Queensland’s residential property market is gearing up for more growth heading into the Spring selling season, according to the Real Estate Institute of Queensland (REIQ).
The REIQ June Quarter 2014 Housing Market Review released today reveals strong growth in the Southeast and stabilizing regional markets. REIQ Acting CEO Antonia Mercorella said the Review reflected increased buyer confidence and a sense of optimism about Queensland’s prospects for growth.
“These are the figures many vendors have been waiting for – much shorter days on market, significantly reduced vendor discounting and increased buyer competition,” she said.
“They show key sectors of the Queensland real estate market are on a trajectory of growth, with buyers growing more confident as we head into the Spring selling season.”
According to the Review, the Brisbane median house value was up 1.9 per cent in the June Quarter and up 6.6 per cent over the last twelve months.
Average vendor discounting in Brisbane is down to 5.6 per cent, compared to 8.9 per cent in June 2013. Over the same period, average days on market in Brisbane have fallen from 90 to 59. The Gold Coast also recorded solid growth, with values up 1.9 per cent for the quarter and 7.5 per cent for the year. Sunshine Coast values rose 1.9 per cent for the quarter and 6.2 per cent for the year.
“The growth we’re seeing is centred around Brisbane, the Gold and Sunshine Coasts, which have all seen rising median values in the June quarter,” Ms Mercorella said.
“The Brisbane market in particular is going from strength to strength with vendors benefiting from an auspicious combination of rising values, quicker selling times and lower discounting.
“Following a period of challenging conditions, the Gold and Sunshine Coasts are also starting to bounce back as buyers in both markets grow more confident.
“Confidence is also building in Ipswich , with median values up one per cent in the June Quarter. Median values also rose in Logan (1.9 per cent), Moreton Bay (0.7 per cent) and Redlands (1.9 per cent).
“Toowoomba continues to be the quiet achiever of Queensland real estate, with values up 2 per cent in the June Quarter and 8.1 per cent over the last twelve months.”
Ms Mercorella said Queensland’s regional tourism and lifestyle centres were also emerging as hotspots for growth.
“Cairns real estate is really starting to hits its straps, with the city recording 2.7 per growth for the June Quarter, the highest of any major local government region in Queensland,” she said.
“Values in Cairns have risen six per cent over the last twelve months and our accredited agents say local buyers are now far more confident.
“Confidence is also rising on the Fraser Coast, where values are up 4.2 per cent in the last year.”
Ms Mercorella said the Bundaberg market was turning the corner, with values up 2.5 per cent in 12 months.
“Rockhampton posted annual growth of two per cent in the year to June, with Townsville values up 2.8 per cent in the last year,” she said.
“Conditions in the State’s major resource centres of Mackay and Gladstone look to be stabilizing, with vendor discounting and average days on market steady compared to 12 months ago.
“The outlook for real estate in our major resource centres remains positive, according to REIQ-accredited agents.”