Property market in Queensland gains momentum during June quarter
The increasing market momentum in Queensland could present the perfect opportunity for property buyers and sellers alike to snatch up a decent real estate deal, with sales activity and house prices increasing.
According to the June Median House Price report, which was released by the Real Estate Institute of Queensland (REIQ) last week (August 23), the housing market in the state is becoming increasingly strong - with the number of residential property sales having increased significantly compared to both the previous quarter and last year.
Preliminary numbers for the amount of sales across the June quarter indicate an increase of 22 per cent over the March quarter. This market improvement is even more noticeable when contrasted with the same period in 2012, where there has been a 40 per cent increase in sales numbers.
REIQ chief executive officer Anton Kardash said that this was the fourth consecutive quarter of improvement, with last September being a particularly strong time for the Queensland market, with that momentum being continued through to the present quarter.
"The June quarter historically yields the lowest numbers of residential sales activity during the year but this data shows house sales are notably much higher compared to the same three months in 2012," said Mr Kardash in an August 23 statement.
"The September quarter and the upcoming spring selling season is typically a great period for the Queensland real estate market.
"With such good price and sales results for the June quarter, as well as historically low interest rates, it’s shaping up to be another strong period as our market continues to build momentum."
During the June quarter, the median house price in Brisbane increased by 1.6 per cent, reaching a relatively high $527,250, and increased three per cent over 12 months to June 2013.
The number of property sales also increased during the quarter. The report detailed a 32 per cent increase over the last quarter, and a 44 per cent increase over the last year.
"No doubt the influence of historically low interest rates and increased perceptions of housing affordability have seen more people move off the sidelines and back into the property market of late," said Mr Kardash.
"REIQ estimates of Queensland investor activity also shows that the numbers of investment dwellings financed is tracking at about the historical average.
"No doubt, investors have recognised the strong rental market, including low vacancy rates, and are taking the plunge while first home buyers remain relatively absent."