Residential real estate sales in Queensland have hit a five-year high, according to new statistics from the Real Estate Institute of Queensland (REIQ).
The fresh data reveals Queensland recorded $51 billion worth of residential real estate transactions in 2014, the highest level since 2010.
REIQ CEO Antonia Mercorella said sales volumes also hit a five year high in 2014, with approximately 114,000 transactions recorded throughout the State.
“The value of transactions in Queensland in 2014 was below the peak of $73 billion recorded in 2007, but there’s a very encouraging upward trend which is great news for homeowners,” she said.
“2003 still holds the record for the most number of transactions in a calendar year, however sales volumes are clearly heading in the right direction.
“And in another encouraging sign, there’s been a significant rise in the number of suburbs where every vendor made a profit on sale.
“In 2014, there were 49 Queensland suburbs where every property sold at a profit, up from just 22 suburbs in 2013.”
Ms Mercorella said Brisbane dominated the list of 100 per cent profit-making suburbs, with Albion, Seventeen Mile Rocks, Ferny Grove and Upper Mount Gravatt making the list.
“In the eastern suburbs, Gumdale recorded Brisbane’s biggest increase in profit-making sales, with transactions up 33 per cent,” she said.
“Tara on the Western Darling Downs recorded the biggest increase in profit-making sales anywhere in the State, with an impressive rise of 36 per cent.
“Other strong performers included Goombungee, north of Toowoomba (up 27 per cent) and Caravonica, north of Cairns (up 26 per cent).
“Meanwhile on the Gold Coast, 100 per cent of vendors in Mermaid Beach made a profit on sale in 2014, as the city’s prestige real estate market continues to bounce back.”
Ms Mercorella said Queensland’s prestige real estate market was starting to fire on all cylinders, particularly in the $1 million-plus price bracket.
“Around 2,600 properties across 320 suburbs changed hands for more than $1 million in 2014, predominantly in the Southeast,” she said.
“The $1 million-plus price point was Queensland’s strongest performer in the December 2014 quarter, with sales volumes up 17 per cent across the state.
“However some regional areas also notched up a healthy volume of prestige sales, including Townsville where 10 properties sold for upwards of $1 million.
“Hamilton in Brisbane took out the highest individual sale – with a house selling for $7.125 million, followed by a $5.15 million sale in Teneriffe and a $5.1 million sale in Currumbin.”
Source: News Release, Real Estate Institute of Queensland [REIQ], 02 March, 2015