Qld market rebounds but long way to go: REIQ
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|Monday, 21 November 2011|
The number of house sales has rebounded in Queensland in the September quarter, jumping 17 per cent when compared to the June quarter, according to the Real Estate Institute of Queensland (REIQ).
While activity has strengthened, median house prices remain soft with only the Gold Coast and Cairns posting positive price growth over the period, according to the REIQ September quarter median price report.
“What these figures show is that it appears it took about six months for our property market to begin to heal from the natural disasters earlier this year,” REIQ chairman Pamela Bennett said.
“Activity in most areas improved markedly in the September quarter compared to the first six months of this year, but we mustn’t get ahead of ourselves given sales activity is still about 20 per cent below where we were this time last year.”
According to the REIQ, the Queensland property market continues to improve although it remains significantly below long-term historical averages.
“Over the quarter, there was a 27 per cent increase in sales below $350,000 as buyers sought out affordable property, especially in regional areas,” the REIQ said.
“The median house price in Brisbane reduced two per cent to an even $500,000 over the period.
“Conversely, the number of preliminary house sales was up 13 per cent. The Gold Coast posted a rise of 2.2 per cent to $ 469,950 with sales up 11 per cent.
“Demand for homes in Gladstone continues to be very strong with sales up more than 50 per cent over the quarter. However, there was a marked swing towards more affordable property which resulted in its median house price dropping marginally by 0.1 per cent to $440,000 over the period.
“The Fraser Coast, Bundaberg, Rockhampton and Cairns also all recorded double-digit growth in the number of house sales over the quarter.”