No sign of slow­down in mar­ket

The Courier-Mail - Property - - MARKET WRAP - SO­PHIE FOSTER

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).

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.