Price lev­els stag­nat­ing

Port Douglas & Mossman Gazette - - FRONT PAGE -

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.

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