Queensland residential house market is on the move
THE Queensland residential house market is on the move with sales growing and prices firming in many areas, said the Real Estate Institute of Queensland (REIQ).
The REIQ September quarter median house price report found that the preliminary numbers of house sales across the state grew by 9% over the September quarter.
Quarterly sales growth was recorded across south-east Queensland as well as in far north Queensland.
However, the run of good times for mining districts appears to be slowing with quarterly sales volumes falling in central Queensland and associated regions over the past year.
REIQ CEO Anton Kardash said as the Queensland market had been posting promising results for the past year there was now no doubt that the majority of the market was well into a growth phase.
"REIQ accredited agents had been waiting a long time - nearly five years in some areas - to finally experience some good times again," Mr Kardash said.
"Unfortunately the Queensland market has never been consistent across the board.
"We often experience phases of recovery and growth in some regions, while other areas simultaneously experience patches of more stable activity."
Mr Kardash said of course, mining districts were performing exceptionally while the majority of the state remained in the doldrums not that long ago.
"So it's good to see that we all still get a turn at the good times at some point in time."
But Mr Kardash said that unlike Sydney and Melbourne, which appeared to be experiencing levels of relatively unsustainable price growth, the Queensland market was taking a more measured approach.
"The majority of our regions experienced mostly unchanged median prices over the September quarter, although over the year we are starting to see some healthy median increases," he said.
"It's also important to remember that house prices in Queensland still remain slightly below their most recent peak so we are not talking about significant gains taking place over short timeframes.
"Given the price increases in the southern states, there is no doubt that Queensland remains one of the most affordable places to buy or invest in property.
"With this in mind, we are likely to see an increase in interstate investors and migrants taking advantage of these excellent opportunities."
The Gladstone, Mackay and Townsville markets have experienced falling numbers of preliminary house sales over the year ending September.
But Mackay posted a 5% increase in activity over the quarter as well as a steady median house price.
The heat in the Gladstone market continues to dissipate with its median house price dropping by 8.5% over the quarter to $437,000.
The more affordable house prices, however, are likely to attract buyers back to the market in 2014.