Residential real estate sales in Brisbane have hit their highest level this decade amid rising median house values in many parts of Queensland, according to the Real Estate Institute of Queensland (REIQ).
REIQ CEO Antonia Mercorella said sales volumes in some of the state’s key regional markets had also hit a post-2010 peak, with accompanying rises in median house values.
Ms Mercorella said Brisbane’s median house value increased by 1.4 per cent in the three months to September, the same quarterly increase recorded three months ago.
“Since entering the recovery stage of the cycle back in June 2013, Brisbane has recorded consecutive quarterly increases in median values, with an average quarterly increase of 1.7 per cent,” she said.
“In the 12 months to September, median house values rose 6.6 per cent in Brisbane with buyers increasingly confident of steady and sustainable growth going into 2015.
“Sales in the $1 million-plus price bracket in Brisbane are at their strongest level since 2009, rising 17 per cent over the three months to September.
“There are also encouraging signs in the Brisbane unit market, with median values rising 5.2 per cent in the 12 months to September.”
Ms Mercorella said the Gold and Sunshine Coast house and unit markets were also enjoying solid median value growth.
“The market fundamentals in Southeast Queensland are very strong – we’re seeing quicker selling times, reduced vendor discounting and a higher percentage of profit-making sales,” she said.
“This growth in the Southeast is also spreading further afield, with some of our major regional centres really starting to shine.
“Cairns has emerged as the star performer of Queensland real estate, with strong sales volumes sparking a 2.4 per rise in median values in the three months to September.
“Over the last 12 months, the Cairns median house value has risen 9.3 per cent and it’s fair to say the local real estate market has hit a purple patch.”
Ms Mercorella said Toowoomba was enjoying good growth, with median house values up 1.4 per cent in the three months to September. Values were steady on the Fraser Coast and in Bundaberg.
“Gladstone, Mackay and Rockhampton saw a slight easing in median house values during the same period, while Townsville held relatively steady,” she said.
“However there are some very encouraging signs in these key regional housing markets heading into the New Year.
“The REIQ’s September Quarter Queensland Market Monitor due for release next week will reveal double digit sales volume growth in most of the State’s regional centres.
“This sales growth is likely to be accompanied by some good rises in median values, so 2015 is certainly shaping as an exciting year for real estate in regional Queensland.”
For full September quarter results, get your copy of the REIQ’s Statewide Queensland Market Monitor on Friday 5 December at www.reiq.com/research.
