.

THE property market in the southeast corner of Queensland returned to positive territory this quarter, following last quarter’s contraction, and the Brisbane LGA median house price has grown 1.3 per cent to a new high of $635,000, the highest this has been in history.
The data in the REIQ Queensland Market Monitor also revealed some surprises in the June quarter, including almost three per cent growth in the Townsville market – its second quarter of growth in the past year – a two per cent fall in the Toowoomba market, which brings the city of flowers its second contraction in two consecutive quarters, and an unusual twist in Bundaberg where the median unit price is more expensive than the median house price. It’s cheaper to buy a house than a unit in Bundaberg.
REIQ CEO Antonia Mercorella said it had been a challenging quarter for the Queensland property market, with factors such as the lengthy Federal Election campaign and extensive uncertainty around the negative gearing debate impacting heavily on most markets.
“We know from our agents that listings volumes were down and the whole market really just hit pause while they waited for a result in the election, which would also give certainty around negative gearing for investors,” she said.
“Most of Queensland has struggled through this uncertainty, and we have seen more markets contract than grow, which, of course, is disappointing.
“However, there has been significant focus on Queensland’s affordability and we have anecdotal evidence that investors from the southern states are once more returning to our markets.
“The Queensland housing market is doing what it does best – growing in a steady, sustainable way, consistently over the long term, and it is a very good thing that we have not followed the peaks and troughs that occupy the graphs of other property markets.”
Brisbane’s unit market fell just a fraction, 0.2 per cent, to $440,000 for the quarter. However, the annual median sale price grew 0.3 per cent compared with June 2015, to $441,300, and this is 7.6 per cent greater than five years ago.
The Gold Coast powered to a new median house sale price of $580,156, representing quarterly growth of 3.6 per cent. The annual median sale price, of $560,000 is 6.7 per cent higher than 12 months ago and 14.9 per cent higher than five years ago, establishing the Gold Coast as one of the best performers in the state.
The Gold Coast unit market also landed in positive territory, with a quarterly price of $390,000, which is 1.6 per cent higher than last quarter. The annual median unit price is $380,000, which is 3.3 per cent higher than 12 months ago and 2.7 per cent higher than five years ago, when it was $370,000.
For the Sunshine Coast, the median house market added one per cent value to the quarterly price, to arrive at a June median of $525,000. The annual median sale price of $515,000 is 4.7 per cent higher than this time last year and 13.2 per cent higher than five years ago.
The unit market for the Sunshine Coast LGA has softened slightly, to $365,000, but the annual median price of $370,000 remains 5.7 per cent higher than five years ago, when it was $350,000.

Comments are closed.

More News

While Noosa Council prepares to formally support marriage equality at their ordinary meeting at 6pm on Wednesday 19 July, local state ...

Justine Jennings believes that little people can change the world. This Noosa mum and recently published author of an acclaimed ...

The Screaming Jetts are back. Following this year’s release of their critically acclaimed, Top 30 album ‘Chrome’ and the subsequent ...

As consumers, we readily splurge on a night out to dinner or the movies, but rarely spend on a luxurious ...

The Sunshine Coast RACQ LifeFlight Rescue helicopter on Thursday 13 July airlifted a man, aged in his fifties, after he was ...

The sledgehammers started swinging last Friday when building approval was issued to restore the Cooroy Memorial Hall and School of ...

Latest Sport

It is not often that you can get to see Olympic level showjumping in your own backyard, but this coming ...

NOOSA EAGLES The Under 6 Black team were very excited to be back on the field after the holiday break! Playing ...

Noosa’s boat ramps were again packed with plenty of boats hitting the water. Starting off with Offshore; the weather ...