HOUSING MARKET FINALLY ENTERS POSITIVE TERRITORY

Written on the 1 June 2012

HOUSING MARKET FINALLY ENTERS POSITIVE TERRITORY

QUEENSLAND’S resilient housing market has shown positive growth for the first time in 18 months.

The latest Real Estate Institute of Queensland (REIQ) median house price report shows the median Brisbane home value jumped 1.2 per cent to $505,000 during the March quarter.

Sales activity rose 5 per cent, particularly in the sub $350,000 and the $500,000 to $1 million price ranges.

Holland Park’s median house price grew 9.3 per cent to $499,000 as buyers increasingly opted for home upgrades. Mount Gravatt East experienced higher demand off the back of its cheaper median price of $439,000 with comparable amenities, variety of homes and hillside lifestyle.

“Property prices have grown in most areas and some regions have also experienced substantial increases in sales activity, which is a hugely welcome turn around,’’ says REIQ CEO Anton Kardash.

‘‘Three months ago when we analysed the December quarter data it seemed to indicate we had reached the bottom of the market because prices were stabilising. We predicted at the time that the March quarter data would be even more positive and it certainly is that.”

The tourism centres, which have struggled for the past two years, also rebounded after a busy Christmas period and increase in buyers due to improved home affordability.

The Fraser Coast posted 7.8 per cent median house price growth to $290,000, Cairns rose 4.5 per cent to $350,000 and the Whitsundays jumped 4.1 per cent to $350,000.

‘‘Fraser Coast and Cairns have not had much time in the sun over recent times so to see their markets starting to turn a corner are surely a sign of more positive results in the months ahead,’’ says REIQ chairman Pamela Bennett.

‘‘It is wonderful that Queensland’s tourism centres are starting to experience improving market conditions.’’

Resource hub Gladstone also recorded strong buyer demand, but property price growth plateaued after a 16.5 per cent rise in the 12 months to March 2012.

Ipswich remained flat at $300,000, Redland decreased 0.9 per cent to $420,000, Logan fell 1.8 per cent to $335,000 and Moreton Bay dropped 2.4 per cent to $360,000 due to more popular affordable housing alternatives.


Latest News

VITA GROUP SHARES SURGE UPON RESULTS

VITA Group (ASX: VTG), the Brisbane telco retailer tied up with Telstra (ASX: TLS), saw its share price surge 12 p...

SONAND TURNS THE TIDE AT SURFSTITCH

SURFSTITCH (ASX:SRF) has reduced its losses in the first half of FY17 as new CEO Mike Sonand executed his turnaround ...

EUREKA IMPROVES WHILE MANAGEMENT REMAINS UNIMPRESSED

EUREKA Group has collected the gains on its 'buy and build' strategy to achieve a net profit of $6.29 mill...

FASHION RETAILER'S TAKEOVER IN DOUBT AS PROFIT CLIMBS

IN the thick of takeover talks, Specialty Fashion Group (ASX: SFH) worked hard to cut costs and see its bottom lin...

Related News

FASHION RETAILER'S TAKEOVER IN DOUBT AS PROFIT CLIMBS

IN the thick of takeover talks, Specialty Fashion Group (ASX: SFH) worked hard to cut costs and see its bottom lin...

HOW TO TAKE CONTROL OF YOUR CAREER THROUGH TRAINING

GIG economy, remote working, and freelance Friday are more than just buzz terms; our workforce is changing, and so...

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter