Real estate sales hit decade high

Brisbane property sales have hit their highest level this decade amid rising house values in many parts of Queensland, says the Real Estate Institute of Queensland (REIQ).

REIQ chief executive Antonia Mercorella said sales volumes in some of the state’s key regional markets had also hit a post-2010 peak, with accompanying rises in median house values.

Ms Mercorella said Brisbane’s median house price increased by 1.4 per cent in the three months to September, the same quarterly increase recorded three months ago.

“Since entering the recovery stage of the cycle back in June 2013, Brisbane has recorded consecutive quarterly increases in median values, with an average quarterly increase of 1.7 per cent,” she said.

“In the 12 months to September, median house values rose 6.6 per cent in Brisbane, with buyers increasingly confident of steady and sustainable growth going into 2015.

“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,” she added.

Ms Mercorella said the Gold Coast and Sunshine Coast house and unit markets were also enjoying solid growth.

“The market fundamentals in south-east Queensland are very strong – we’re seeing quicker selling times, reduced vendor discounting and a higher percentage of profit-making sales,” she said.

“This growth in the south-east is also spreading further afield, with some of our major regional centres really starting to shine.

“Cairns has emerged as the star performer of Queensland real estate, with strong sales volumes sparking a 2.4 per rise in median values in the three months to September," she said. "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.”

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