As the Queensland property market continues to strengthen, Brisbane has been revealed as the state’s big improver.
Data released by the Real Estate Institute of Queensland recently has shown the Queensland capital has experienced the strongest lift to median house values for the year ending March 2015 and also has the fastest selling homes in the Sunshine State.
The median time on the market for a home in Brisbane is 57 days, an eight day improvement compared to last year, while median house prices rose by 1.6% over the March quarter.
Brisbane was one of five major regions in Queensland to see an increase in median house values over the past 12 months, with the Gold Coast, the Sunshine Coast, Toowoomba and Cairns all showing increases in value from 1.5 – 1.9%.
had a small, but significant median value increase of 0.8%, which is its first move into positive territory in five quarters.
also saw a small increase in median values with a 0.7% increase.
Outside of Brisbane, Toowoomba is the fastest selling region, with days on market at 63 days, and the Garden City continues to hold the lowest vendor discounting rate of 4.7 per cent.
REIQ chief executive officer Antonia Mercorella believes the data shows Queensland to be in the midst of sustainable growth.
“This report supports the REIQ’s long-held view that those areas of Queensland that have been doing well are continuing to do well,” Mercorella said.
“Those areas that are struggling to recover from the resources downturn are still trying to stabilise,” she said.
“But what we don’t have is the start of another boom and bust cycle, which, as we all know by now, doesn’t really benefit anyone in the long term.”
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