Vacancy rates still remain tight in many parts of Queensland and sales activity is up across all property types, the Real Estate Institute of Queensland (REIQ) has reported.
REIQ acting CEO Antonia Mercorella said the vacancy rate for the Brisbane Statistical Division eased to 2.3 per cent at the end of June, compared to 1.9 per cent at the end of March.
“Median rents from the RTA continue to soften in Gladstone, Rockhampton and Mackay,” she said.
“Toowoomba’s rental market at the end of June recorded a vacancy rate of 1.5 per cent, up marginally from the end of March.
“The Gold Coast recorded a drop in its vacancy rate, down 0.5 percentage points to 1.7 per cent, while the new Sunshine Coast regional council area consisting of the Caloundra and Maroochy regions was sitting on a very tight 1.1 per cent,” she added.
According to the REIQ, in both Noosa and Cairns vacancy rates are at two per cent, while the Fraser Coast continues to enjoy healthy market conditions with the vacancy rate remaining unchanged since March, at 2.5 per cent.
Townsville’s vacancy rate increased 0.7 percentage points to 5.4 per cent.
Sales activity across Queensland over the June quarter was up across all property types, the REIQ added.
The REIQ Queensland Market Monitor for the June quarter 2014 revealed increases in preliminary sales for house, units and townhouses and vacant land sales were up an impressive 37 per cent.
Ms Mercorella said while the state’s total house sales were up across all price points, the upper end of the market continued to perform strongest.
“Sales in the million-dollar-plus price point were up 28 per cent across Queensland, with an increase of 20 per cent in the $500,000-plus range,” she said.
“Million-dollar sales in the unit market also strengthened, with preliminary sales numbers across Queensland up around 10 per cent.”