Residential real estate sales have hit a five-year high in Queensland.
New statistics from the Real Estate Institute of Queensland (REIQ) have shown that residential sales are at the strongest point in five years.
The data shows a recorded $51 billion worth of residential transactions in 2014, the highest since 2010 for Queensland.
REIQ CEO Antonia Mercorella says state sales volumes were also at a five-year high in 2014, with approximately 114,000 transactions recorded.
“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 says. “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.”
In another encouraging sign, there has been a significant rise in suburbs with a profit on every sale, adds Mercorella.
“In 2014 there were 49 Queensland suburbs where every property sold at a profit, up from just 22 suburbs in 2013,” she says.
Brisbane dominated the list of profitmaking suburbs, with Albion, Seventeen Mile Rocks, Ferny Grove and Upper Mount Gravatt all making the list, with Gumdale recording the biggest increase (33 per cent).
“Tara on the Western Darling Downs recorded the biggest increase in profitmaking sales anywhere in the state, with an impressive rise of 36 per cent,” says Mercorella.
“Other strong performers included Goombungee, north of Toowoomba (up 27 per cent), and Caravonica, north of Cairns (up 26 per cent).”
The Gold Coast also performed well, with vendors in Mermaid Beach making a profit on 100 per cent of sales in 2014.
Mercorella says this is mostly due to the growth in Queensland’s prestige real estate market, particularly in the $1 million-plus price bracket.
“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,” she says.
“Around 2,600 properties across 320 suburbs changed hands for more than $1 million in 2014, predominantly in the south-east.
“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,” says Mercorella.
Some regional areas also performed well in prestige sales, including Townsville where 10 properties sold for upwards of $1 million.