HOUSING MARKET FINALLY ENTERS POSITIVE TERRITORY
Written on the 1 June 2012
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.