The Brisbane residential property market is gearing up for more growth heading into the Spring selling season.
The Real Estate Institute of Queensland (REIQ) June Quarter 2014 Housing Market Review, released over the weekend, points to strong growth in the Brisbane market.
“These are the figures many vendors have been waiting for,” said REIQ Acting CEO Antonia Mercorella. “Shorter days on market, significantly reduced vendor discounting and increased buyer competition.
“They confirm Brisbane is set to record its first consecutive increase in June quarter sales in more than two decades. The Brisbane real estate market is on a trajectory of growth, with buyers growing more confident as we head into the Spring selling season.”
The Brisbane median house value was up 1.9 per cent in the June quarter to $559,188, according to the REIQ review, and up 6.6 per cent over the last 12 months.
Over the last 12 months, average days on market in Brisbane have fallen from 90 to 59.
“Values are rising strongly in popular inner-city suburbs such as Teneriffe, South Brisbane, Spring Hill and Albion,” said Mercorella. “There’s also some good growth in more affordable suburbs where the median value is below $500,000, including Salisbury and Virginia.
“There’s still some real value for buyers in Brisbane’s middle-to-outer suburbs and as Spring approaches we’re probably headed into a seller’s market.
The Gold Coast also recorded solid growth, with values up 1.9 per cent for the quarter and 7.5 per cent for the year. Sunshine Coast values rose 1.9 per cent for the quarter and 6.2 per cent for the year.
“Following a period of challenging conditions, the Gold and Sunshine Coasts are also starting to bounce back as buyers in both markets grow more confident. Confidence is also building in Logan, with median values up 1.9 per cent in the June quarter. Median values also rose in Ipswich (one per cent), Moreton Bay (0.7 per cent) and Redlands (1.9 per cent).
“Toowoomba continues to be the quiet achiever of Queensland real estate, with values up 2 per cent in the June quarter and 8.1 per cent over the last 12 months.”