Queensland housing market heads for an upturn
Confidence appears to be returning to Queensland's residential real estate market, with recent figures showing house sales are picking up across the state.
According to the latest data from the Real Estate Institute of Queensland (REIQ), the September quarter median house price report revealed property sales increased over the quarter.
REIQ chief executive officer Anton Kardash attributed the upturn in the market to improving economic conditions and a strong spring selling season.
He commented: "We always expected a sharp increase in activity in the September quarter as many of our REIQ members had reported that buyers were waiting for interest rates to reduce further and for the return of stamp duty concessions on 1 July this year."
The state's capital city saw a 35 per cent surge in house sales from the June quarter, while the median house price spiked by 1.6 per cent to $508,000.
Mackay recorded the biggest house price increase, lifting 4.7 per cent to $445,000 during the same period.
"Brisbane's market continues to improve as buyers turn their attention to our affordable capital city property prices, as well as the continued strong demand for rental properties which is attracting investors," Mr Kardash remarked.