Queensland undergoes growth during September quarter
The latest release from the Real Estate Institute of Queensland (REIQ) has highlighted the growth of the state's residential housing market, which recorded a 9 per cent increase during the September quarter.
REIQ Chief Executive Officer Anton Kardash said while the growth has been slow, he believes it will be more measured and sustainable than the explosive growth of the Sydney and Melbourne markets.
He went on to say that while the majority of regions didn't experience increases in their median prices, there were a fair few that did, which highlights the turning point of the state's housing industry.
Brisbane's median house price rose by 0.6 per cent to $530,000. This translates to an increase of 3.4 per cent over the year, with an estimated 18 per cent over the year.
"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 in a November 26 statement.
"With this in mind, we are likely to see an increase in interstate investors and migrants taking advantage of these excellent opportunities."
For example, over the quarter there was an increase in the number of sales for houses under $350,000. The strong suggestion is that it was investors buying up cheaply, in order to take advantage of the growing market conditions in the future.
Furthermore, the average vendor discount has fallen rapidly across the state. In Brisbane, the average discount dropped from 7.9 per cent down to 6.5 per cent over the quarter.
The average amount of days spent on the market reduced from 90 to 78 - highlighting the increasing demand across the state.
The Gold Coast experienced a 4.8 per cent increase in median house prices over the year, with a 12 per cent growth in the number of house sales over the year. Likewise, the Sunshine Coast saw a 2.3 per cent rise in median house prices over the year, and grew 10 per cent in yearly sales.
This could offer a great investment opportunity for anyone interested in securing property in Queensland. With a number of mining projects on the horizon, there are a number of reasons to consider purchasing property in the Sunshine State.