House prices in Queensland

[u2downunder]

Hi there, are the house prices going down in Queensland? do you think the credit crunch will hit Australia? thanks

[kaz101]

Hi U2downunder,

I moved this post to it's own thread since you'll receive more answers that way.

If you check out the "PLEASE READ...." post there are some links to property websites so you can check out various areas in Queensland. Queensland is a big place so you may need to be more specific that just the state. Prices in Queensland have gone up in the last few years but I'm not sure what they are doing there at present.

Interest rates have been put up by the banks here against government wishes and the banks have said it's because of the credit crunch. I've spoken to bank manager here about the whether the credit crisis could happen here and his opinion was no because the sub-prime mortgage market here is small percentage whereas in the USA it's a much bigger percentage. Saying that though if major banks go under in the USA it will have a global effect.

Regards,
Karen