Queensland’s residential property market is set to experience more growth as it heads into spring, according to the Real Estate Institute of Queensland (REIQ).
The REIQ’s Housing Market Review for the June quarter revealed strong growth in the south east as well as stabilising regional markets.
REIQ’s acting CEO Antonia Mercorella said the review reflected an increase in buyer confidence and a sense of optimism about Queensland’s growth prospects.
“These are the figures many vendors have been waiting for – much shorter days on the market, significantly reduced vendor discounting and increased buyer competition,” she said.
Brisbane’s median house value was up 1.9 per cent in the quarter, and up 6.6 per cent over the last 12 months.
Average vendor discounting was down to 5.6 per cent in Queensland’s capital, compared to 8.9 per cent in June last year. Over the same period, the average days for homes on Brisbane’s market dropped from 90 to 59.
The Gold Coast also experienced solid growth, with property values up 1.9 per cent for the June quarter and 7.5 per cent for the year. Values for the Sunshine Coast also rose 1.9 per cent for the quarter and 6.2 per cent for the year.
Toowoomba continues to be Queensland’s quiet achiever, with values up two per cent in the June quarter and 8.1 per cent over the last 12 months.
Ms Mercorella said the state’s regional tourism and lifestyle centres were also emerging as hotspots for growth.
“Cairns real estate is really starting to hit its straps, with the city recording 2.7 per cent growth for the June quarter – the highest of any major local government region in Queensland,” she said.
“Confidence is also rising on the Fraser Coast, where values are up 4.2 per cent in the last year.”