The Queensland market continues to show positive signs, with sales activity and house prices strengthening across the state.
The Real Estate Institute of Queensland (REIQ) June quarter median house price report found the number of sales has increased significantly compared to the previous quarter and compared to last year.
Preliminary numbers of house sales across Queensland increased by 22 per cent in the June quarter compared to the March quarter.
When compared to the June quarter last year, sale numbers were up by 40 per cent.
REIQ CEO Anton Kardash said it was the fourth consecutive quarter of positive news for Queensland.
“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,” he said.
“The June quarter historically yields the lowest numbers of residential sales activity during the year, but this data shows house sales are notably much higher compared to the same three months in 2012.
“The September quarter and the upcoming spring selling season is typically a great period for the Queensland real estate market. And with such good price and sales results for the June quarter, as well as historically low interest rates, it’s shaping up to be another strong period as our market continues to build momentum.”
Over the June quarter, the median house price in Brisbane has increased by 1.6 per cent to $527,250 and increased by three per cent over the year ending June 2013.
The numbers of house sales in Brisbane also increased significantly compared to the previous quarter and last year, which were up 32 per cent and 44 per cent respectively.
Median house prices in Logan City, Moreton Bay and Redland City also increased over the June quarter.