by the Real Estate Institute of Queensland.

Brisbane continued to chug along at “steady and sustainable levels” for the past year, the report found, but regional centres were now “beginning to show hints of recovery”.

“Regional centres still continue to be impacted by the resources downturn, but many now look to have reached the bottom of the market. Local agents in Gladstone, Mackay and Townsville say the softer market conditions have started to entice more local buyers, with market confidence slowly but surely improving.”

REIQ chief executive Antonia Mercorella was confident Queensland would not be taking backward steps now.

“Our regional centres, where the impact of the GFC and mining downturn continue to be felt years later, are defiantly consistent and this is fantastic news for our state,” she said.

“Queensland property is an encouraging story of economic resilience and even though some of our regional centres are struggling, we are seeing signs of a return to equilibrium.”

She said the southeast would remain the state’s property powerhouse, but that strength would “eventually be felt throughout the rest of the state”.

Source: http://www.news.com.au/finance/real-estate/property-on-the-way-up-again-with-mining-towns-showing-recovery/story-fndbalka-1227526994022