HOUSING MARKET FINALLY ENTERS POSITIVE TERRITORY

HOUSING MARKET FINALLY ENTERS POSITIVE TERRITORY

QUEENSLAND’S resilient housing market has shown positive growth for the first time in 18 months.

The latest Real Estate Institute of Queensland (REIQ) median house price report shows the median Brisbane home value jumped 1.2 per cent to $505,000 during the March quarter.

Sales activity rose 5 per cent, particularly in the sub $350,000 and the $500,000 to $1 million price ranges.

Holland Park’s median house price grew 9.3 per cent to $499,000 as buyers increasingly opted for home upgrades. Mount Gravatt East experienced higher demand off the back of its cheaper median price of $439,000 with comparable amenities, variety of homes and hillside lifestyle.

“Property prices have grown in most areas and some regions have also experienced substantial increases in sales activity, which is a hugely welcome turn around,’’ says REIQ CEO Anton Kardash.

‘‘Three months ago when we analysed the December quarter data it seemed to indicate we had reached the bottom of the market because prices were stabilising. We predicted at the time that the March quarter data would be even more positive and it certainly is that.”

The tourism centres, which have struggled for the past two years, also rebounded after a busy Christmas period and increase in buyers due to improved home affordability.

The Fraser Coast posted 7.8 per cent median house price growth to $290,000, Cairns rose 4.5 per cent to $350,000 and the Whitsundays jumped 4.1 per cent to $350,000.

‘‘Fraser Coast and Cairns have not had much time in the sun over recent times so to see their markets starting to turn a corner are surely a sign of more positive results in the months ahead,’’ says REIQ chairman Pamela Bennett.

‘‘It is wonderful that Queensland’s tourism centres are starting to experience improving market conditions.’’

Resource hub Gladstone also recorded strong buyer demand, but property price growth plateaued after a 16.5 per cent rise in the 12 months to March 2012.

Ipswich remained flat at $300,000, Redland decreased 0.9 per cent to $420,000, Logan fell 1.8 per cent to $335,000 and Moreton Bay dropped 2.4 per cent to $360,000 due to more popular affordable housing alternatives.

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

“Not our desired outcome”: Telix withdraws from $300m Nasdaq IPO

“Not our desired outcome”: Telix withdraws from $300m Nasdaq IPO

Telix Pharmaceuticals (ASX: TLX), one of the nation’s largest...

CommBank joins new ‘intelligence loop’ to combat SMS phishing scams

CommBank joins new ‘intelligence loop’ to combat SMS phishing scams

In an effort to reduce the number of SMS phishing scam victims...

Stralis Aircraft secures funding to make commercial hydrogen planes a reality

Stralis Aircraft secures funding to make commercial hydrogen planes a reality

Brisbane-based Stralis Aircraft has become one step closer to its a...

A year after the PwC scandal, the furore is gone – as well as the appetite for structural change

A year after the PwC scandal, the furore is gone – as well as the appetite for structural change

It was a scandal that rocked the shaky foundations of Australia&rsq...