Queensland’s residential property market enjoyed steady growth in the year to March amid increasing buyer confidence, according to the Real Estate Institute of Queensland (REIQ).
The REIQ March quarter median house price report reveals solid and sustainable house and unit price growth in most of Queensland’s local government areas.
REIQ CEO Anton Kardash said the results showed Queensland’s real estate market was firmly in recovery mode.
“Median prices are on the rise and properties are selling quicker throughout Queensland, as buyers take advantage of more favourable market conditions,” Mr Kardash said.
“Total house sales numbers for the State were down slightly over the March quarter 2014, while the unit and townhouse market saw significant increases in activity across most of the state.*
“We’re seeing sustainable growth without any rapid price swings, which is the sign of a healthy market.”
The REIQ March quarter results found all but three of the major regions across Queensland posted a steady or better median house price result over the year.
According to the REIQ, the Brisbane median house price remained relatively steady over the March quarter, down just 0.4 per cent to $560,000.
For the full year from last March, Brisbane’s median house price increased 5.9 per cent, on the back of increased sales activity over the period.
The top performer of all major regions outside Brisbane in the March quarter was Cairns, which recorded a median house price increase of 5.6 per cent to $375,000
“Cairns is performing strongly as investors return to the market, buoyed by growing confidence in Queensland’s tourism regions,” Mr Kardash said.
“This includes the Gold and Sunshine Coasts, where properties are changing hands quicker and prices are recording steady increases.”
After four consecutive quarters of increased sales activity, the Gold Coast posted an increase of 4.2 per cent in its median house price to $500,000 over the March quarter.
The Sunshine Coast also recorded a positive result, with its median price up 2.0 per cent to $465,000 over the March quarter.
Another solid performer was the Fraser Coast, which recorded median house price growth of 2.9 per cent to $300,000 over the three months to March.
In Toowoomba, sales activity remained steady over the quarter, with the median house price easing 1.2 per cent to $325,000.
In the remaining major regional centres, sales activity continues to ease, however median house prices remained relatively steady for most.
In Rockhampton, the median house price was up 3 per cent to $329,500 while Townsville was up 2 per cent to $364,000 over the quarter.
In Mackay and Gladstone, median prices fell 1.2 per and 0.6 per cent respectively, while Bundaberg saw its median drop 3.8 per cent to $269,500 over the March quarter.