Brisbane sales up as rents stabilise

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Brisbane’s sales market continues to post good results, but investors would do well to carefully analyse the rental markets of areas of Queensland they are interested in.
 
The latest ABS Residential Property Price Index shows that Brisbane recorded a 1.8% increase over the June 2014 quarter.
 
This follows a 1.1% rise in the March 2014 quarter and a 2.5% rise in the December 2013 quarter. Over the year to the June 2014 quarter, Brisbane recorded a 6.8% rise in the index.
 
Further, recent REIQ data showed that Brisbane was on track for its first consecutive increase in June quarter sales in over two decades.
 
The REIQ’s acting CEO Antonia Mercorella said Brisbane recorded sales growth of almost 10% in the June 2013 quarter and, while results for the June 2014 quarter, were yet to be finalised, they looked promising.
 
“We’re also seeing some solid price growth in Brisbane, with house prices up 6.8% over the last year, according to the latest RP Data-Rismark figures.”
 
However, Queensland’s rental markets provided a less consistent story.
 
Mercorella said that, historically, Queensland tended to see one market thriving more than the other and - at the moment – it was the sales market that had the upper hand.
 
The latest REIQ Residential Rental Survey showed that, while vacancy rates remained tight in many parts of the state (Sunshine Coast, Gold Coast), vacancy rates in other areas were high (Mackay, Gladstone, Townsville).
 
Mercorella said that, overall, the rental market was stabilising.
 
“This is the result of strengthening first home buyer activity, which is reducing tenant demand, along with increased investor activity which is increasing the rental supply in some areas.”
 
  

 

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