Ensure you never miss an issue of the
real estate business bulletin
Positive results for Queensland market

Positive results for Queensland market

by Reporter 0 comments

Staff Reporter 

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.

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Positive results for Queensland market
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
An industry where the resilient succeeds

Tim Heavyside believes that a strong support team and good foundations are paramount to success in the real estate industry, and with regu...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?