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Queensland vacancy rates drop
Queensland’s vacancy rates have recently tightened, according to the latest Real Estate Institute of Queensland (REIQ) figures.
The REIQ’s September residential rental survey found that the small number of investors in the Queensland property market put a strain on supply between June and September this year.
“The recent interest rate cut, as well as soft property prices, are likely to make investment property a more attractive proposition for investors, so we will hopefully see more activity from this type of buyer in coming months,” REIQ managing director Dan Molloy said.
“Many renters are also opting to stay put, perhaps due to the ongoing economic uncertainty, which is also [having] an impact on supply.”
Vacancy rates were recorded at less than two per cent in five local government areas.
Tourism centres, including the Gold, Sunshine and Fraser Coasts, are also experiencing an oversupply.
In the outer suburbs there was a small increase in supply due to new developments and renovated flood-affected properties becoming available to renters.
Brisbane house prices plummet
Brisbane house prices saw the biggest drop of the state capitals over the September quarter, according to the latest figures from the Australian Bureau of Statistics (ABS).
The ‘House Price Indexes: Eight Capital Cities’ for the quarter found the Queensland capital’s house prices fell by a significant 2.5 per cent.
The city’s median figure dropped across almost all price brackets.
Australia-wide, a decrease was reported across all capital cities in the quarter, with an average drop of 1.2 per cent.
“Preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities decreased by 2.2 per cent in the year to the September quarter 2011,” the ABS report said.
Sydney reported the smallest decrease, at 0.2 per cent over the past three months and 0.3 per cent over 2011.