Mar­ket turn­ing a cor­ner

Central and North Burnett Times - - ESCAPE WITH US TODAY... - By Ryan Con­nors from REIQ

The Queens­land prop­erty mar­ket recorded its strong­est num­bers of house sales in nearly two years, ac­cord­ing to the REIQ’s Septem­ber quar­ter Queens­land Mar­ket Mon­i­tor.

Over the Septem­ber quar­ter, the num­bers of house sales in­creased sig­nif­i­cantly and were also up 5 per cent com­pared to the same pe­riod last year.

The REIQ al­ways ex­pected a sharp in­crease in ac­tiv­ity in the Septem­ber quar­ter as many of REIQ mem­bers had re­ported that buy­ers were wait­ing for in­ter­est rates to re­duce fur­ther and for the re­turn of stamp duty con­ces­sions on 1 July this year.

His­tor­i­cally, the Septem­ber quar­ter is the spring sell­ing sea­son so ac­tiv­ity is usu­ally higher than dur­ing win­ter, but it is heart­en­ing to see that the num­bers of sales is even up on the same pe­riod last year.

There was a mix of me­dian price in­creases and some re­duc­tions for ma­jor re­gions over the Septem­ber quar­ter but this can partly be at­trib­uted to dif­fer­ent com­po­si­tions of sales oc­cur­ring over the pe­riod. For ex­am­ple, if more af­ford­able proper- ties sell, the me­dian house price will also be lower.

In Bris­bane, the me­dian house price in­creased 1.6 per cent to $508,000. The num­bers of house sales was also up more than 35 per cent com­pared to the June quar­ter.

Bris­bane’s mar­ket con­tin­ues to im­prove as buy­ers turn their at­ten­tion to the af­ford­able cap­i­tal city prop­erty prices, as well as the con­tin­ued strong de­mand for ren­tal prop­er­ties which is at­tract­ing in­vestors.

The min­ing ar­eas of Queens­land ap­pear to have come off the boil, per­haps due to sharp prop­erty price in­creases over the past 12 months in Glad­stone and Mackay in par­tic­u­lar, how­ever sales in th­ese re­gions re­main strong.

The top per­former of all ma­jor re­gions over the quar­ter was Mackay, which posted a me­dian house price in­crease of 4.7 per cent to $445,000. Over the year, its me­dian house price in­creased 4.9 per cent.

De­mand for units and town­houses is also in­creas­ing across Queens­land as buy­ers flock to this more af­ford­able type of prop­erty.

Across the State, sales of units and town­houses grew by 40 per cent in the Septem­ber quar­ter, com­pared to the pre­vi­ous quar­ter. The num­bers of sales were also up 14 per cent com­pared to the same pe­riod last year.

The data also showed sales in­creas­ing for units and town­houses priced un­der $350,000.

Units and town­houses con­tinue to be a rea­son­ably priced, and also prefer­able, op­tion for many buy­ers who want the con­ve­nience of liv­ing closer to the city while also keep­ing a lid on their bor­row­ings.

There was a no­tice­able shift in de­mand for lower-priced units and town­houses in Cairns and the Gold Coast over the quar­ter with both re­gions record­ing sig­nif­i­cant jumps in the num­bers of sales of prop­er­ties for un­der $250,000.

In Bris­bane, the me­dian unit and town house price in­creased 0.6 per cent to $405,000 over the Septem­ber quar­ter and also recorded a small pos­i­tive price re­sult over the year end­ing Septem­ber.

This is hopefully the start of the pric­ing turn­around that the REIQ has been an­tic­i­pat­ing given our prop­erty mar­ket has been im­prov­ing through­out the year.

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