Queensland’s residential property market is gearing up for more growth heading into the Spring selling season, according to the Real Estate Institute of Queensland (REIQ).
The REIQ June Quarter 2014 Housing Market Review released today reveals strong growth in the Southeast and stabilizing regional markets.
REIQ Acting CEO Antonia Mercorella said the Review reflected increased buyer confidence and a sense of optimism about Queensland’s prospects for growth.
“These are the figures many vendors have been waiting for – much shorter days on market, significantly reduced vendor discounting and increased buyer competition,” she said.
“They show key sectors of the Queensland real estate market are on a trajectory of growth, with buyers growing more confident as we head into the Spring selling season.”
According to the Review, the Brisbane median house value was up 1.9% in the June Quarter and up 6.6% over the last twelve months.
Average vendor discounting in Brisbane is down to 5.6%, compared to 8.9% in June 2013. Over the same period, average days on market in Brisbane have fallen from 90 to 59.
The Gold Coast also recorded solid growth, with values up 1.9% for the quarter and 7.5% for the year. Sunshine Coast values rose 1.9% for the quarter and 6.2% for the year.
“The growth we’re seeing is centred around Brisbane, the Gold and Sunshine Coasts, which have all seen rising median values in the June quarter,” Ms Mercorella said.
“The Brisbane market in particular is going from strength to strength with vendors benefiting from an auspicious combination of rising values, quicker selling times and lower discounting.
“Following a period of challenging conditions, the Gold and Sunshine Coasts are also starting to bounce back as buyers in both markets grow more confident.
“Confidence is also building in Ipswich, with median values up one per cent in the June Quarter. Median values also rose in Logan (1.9%), Moreton Bay (0.7%) and Redlands (1.9%).
Source: News Release Real Estate Institute of Queensland, 16 August 2014