Brisbane is on track for its first consecutive increase in June quarter sales in more than two decades, according to the Real Estate Institute of Queensland (REIQ).
REIQ acting CEO Antonia Mercorella said the city’s robust winter sales were further indication the Brisbane market is gathering momentum.
“Brisbane is set to record its first consecutive increase in June quarter sales since 1991/1992,” Ms Mercorella said.
“Traditionally this is one of Brisbane’s quieter selling periods but there has been a reversal of that trend over the last two years, as buyers grow more confident.
“Demand is so strong that agents throughout the city are reporting a shortage of stock as they struggle to get enough listings.”
Ms Mercorella said Brisbane recorded sales growth of almost 10 per cent in the June 2013 quarter.
“Sales statistics haven’t been finalised for the current June quarter, but they are looking very encouraging,” Ms Mercorella said.
“We’re also seeing some solid price growth in Brisbane, with house prices up 6.8 per over the last year, according to the latest RP Data-Rismark Daily Home Value Index.”
Ms Mercorella added that Brisbane still had a “significant affordability edge” over other capitals and believed that continued low interest rates should see the market “continue performing strongly”.