Price levels stagnating
THERE was little growth in Queensland’s property values during the first quarter of the year with prices and transaction levels stagnating. Initial strong signs in January have not translated through to any substantial increases in median house prices, according to the latest Real Estate Institute of Queensland’s March median house price report. REIQ chief executive Anton Kardash said a lack of first homebuyers was having a strong effect on the market. During March the number of first homebuyers taking out loans in Queensland was about half what it was at the same time last year.
Australian Bureau of Statistics figures revealed 961 loans to first homebuyers during the month, up from January when it sat at 750, but substantially down on previous years. Mr Kardash said the latest figures revealed a ‘‘stable and steady’’ market.
He warned until first homebuyers returned there would not be any substantial price increases.