Property market regaining composure

QUEENSLAND’S residential property market has regained some of the ground it lost following the natural disasters earlier this year.

QUEENSLAND’S residential property market has regained some of the ground it lost following the natural disasters earlier this year, according to the Real Estate Institute of Queensland.

The REIQ June quarter median house price report found that preliminary sales numbers in many areas across the State are on the road to recovery, however, property price growth remains relatively subdued.

While the preliminary number of house sales in Brisbane over the June quarter was up seven per cent compared to the March quarter, the standout for increased house sales in South East Queensland was the Logan region, which recorded a 22 per cent increase over the period.

Gladstone is again the top performer for price growth across the State with its median house price increasing 6.1% to $440,250 over the quarter.

Mackay’s median house price increased 4.4% to $413,500 over the quarter, while the number of preliminary house sales in Rockhampton was up 23% compared to the previous quarter.

Across the state, however, buyers continue to be mostly hesitant given the steady stream of poor economic indicators being released both here and overseas.

The high Australian dollar also continues to impact Queensland’s premier tourist destinations with sales numbers down 9% and 10% on the Gold Coast and Cairns respectively over the quarter.

Sales on the Sunshine Coast, however, were up slightly over the same period.

The median house price in Toowoomba increased 1.5% to $296,500 over the June quarter.

REIQ Toowoomba/Darling Downs zone chair Leon Carlile said the market had continued to be impacted by lower demand following the floods throughout the period.

Over the past few weeks however demand had started to increase.

“Over the last couple of weeks there does seem to be a bit more activity, although it is still very much a mixed bag,” he said.
 

Originally published as Property market regaining composure