REIQ: Sales increase across state during December quarter
The Real Estate Institute of Queensland (REIQ) has highlighted the overall growth of property values across the region, which is expected to continue well into the near future. This cold be great news for anyone considering purchasing investment property in Queensland.
The REIQ December Quarter Median House Price report, which was released on February 21, showed the volume of house sales during the final quarter of 2013 rose to an annual high point, rounding out the year on a strong note and setting the trend for the beginning of 2014.
Furthermore, the number of sales during that period make it the third strongest quarter in some time, which is made even more impressive due to the lack of "extraneous stimulus measures".
REIQ Chief Executive Officer Anton Kardash said the last strong quarter to be seen like this was September 2012, when changes to stamp duty concessions underpinned the increasing strength of the market. But the last quarter of December saw growth coming purely from an improving national real estate landscape and rising confidence in property.
"The September quarter, or spring selling season, historically records the high numbers of sales. Last year, however, the December quarter trumped it with the preliminary numbers of house sales peaking at just shy of 10,000 for that three-month period," said Mr Kardash in a February 21 statement.
"This was the case across most major regions of the state which is a further signal that our market is well into its next growth phase."
Furthermore, median house prices are increasing across Queensland, too. Over the quarter, Brisbane's median house price rose by 6 per cent up to $562,000, which was the third highest performance over the quarter and illustrative of the capital cities continue charge forward into a stronger real estate market.
The reason for this growth has been attributed to an increasing number of properties in the area selling between $500,000 and $1 million. In turn, this has affected the overall results and indicates that more luxurious properties are becoming more sought after in Queensland.
With regards to first home buyer and investor activity, the Greater Brisbane region was particularly strong. This has been attributed to the region's relative affordability and considerable share of new, up-and-coming housing developments in the area.