Queensland real estate market strengthens over September quarter
Anyone considering buying a house in Queensland in the near future could be interested to know the residential housing market in the state has begun to strengthen, which could offer great opportunities for investment in residential property and commercial real estate alike.
The Real Estate Institute of Queensland (REIQ) highlighted in a November 26 statement the number of house sales across the state had increased by 9 per cent over the September quarter, with growth being recorded across all regions of Queensland.
Anton Kardash, the chief executive officer for the REIQ, said the last year has been slowly but surely posting positive results, and the most recent quarter has highlighted strong growth for the state.
He went on to say that while cities like Sydney and Melbourne had undergone explosive, rapid increases in value over the last year, he believes Brisbane's growth will be far more measured and sustainable.
"The majority of our regions experienced mostly unchanged median prices over the September quarter, although over the year we are starting to see some healthy median increases," said Mr Kardash.
For example, over the last year Brisbane's median house price has increased by 3.4 per cent, while the city experienced an 18 per cent increase in the number of house sales over the same period.
The Gold Coast and Sunshine Coast also underwent similar increases, with median house prices in both regions increasing by 4.8 per cent and 2.3 per cent, respectively. Furthermore, Cairns' median house prices rose by 1.1 per cent over the last year - signalling a fairly widespread growth across Queensland.
"Given the price increases in the southern states, there is no doubt that Queensland remains one of the most affordable places to buy or invest in property," said Mr Kardash.
"With this in mind, we are likely to see an increase in interstate investors and migrants taking advantage of these excellent opportunities."
Further evidence of the recovering market comes from a reduction in the average vendor discount in many areas of the state. In Brisbane, for example, the average discount has dropped from 7.9 per cent down to 6.5 per cent over the last year.
Furthermore, the number of days a property will spend on the market before being sold has decreased from 90 down to 78, illustrating the increasing demand for residential property in the state.