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| The 1980s | |
By the 1980s the REIQ was moving into the computer age and catering for members' needs in terms of product support and industrial campaigning more than ever before. The head office was fielding about 500 calls a week and almost everyone was happy with the service they received. The President bought everyone's attention to the need to find new premises as the Institute was quickly outgrowing the building on Brunswick Street. |
 Ken McPhee at Cairns in the 1980s |
The average sale price for a house in 1980 was $35,355 and more than 110,000 sales were made. In 1981 it was claimed that Australia had the highest home-ownership rate in the world. Interestingly, migrants coming to Australia from non-english speaking countries had a much higher ownership rate than Australian-born citizens. REIQ President Ken McPhee lamented this trend and blamed rising interest rates and the inability of young couples to achieve an adequate deposit. Interest rates at the bank fluctuated between 11 and 14.5 per cent. In his last annual report before handing over to Frank Walters, Mr McPhee wrote in 1981: "By the end of the year (1980), property values had taken off and the rapid gains in values were only checked by a tightening of housing finance... We now enjoy closer working partnerships with our State legislators, departmental officers and kindred associations". |
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Despite these closing words, the President and the Vice President called on the Premier to resolve the campaign to increase and alter commission scales but the issue remained unchanged. By the middle of the decade, the campaign continued and Price Waterhouse was retained to assist in the preparation of a submission to the Minister for Justice. On 1 January 1986 commission rates were changed for the first time since 1977. The base rate rose from $10,000 to $18,000 so the maximum scale would be 5 per cent on the first $18,000 and 2.5 per cent on the balance. |
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Technology was starting to have an effect on the industry. Multinet was established giving agents across the State the ability to link into the formidable data resources available from the Institute. The year of the Bicentennial was a highlight for Brisbane when the Southbank precinct was transformed permanently with the development of the Expo 88 site. Many believe it was this event that saw Brisbane come of age and forever lose its "big country town" image. As the 80s drew to a close the market was well on the way to recovery yet again. The Sunshine Coast had a record level of sales in 1988 with a whopping 57 per cent increase in sales over the previous year. House sales increased in the Toowoomba region by 55 per cent. In 1988 over 4,000 new houses were constructed very quarter and close to 12,000 established dwellings were being purchased very quarter. |
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Order your copy of Dreams, Deeds and Dedication: A History of the REIQ here |
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1980s |
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