The Queensland residential property market appears to be on the mend, staging an impressive recovery over the September quarter, according to a REIQ September median price report.
The report found that sales activity has strengthened across the state with preliminary house sale numbers up 17% on the June quarter. However, much of this activity was from buyers in the lower end of the market, with properties below $350,000 posting a 27% increase in sales.
REIQ managing director Dan Molloy said the results were nonetheless encouraging.
“We can certainly take some heart from these results,” he said. “More sales activity locally shows that buyers have a little more confidence and are much more prepared to sign on the dotted line now than they were earlier this year.”
Preliminary sales in Brisbane were up 13%, though the median house price was down 2% to an even $500,000. Sales in the Gold Coast were up 11%, while demand for homes in Gladstone saw sales jump an impressive 50% over the quarter.
The Fraser Coast, Bundaberg, Rockhampton and Cairns also all recorded double-digit growth in the number of house sales over the quarter.
“What these figures show is that it appears it took about six months for our property market to begin to heal from the natural disasters earlier this year,” REIQ chairman Pamela Bennett said.
Go to our Free Reports section to find out all about QLD's top suburbs!
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out