Brisbane winter breaks 23-year growth drought
Brisbane winter breaks 23-year growth drought
Posted on Wednesday, July 30 2014 at 4:30 PM
Brisbane is on track for its first consecutive increase in June quarter sales in more than two decades, according to the Real Estate Institute of Queensland (REIQ).
The winter sales period is normally subdued in
the Sunshine State capital, however recent figures show it’s bucking this
historic trend.
Antonia Mercorella, acting CEO at the REIQ, says
the market appears to be gathering momentum.
“Brisbane is set to record its first consecutive
increase in June quarter sales since 1991-92,
“Traditionally this is one of Brisbane’s quieter
selling periods but there has been a reversal of that trend over the last two
years, as buyers grow more confident.”
Mercorella says there’s been increasing demand
across many Brisbane suburbs.
“Demand is so strong that agents throughout the
city are reporting a shortage of stock as they struggle to get enough
listings.”
Mercorella says Brisbane recorded sales growth
of almost 10 per cent in the June 2013 quarter, and although results for the
June 2014 quarter are yet to be finalised, they appear promising.
“We’re also seeing some solid price growth in
Brisbane, with house prices up 6.8 per over the last year, according to the
latest RP Data-Rismark Daily Home Value Index.”
Mercorella says demand combined with the city’s
relative affordability should result in strong gains for the city’s real
estate.
“Despite this growth, Brisbane still has a very
significant affordability edge over Sydney, Melbourne and Perth where median prices
remain much higher.
“With interest rates still at record lows, the
outlook for Brisbane real estate is very positive and buyers can expect the
market to continue performing strongly.”
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