Property prices have improved in a majority of local government areas in Queensland, according to new figures released by the Real Estate Institute of Queensland (REIQ).
The REIQ March quarter median house price report found that 10 of the 12 major regions across Queensland posted better median house price results over the year.
REIQ CEO Anton Kardash said the results were a sign the Queensland market was improving in a sustainable way.
“As we forecast last year, our property market continues to record healthier results, with the positive yearly figures also highlighting that residential sales have turned a corner,” he said.
Owner occupiers led the way with activity levels up compared to last year. The estimated numbers of investors in the market also continued to be steady with low vacancy rates likely to encourage more investment activity in the months ahead.
“Unfortunately, first home buyers continue to lag well below historical averages and they are about 50 per cent fewer than the same period last year,” Mr Kardash said.
“First-time buyers usually average about 18 per cent of the market but are currently sitting around the 10 per cent mark due to the removal of the First Home Owner Grant in mid-October last year.
“The importance of first home buyers to the overall health of the property market cannot be underestimated, so we hope to again see some assistance for first-time buyers of established property in this year’s state Budget.”
Over the March quarter, the Brisbane median house price decreased one per cent to $515,000, which the REIQ classed as steady due to the varying nature of median prices.
The top performing of all major regions for the March quarter was Rockhampton, which recorded a median house price increase of 7.8 per cent of $339,500.
Other regions that recorded solid growth were Mackay, the Gold Coast, Cairns and the Sunshine Coast.