Some good news for brokers has finally started trickling out of the troubled Queensland housing market, with the Real Estate Institute of Queensland’s (REIQ) indicating sales activity and house prices in the state are strengthening.
The REIQ June quarter median house price report found the number of sales has increased ‘significantly’, with preliminary numbers indicating house sales across the state increased 22% in the June quarter compared to the March quarter and 40% compared to the June quarter in 2012.
“This is the fourth consecutive quarter of positive news, says REIQ spokesperson, Anton Kardash. “The September quarter last year was a particularly strong one for the Queensland market and that momentum has been sustained throughout the following three quarters of sales activity.”
Over the June quarter, REIQ data shows the median house price in Brisbane increased 1.6% to $527,250 and increased 3% over the year ending June. The numbers of house sales in Brisbane also increased compared to the previous quarter and last year – up 32% and 44% respectively. The median house prices in Logan City, Moreton Bay and Redland City all also increased over the June quarter.
Toowoomba posted yearly median house price growth of 4.5%, the Gold Coast increased by 3.1% and the Sunshine Coast median price grew by 2.3%.
“REIQ estimates of Queensland investor activity also shows that the numbers of investment dwellings financed is tracking at about the historical average,” says Kardash. “No doubt, investors have recognised the strong rental market, including low vacancy rates, and are taking the plunge while first home buyers remain relatively absent.”
The numbers of first home buyers in Queensland remain well below historical averages at just 11% of dwellings financed in June – a decrease of 35% compared to June last year.