Housing on the up
MOMENTUM is continuing to build in the Queensland market with sales activity and house prices strengthening.
The REIQ Queensland Market Monitor (QMM), released on Monday, found the numbers of sales have increased significantly compared to the previous quarter and compared to last year.
According to the report, the preliminary numbers of house sales across Queensland increased 22 per cent in the June quarter compared to the March quarter.
And the improvement in the market is even more pronounced when you contrast it to the same period last year with sales numbers up some 40 per cent compared to the June quarter in 2012.
The September quarter last year was a particularly strong one for the Queensland market and that momentum has been sustained throughout the following three quarters of sales activity.
The September quarter and the upcoming spring selling season is typically a great period for the Queensland real estate market. And with such good price and sales results for the June quarter, as well as historically low interest rates, it’s shaping up to be another strong period as our market continues to build momentum.
Over the June quarter, REIQ data shows the median house price in Brisbane increased 1.6 per cent to $527,250 and increased 3 per cent over the year ending June.
Quarterly median house prices can fluctuate depending on the types of properties that are selling over that three-month period and this latest REIQ data does show some median price variations. Over the year ending June, however, the majority of regions posted positive median results which provide a better benchmark for price movements than quarterly data-sets.
Investor activity appears to be finally on the increase. After a typical slow start to the year, property investors are starting to get back on track in 2013, with the total dollar amount loaned to individual investors for the month of May at its highest level since June 2009.