Property sales hit 10 year high

Property sales in Queensland are reaching new heights, with the state recording its best results in 10 years, according to figures from the Real Estate Institute of Queensland (REIQ).

The organisation’s most recent figures reveal that 2014 has seen consistent strong growth in the real estate sector, especially in cities like Brisbane. In fact, the state’s capital has registered its highest sales rate in a decade, while other centres have also recorded a strong improvement in recent months.

Brisbane has seen a 1.4 per cent increase in sales figures in the most recent quarter, with the same number recorded in the June quarter. 

REIQ CEO Antonia Mercorella suggested these changes were widespread within the Queensland property market.

“Sales in the $1 million-plus price bracket in Brisbane are at their strongest level since 2009, rising 17 per cent over the three months to September,” said Ms Mercorella.

“There are also encouraging signs in the Brisbane unit market, with median values rising 5.2 per cent in the 12 months to September.”

The state’s capital isn’t the only market that is seeing strong growth, with Cairns also recording a greater volume of home sales. In fact, the September quarter saw a 2.4 per cent increase in the rate of property transactions in the far-north city.

“Over the last 12 months, the Cairns median house value has risen 9.3 per cent and it’s fair to say the local real estate market has hit a purple patch,” said Ms Mercorella.

Other areas of the South-East have also recorded strong growth, with the Sunshine Coast and the Gold Coast both seeing greater growth in the number of homes being sold.

For anyone looking to buy or sell property, it is important to understand the legal requirements that come with this process. Discussing these requirements with a conveyancing lawyer will be essential for those who want to ensure the necessary legal processes are completed.