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State of Markets – QLD December 2011

01 DEC 2011 • By Phillip Tarrant • 3 min read • Hotspots

Essential information, plus expert insight on what is shaping the national property market...

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Essential information, plus expert insight on what is shaping the national property market...

QUEENSLAND

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Fast Figures

  • $307,500 – median house price, Ipswich
  • $440, 000 – median house price, Brisbane

Property sales plummet in Queensland
Queensland failed to strike a chord with buyers in the past financial year.

The state experienced a 27.5 per cent drop in the total value of dwelling transactions last year, according to RP Data, while Western Australia experienced a 22.6 per cent decline.

Total dwelling sales in 2010/2011 stood at $193.5 billion. While that may sound impressive, said RP Data’s research analyst Cameron Kusher, the figure indicated an 18.2 per cent drop from the previous financial year.

Houses accounted for $141.8 billion and units for almost $51.7 billion, with total house sales now worth almost three times as much as that of unit sales.

The figures also reveal transaction volumes have consistently been a key driver of total sales value; however, the value at which properties are transacted has become just as important, according to Mr Kusher.

The annual number of home sales has returned to levels not seen since June 1997, while the total value of sales remains slightly higher than that recorded during the depths of the global financial crisis.

Cairns developer on the rise
Cairns’leading prestigious residential development has reported its best sales in 12 months, with families and southern investors buying into the estate.

Brookfield Residential Properties, developers of Bluewater at Trinity Beach, have recorded the best sale figures during August and September with six blocks of land sold, compared with only three sales for the same time in 2010.

The news comes after a period of heavy decline in the Cairns residential property market.

Median house prices in the local government area (LGA) have fallen by 5.4% over the 12 months to July 2011 and median prices are currently 10.0% below their peak.

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“Population growth and the shift to coastal markets have slowed ever since the onset of the GFC,” RP Data senior analyst Cameron Kusher told Smart Property Investment. “The weak tourism market to Australia is also impacting the market.”

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Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is one of Australia’s leading property commentators, with more than a decade at the forefront of conversations shaping the nation’s property investment market.

As the long-time host of the Smart Property Investment Show and a regular commentator across property, finance and business, Phillip has interviewed thousands of investors, economists, advisers, brokers, agents and industry leaders, giving him a unique perspective on the trends, policies and market forces influencing Australian property.

Beyond property commentary in the media, Phillip is an active property investor himself, with first-hand experience building and managing a diversified property portfolio across multiple markets and cycles. His insights combines this practical investor perspective with deep exposure to the broader property and financial services ecosystem.

Phillip is also CEO and co-founder of Managed, an Australian property payments and technology platform transforming the way property managers, landlords and tenants manage rental payments and property transactions.

Through his writing, podcasts and industry engagements, Phillip focuses on cutting through market noise, challenging conventional thinking and helping investors make more informed, strategic decisions. His commentary regularly explores property markets, lending, taxation, regulation, investment strategy and the changing dynamics of Australia’s housing sector.

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