• Q1 Realty
  • About Q1 Realty
  • Who We Are
  • Reliable Advice
  • Meet the Staff
  • Q1 Realty Selling Guide
  • Q1Realty Buyers Guide
  • Our Privacy Policy
  • Disclaimer
  • Site Map
• About Q1
  • Q Deck
  • Q1 Spa
  • Q1 Fast Facts
  • Q1 Conference
• Units For Sale
• Contact Q1 Sales
• Q1 Floor Plans
• Q1 News
  • In The Press
  • Suburb Property Data
  • Suburb Profile
  • Jargon Buster
  • The Gold Coast
• Q1 Realty TV

Queensland Property Leads the Recovery

19 November 09 Editor Queensland's residential property market has shown its resilience over the June quarter with increasing sales and median house price growth in many areas.
The sunshine state saw property prices fall as investor interest waned toward the tail end of last year. However, the stimulus packages, improving economy and low interest rates have been the catalysts for a return to growth.
The latest Real Estate Institute of Queensland (REIQ) median sales data highlighted that, importantly, volumes were on the rise - along with prices.
"We are cautiously optimistic that the worst is behind us. These really are solid results in what have been very weak economic conditions," REIQ Managing Director, Dan Molloy, said.
Compared to the March quarter, preliminary sales numbers were up about 28 per cent in Brisbane; about 17 per cent on the Gold and Sunshine Coasts; 14.5 per cent in Rockhampton; 20 per cent in Townville; and 18 per cent in Cairns.
Bundaberg was the top performer of any Queensland major centre over the June quarter with a very healthy 6.8 per cent median house price increase to $283,000. Logan also performed extremely well over the year to post a 9.7 per cent median price increase to $340,000.
"Bundaberg and Logan has both benefited from having a variety of stock available - from affordable homes for first home buyers to mid-range properties attractive to up-graders," Mr Molloy said.
Strong underlying demand from an increasing population and comparatively affordable property prices - especially in regional areas - are forecast to underpin the State's property market over the year ahead.
"The low interest rate environment, stable prices and rising consumer confidence have certainly spurred market activity," Mr Molloy said. "And while median prices have risen in many areas over the June quarter, prices have either regained any ground lost over the past year or found their new level."
While first home buyers have remained active over the quarter, there has been increased demand from up-graders and investors who are equally keen to take advantage of the current market conditions, the statistics showed. Despite this, first home buyers as a percentage of sales are up at around 25 per cent - comfortably above the 20 per cent historical average.
REIQ figures show about 78 per cent of house sales across Queensland were for properties under $500,000 in the June quarter, down from 81 per cent the previous quarter.
The ABS - which measures house prices in Australia's capital cities - also noted strong improvement in the Brisbane property market during the June quarter - with prices up 2.5 per cent. This still left prices down 3.3 per cent on June 2008 - making it the second hardest hit capital behind Perth (-3.7 per cent) for the full-year