Given the amount of money washing through the Queensland economy due to the resources boom, I think noted property expert Michael Matusik is right to claim the Brisbane housing market is recovering, as reported in the Courier-Mail:

The Greater Brisbane housing market has past the bottom of the cycle and is now in recovery, says property analyst Michael Matusik.

Mr Matusik, the director of independent property advisory Matusik Property Insights, said the market would continue to improve for a range of reasons, including tight vacancy rates in the rental market, and house prices would slowly start to rise in the first half of next year.

“In the last three to five years we’ve had a pretty slow period,” he said.

“I think largely that has corrected any imbalances.”

Of course, one still unknown factor (until the September Budget) is the extent of the Queensland Government’s fiscal tightening and job shedding, which, if it is up to 20,000 public servants, could significantly impact the economy for a couple of quarters and moderate the recovery somewhat.