Queensland property records solid growth

Queensland property records solid growth

Posted on Thursday, May 22 2014 at 8:08 AM

Queensland’s residential property market enjoyed steady growth in the year to March amid increasing buyer confidence, according to the Real Estate Institute of Queensland (REIQ).

The REIQ March
quarter median house price report reveals solid and sustainable house and unit
price growth in most of Queensland’s local government areas.

REIQ CEO Anton Kardash says the results show Queensland’s real estate
market is firmly in recovery mode.

“Median prices are on the rise and properties are selling quicker
throughout Queensland, as buyers take advantage of more favourable market
conditions,” he says.

“Total house sales numbers for the state recorded their fourth
consecutive quarterly increase, up 8.3 per cent over the March quarter 2014.

“The unit and townhouse market has now finally followed suit, with
significant increases in activity across the state.

“We’re seeing sustainable growth without any rapid price swings, which
is the sign of a healthy market.”

The results found all but three of the major regions across Queensland
posted a steady or better median house price result over the year.

According to the REIQ, the Brisbane median house price remained
relatively steady over the March quarter, down just 0.4 per cent to $560,000.

For the full year from March last year, Brisbane’s median house price
increased 5.9 per cent, on the back of increased sales activity over the
period.

The top performer of all major regions outside Brisbane in the March
quarter was Cairns, which recorded a median house price increase of 5.6 per
cent to $375,000.

“Cairns is performing strongly as investors return to the market, buoyed
by growing confidence in Queensland’s tourism regions,” Mr Kardash says.

“This includes the Gold and Sunshine Coasts, where properties are
changing hands quicker and prices are recording steady increases.”

After four consecutive quarters of increased sales activity, the Gold
Coast posted an increase of 4.2 per cent in its median house price to $500,000
over the March quarter.

The Sunshine Coast also recorded a positive result, with its median
price up 2.0 per cent to $465,000 over the March quarter.

Another solid performer was the Fraser Coast, which recorded median
house price growth of 2.9 per cent to $300,000 over the three months to March.

In Toowoomba, sales activity remained steady over the quarter, with the
median house price easing 1.2 per cent to $325,000.

In the remaining major regional centres, sales activity continued to
ease, however median house prices remained relatively steady for most.

In Rockhampton, the median house price was up 3 per cent to $329,500
while Townsville was up 2 per cent to $364,000 over the quarter.

In Mackay and Gladstone, median prices fell 1.2 per and 0.6 per cent respectively,
while Bundaberg saw its median drop 3.8 per cent to $269,500 over the March
quarter. 

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