Source: Qld Market Monitor
Over the second quarter of 2015, Queensland's residential property markets continued along relatively the same trends seen since the start of the year.
The state's strengthening centres continue to improve at steady and sustainable levels while our regional centres are beginning to show hints of recovery.
Outside Brisbane, the state's tourism centres continue to perform strongly. The Gold and Sunshine coasts continue to record buoyant market conditions with investor activity picking up in both regions according to local agents.
Cairns and Fraser Coast also continue to show promising signs of firming market conditions, with average days on market and vendor discounting improving on a year ago for their respective unit markets which had struggled following the GFC.
Regional centres still continue to be impacted by the resources downturn, but many now look to have reached the bottom of the market. Local agents in Gladstone, Mackay and Townsville say the softer market conditions has started to entice more local buyers, with market confidence slowly but surely improving.
First home buyers are taking advantage of the low interest rate environment and in regional centres are gaining confidence with increased housing affordability.
HOUSE MARKET
House sales activity in the strengthening markets of southeast Queensland continued to improve over the June quarter.
Brisbane continues to lead the way, with steady strong buyer demand and growing confidence across the board. Increased prestige sales and strong buyer demand in the $500,000-plus price point is leading to increased competition.
Over the quarter, the state's capital city recorded a new record median house price of $610,000.
Brisbane surrounds also continues to record improving buyer demand, with Ipswich and Logan recording double digit growth in sales activity over the quarter and over the year to June.
On the market indicators however remain steady year on year and with listing numbers beginning to keep apace of buyer demand, property price growth is likely to proceed at healthy rates over the coming years.
Toowoomba's house market appears to have taken the foot off the accelerator with sales volumes tapering off for a second consecutive quarter. Given the various projects in the pipeline, such as the going ahead of the second range crossing, local agents anticipate the region will continue to record consistent growth in its real estate market.
In the regional centres, sales activity is mixed, however the general feel on the ground is that the bottom of the market has been met. Some softening of prices may still occur for Mackay and Rockhampton however overall activity is likely to remain steady.
