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.
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