There is growing confidence in the Queensland property market, according to the Real Estate Institute of Queensland (REIQ).
REIQ’s 2014 Queensland Market Monitor (QMM) which was released in June 2014 found that the Queensland property market has entered a recovery phase. This has been helped by strong sales in some of Queensland’s regional tourism hubs and the southeast corner of the state.
However, there has been a decrease in sales in Queensland’s regional mining centres, according to Anton Kardash, chief executive of REIQ.
“Southeast Queensland, including Toowoomba and the state’s coastal tourism centres continue to show strengthening market conditions, while the residential property markets in regional mining centres of Gladstone and Mackay have recorded easing conditions,” Mr Kardash said.
Buying activity in Queensland
Overall, rental activity has also decreased in the state according to the REIQ’s March 2014 Residential Rental Survey. However, sales of former investment properties is leading to stronger tenant demand.
The strongest increase in sales activity for townhouses and units was recorded in Greater Brisbane areas, however, according to the 2014 QMM sales volumes have increased across Queensland. There has also been an increase of unit sales in tourism centres such as Cairns, where the median unit sale price has increased by 15.5 per cent to $212,000 over the last 12 months.
Sales activity in the housing market has shown improvement in a number of areas, including the outer regions of Greater Brisbane and in tourism centres, such as Goald Coast, Sunshine Coast, Fraser Coast and Cairns. However, there was a 1.1 per cent decrease in the median house price and a 7 per cent fall in the number of house sales in Metropolitan Brisbane.
Areas of growth included the Moreton Bay regional council area, Ipswich and Redland. Sales activity in Redland increased by 6 per cent.
There was also growth in the sales and median house prices in the Gold Coast, Sunshine Coast, Fraser Coast and Cairns.
If you are interested in purchasing real estate in or around Brisbane and Redlands talk to a property lawyer about your requirements.