Queensland: an affordable property market
Bargain buyers are emerging in droves in Queensland, with recent data showing that affordable home sales surged in the September quarter.
According to the latest median house price report from the Real Estate Institute of Queensland (REIQ), the number of properties selling under the $350,000 mark increased 24 per cent during the quarter compared to the same period in 2011.
Anton Kardash, REIQ chief executive officer, said Queensland - unlike some other states - boasts a large affordable property market which is attractive to first time buyers and investors alike.
"Interest rates have reduced significantly this year and together with an improving economic outlook, this has spurred buyers into action," Mr Kardash commented.
Data in that time frame also showed that out of the 15 major regions across Queensland, seven have a median price of $350,000 or less.
With about 12,000 dwellings for sale in this price bracket, the Sunshine State has significant investment potential, the expert added.
"Investors are recognising that yields have improved and are making a move on affordable property given our market appears to be turning a corner and demand for rental properties remains strong," Mr Kardash explained.