No sign of slowdown in market
QUEENSLAND may still be in the midst of a transition away from mining-led growth, but that does not seem to have done too much damage to housing demand or confidence levels.
Brisbane had the country’s top sale last week, according to the CoreLogic RP Data Property Market Indicator.
A three-bedroom, threebathroom, three-car unit at 4803/71 Eagle St in the CBD was sold by Ultra Properties for $2.35 million.
Some of the state’s big realtors have also reported bumper sales in the past few weeks, including LJ Hooker, which posted “its best ever month for unconditional sales” for transactions done in December.
LJ Hooker’s Paul O’Regan put it down to record low interest rates, helped along by predictions there would be more of the same this year.
He said market appetite “shows no sign of abating”.
That level of demand has put increasing pressure on housing stock, something being felt not just in city suburbs, but also in mining and gas boom towns.
In Roma, which saw significant growth during the mining boom, there continues to be a need for affordable housing. This has spurred the South Street Housing Project Lander No. 4, which will see homes sell for less than $400,000 – supported by Horizon Housing, Maranoa Regional Council and $1.87 million in funding from gas firm Australia Pacific LNG.
Horizon Housing CEO Jason Cubit said 18 two and three-bedroom townhouses would go up in the project.
“Some people could be paying just $330,000 for a new two-bedroom townhouse,” Mr Cubit said.
Housing affordability will continue to be a major challenge across the state, something that will soon haunt successful candidates in today’s state election.
Even the election hasn’t been too much of a downer for the market, with 157 auctions scheduled this weekend – the vast majority of which will occur today.
Unit 4803 at 71 Eagle St in the Brisbane CBD (above) sold for $2.35 million and was the top sale in the country last week. In Roma, meanwhile, high demand continues to put pressure on housing stock, which has spurred the new South Street Housing Project Lander No. 4 (artist’s impression below).