Brisbane may be Queensland’s star performer but several regional markets are close behind, new data has revealed.
Brisbane houses are selling 12 per cent faster than a year earlier, according to new data from the Real Estate Institute of Queensland (REIQ) that covers the year to March.
The average time on market for Brisbane is now 57 days, down from 65 days. Toowoomba ranked second, with houses being on the market for an average of 63 days.
Median house prices in both cities increased by 1.6 per cent during the last quarter.
REIQ chief executive Antonia Mercorella said this data confirms that Queensland is in the grip of steady, sustainable growth.
“It’s great to see Brisbane and Toowoomba keeping that steady rate of growth that we’ve seen for the past 12 months,” Ms Mercorella said.
Brisbane, the Gold Coast, the Sunshine Coast, Toowoomba and Cairns all posted rising annual median house values of approximately 1.5 to 1.9 per cent on average each quarter over the past year.
The data also revealed that Toowoomba was the best place to be a vendor, with 98 per cent of sales recording a profit. Next came Brisbane with 96 per cent and Cairns with 90 per cent.
Ms Mercorella said this report supports the REIQ’s long-held view that those areas of Queensland that have been doing well are continuing to do well.
“Those areas that are struggling to recover from the resources downturn are still trying to stabilise,” she said.
“But what we don’t have is the start of another boom-and-bust cycle, which, as we all know by now, doesn’t really benefit anyone in the long term.”
[Related: Brisbane a ‘city to watch’ in 2015]