Sales in the final quarter of 2012 for Queensland were higher than expected, according to the Real Estate Institute of Queensland (REIQ).
“This is the second consecutive quarter where the market has exceeded expectations,” said REIQ CEO Anton Kardash.
“Historically, the December quarter is quieter than the September quarter - and we did have a very strong September quarter last year - but what these figures are showing us is that buyers continue to be more active than the year before.
“There is no doubt that the Queensland market is improving due to the low interest rate environment, increasing confidence levels, an element of pent-up demand, as well as a more settled economic outlook here and overseas.”
The numbers of house sales were up 27 per cent on the Sunshine Coast, 25 per cent in Cairns, and 19 per cent on the Gold Coast compared to the December quarter in 2011.
“Buyers are once again looking at our beautiful tourism regions, perhaps attracted by the lower price-points that are now available in some of these areas,” Mr Kardash said.
The Brisbane median house price increased 0.4 per cent to $510,000 over the quarter – the second quarter of positive price growth.
“Upgrader suburbs in Brisbane did particularly well over the period with many buyers taking advantage of low interest rates to make their move,” Mr Kardash said.
“Unfortunately, however, the numbers of first home buyers active in the Queensland market continues to trend down following the removal of the First Home Owners Grant in October last year.”