Queensland’s residential property market is improving, with new data showing sales are growing in many areas.
The Real Estate Institute of Queensland’s (REIQ) September quarter median house price report has revealed the preliminary numbers of house sales across the state grew by nine per cent over the September quarter.
Quarterly sales growth was also recorded across south east Queensland and far north Queensland.
However, the report reveals Queensland’s mining districts are starting to slow, with quarterly sales volumes falling in central Queensland and associated regions over the past year.
Over the quarter, there was an increase in sales for properties under $350,000 across Queensland, which temporarily impacted on some median house prices.
In Brisbane, the median house price increased by 0.6 per cent to $530,000 over the quarter. Over the year ending September, the city’s median house price increased by 3.4 per cent. The preliminary numbers of house sales in Brisbane increased by 13 per cent over the quarter and was up 18 per cent over the year.
REIQ CEO Anton Kardash said as the Queensland market had been posting promising results for the past year, there was now no doubt a majority of the market was well into a growth phase.
“Unfortunately, the Queensland market has never been consistent across the board. We often experience phases of recovery and growth in some regions, while other areas simultaneously experience patches of more stable activity," he said.
“Of course, our mining districts were performing exceptionally while a majority of the state remained in the doldrums not that long ago. So it’s good to see that we all still get a turn at the good times at some point.”
Unlike Sydney and Melbourne, which appeared to experience levels of relatively unsustainable price growth, the Queensland market was taking a more measured approach.
“A majority of our regions experienced mostly unchanged median prices over the September quarter, although over the year we are starting to see some healthy median increases,” Mr Kardash said.
“It’s also important to remember that house prices in Queensland still remain slightly below their most recent peak, so we are not talking about significant gains taking place over short timeframes.
“Given the price increases in the southern states, there is no doubt Queensland remains one of the most affordable places to buy or invest in property."
The REIQ's report confirms one agency's report that the Brisbane market was on the way up.