Stamp duty change im­pacts

Apart­ment and town­house sales ex­pe­ri­enced a surge dur­ing the Septem­ber quar­ter through­out Queens­land, al­though the rate of in­crease varied among re­gions

The Courier-Mail - Property - - MARKET OUTLOOK REALESTATE -

THE Queens­land res­i­den­tial apart­ment and town­house mar­ket ex­pe­ri­enced a sig­nif­i­cant climb in sales dur­ing the Septem­ber quar­ter.

The REIQ Queens­land Mar­ket Mon­i­tor, re­leased yes­ter­day, found the pre­lim­i­nary num­ber of apart­ment sales across the state grew by 14 per cent over the Septem­ber quar­ter.

The num­ber of apart­ment sales in­creased by 12 per cent, com­pared to the same pe­riod last year.

The grow­ing num­ber of apart­ment and town­house sales com­pared to the Septem­ber quar­ter last year is par­tic­u­larly up­lift­ing, given the spike in de­mand dur­ing that pe­riod of time. It fol­lows the re­turn of the prin­ci­pal place of res­i­dence con­ces­sion on stamp duty.

To record in­creased ac­tiv­ity this year is a great sign our apart­ment mar­ket is head­ing in the right di­rec­tion. Al­though we are yet to ex­pe­ri­ence sig­nif­i­cant price in­creases, no doubt that will hap­pen dur­ing the next six to 12 months as the mar­ket strength­ens even fur­ther.

The ma­jor­ity of ma­jor re­gions across the state recorded steady quar­terly me­dian apart­ment prices.

How­ever, there is al­ways some vo­latil­ity in quar­terly me­dian prices given the size of apart­ment mar­kets varies greatly across Queens­land.

The top ma­jor re­gional per­former for me­dian apart­ment price growth dur­ing the Septem­ber quar­ter was Cairns, which posted a 10 per cent in­crease to $215,000.

The Bris­bane mar­ket re­mained steady at $400,000 over the quar­ter, but posted a 13 per cent rise in pre­lim­i­nary apart­ment sales. It also saw a jump in the num­ber of mil­lion­plus sales, which is a fur­ther sig­nal con­fi­dence has re­turned to the mar­ket.

Top Bris­bane per­form­ers to record an in­crease in sales ac­tiv­ity in­cluded Padding­ton, Ten­nyson, Nor­man Park and Wyn­num.

Across the state, the num­bers of mil­lion-plus sales jumped 21 per cent over the quar­ter and in­creased 65 per cent over the year.

In Bris­bane, sales of mil­lion­dol­lar-plus apart­ments grew by 41 per cent over the quar­ter and 108 per cent over the year.

This also can be partly at­trib­uted to the high num­ber of off-the-plan de­vel­op­ments now be­ing com­pleted across our cap­i­tal city.

While the me­dian apart­ment price on the Gold Coast re­duced by 2.9 per cent over the quar­ter to $335,000, the num­ber of pre­lim­i­nary apart­ment sales in­creased 13 per cent over the quar­ter and 30 per cent over the year. There was also a jump in sales be­low $250,000 – up 28 per cent com­pared to the pre­vi­ous quar­ter, which has con­trib­uted to the re­duc­tion in the quar­terly me­dian price.

On the Sun­shine Coast, the me­dian apart­ment and town­house price de­creased 2.3 per cent to $320,000, but again the num­ber of sales were up some 9 per cent over the quar­ter and 10 per cent over the year. The re­gion also ex­pe­ri­enced strength­en­ing de­mand for apart­ments be­low $250,000 and apart­ments priced above $500,000.

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