Increased demand for affordable homes in Qld

Demand is rising across Queensland for affordable homes, according to data from the Real Estate Institute of Queensland (REIQ).

The REIQ September quarter showed the number of house sales under $350,000 has increased by 24 per cent over the past year.

Of the 15 major regions in Queensland, seven have a median house price of $350,000 or under. In Mount Morgan, where the median house price is $165,000, there are currently 50 houses for sale under $350,000.

According to Andrew Wilson, senior economist at Australian Property Monitors, there has been a surge of activity in Queensland this year.

“This is driven by a reduction in the median house price over the past two years,” he said. “Brisbane remains the most affordable mainland capital city, and the Brisbane market is also characterised by a tight rental market.

“Brisbane has the highest yields of any mainland capitals, and that would account for a lot of activity by investors in that more affordable market.”

The REIQ data shows affordability is in high demand in central Queensland towns. In addition to Mount Morgan, one of the most affordable suburbs in Queensland is Rockhampton City, with a median house price of $177,000.

Mr Wilson says there is “obviously demand through stronger economic growth in mining regions for most property, particularly more affordable property.

“That would account for a lot of the increased activity and interest in central Queensland,” he said.