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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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QUEENSLAND

Fast Figures

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  • $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.

“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 executive editor – Real Estate at Momentum Media. He is also an investor with a large property portfolio.

He leads the content strategy and corporate growth for a range of market and business intelligence platforms at Momentum Media, including Smart Property Investment – the authoritative voice for Australia’s property investment community.

As head of the Smart Property Investment Podcast Network, he also steers the largest network of property podcasts in Australia, which collectively generates nearly 2 million downloads every year.

There are over 2.6 million investment properties in Australia, with over 2.1 million Australians (or around 8 per cent of all Australians) owning one or more investment properties. A vibrant and critical sector for creating wealth for Australians, the property investment sector is expected to remain a pillar to the national economy.

For nearing a decade, under Phillip’s stewardship Smart Property Investment has been informing and educating property investors on the tactics and strategies to create wealth through property.

Trusted by over 100,000 Australians each month as the turn-to independent resource for property market insights and information, the brand supports the mantra of "for investors", by investors’, drawing on the unique position that Phillip and Smart Property Investment share, warts and all, its own journey through property.

The Smart Property Investment Show, part of the Smart Property Investment Podcast Network, is one of Australia’s most popular podcasts, forming the keystone of an integrated digital platform delivering daily property updates, live broadcasting, insights, opinion and data to property investors across the nation.

Underpinned by a content team universally recognised for their knowledge of the sector and approach for clear and concise communication, Smart Property Investment has become a central part of Australia’s property community.

About Momentum Media

Momentum Media is a leading media and market intelligence company, and the business behind Smart Property Investment, REB and RPM.

Guided by a strong sense of purpose to support our communities, Momentum Media has forged its place as one of Australia’s most influential media and professional development businesses.

We have been equipping Australia’s corporate, investor and SME sectors with market and business intelligence for over a decade.

Across an integrated business supported by digital, events, broadcast, research, print and social platforms, we are guided by the purpose: Be Better informed.

This passion for informing, educating and inspiring drives us to build more engaged communities, delivering greater leadership to the markets we connect to and forging closer relationships with our audiences.

Being at the forefront of media innovation, backed by a pioneering spirit, has been central to Momentum Media’s growth.

We’re an evolving, forward-thinking business based on a purpose that supports corporate Australia and the markets critical to our nation’s economic prosperity and security. We’re also focused on delivering exceptional value to our commercial partners.

We adapt on a daily basis to rapidly changing market places; we’re a fluid media business, unanchored to any particular technology, channel or tone of communication.

With a reach spanning nearly 2 million professionals, high-net-worth individuals and SME business owners, we’re connected to the rapidly changing preferences and attitudes of our communities – and we’re making a positive contribution for our communities to thrive.

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