Arrival of market recovery makes buying a house in Queensland easier
The real estate market in the Sunshine State is definitively starting to recover, says the Real Estate Institute of Queensland (REIQ).
The REIQ's latest Queensland Market Monitor for 2014's March quarter reveals healthy sales in the state's southeast, and significant growth in its regional tourism areas. The results show growing confidence in the market, according to the REIQ.
Sales strong in a number of areas
Several different regions of the state showed encouraging growth in the sales and prices of residential houses, good news for those looking at an investment property in Queensland.
Preliminary sales in the regional council area of Moreton Bay posted an increase of 7 per cent over the March quarter, while Redland and Ipswich did not lag far behind with increases of 6 per cent each. Cairns also saw sales jump by 15 per cent over the year to March 2014, explained REIQ Chief Executive Anton Kardash.
Perhaps unsurprisingly, it is Queensland's tourist hubs, such as the Gold Coast and Sunshine Coast, which have come out the best, each seeing growth in median house prices. The year to March saw the Gold Coast's preliminary sales figures grow by a whopping 20 per cent, while the Sunshine Coast shot up by 4 per cent over the March quarter alone.
Perhaps even more encouraging, the townhouse and unit market is seeing a parallel recovery, providing greater flexibility and options when it comes to buying a property.
Just as in the housing market, Queensland's tourism areas ran away with the benefits, with the Gold Coast and Sunshine Coast both seeing a rise in median prices for units. Cairns also contributed to the region's 15.5 per cent increase in median unit sale price, bringing it to a solid $212,000.
The residential property market is being buoyed by interstate investors who, frustrated by their local markets, are getting more bang for their buck in areas like the Sunshine State, says the REIQ.
Market recovery not evenly spread
Although the bounceback of the Queensland market is good for those in the real estate game and healthy for the state's wider economy, this doesn't mean that the recovery has spread evenly.
Regional mining centres such as Mackay and Gladstone have shown a drop in sales activity of more than 10 per cent , resulting in what the REIQ called "a two-tiered effect for the overall Queensland residential market" in a June 5 release.
Additionally, with outer regions taking the bigger share of increased activity, the Metropolitan Brisbane area saw its preliminary house sales numbers drop by 7 per cent. It seems that whether you're a buyer or an investor in Queensland, the regional areas and outer suburbs are the direction to look in.