Median property prices rose across numerous parts of Queensland in the March quarter, new data shows.
The Real Estate Institute of Queensland (REIQ) March quarter median house price report found property prices across the majority of Queensland increasing with sales numbers also up - in some cases significantly.
“Three months ago when we analysed the December quarter data it seemed to indicate we had reached the bottom of the market because prices were stabilising,” REIQ CEO Anton Kardash said.
“We predicted at the time that the March quarter data would be even more positive and it certainly is that. Property prices have grown in most areas and some regions have also experienced substantial increases in sales activity, which is a hugely welcome turn around.
“And while the March quarter figures contain plenty of good news, perhaps the best piece of news is some very healthy results in our tourism centres, which have struggled more than most over the past two years.”
The REIQ said the top performer of all major regions across Qld was Fraser Coast, which posted median house price growth of 7.8 per cent to $290,000 over the March quarter. The numbers of preliminary house sales were also up 42 per cent.
The second best performer was Cairns, which recorded median house price growth of 4.5 per cent to $350,000.
Another tourism region to perform well was the Whitsundays, where its median house price increased 4.1 per cent to $350,000 over the March quarter with sales numbers up 28 per cent as well. TheCoast also experienced a significant increase in sales activity -- up 24 per cent compared to the December quarter.
Queensland’s resource centres continue to experience strong demand from buyers however property price growth in Gladstone appears to have plateaued this quarter - albeit after posting median house price increase of 16.5 per cent over the year ending March.
‘‘Historically, it has been our resource centres that have led the charge during Queensland property cycles, closely followed by Brisbane, then our tourism centres and this pattern does seem to be repeating,’’ Mr Kardash said.
‘‘It’s still too early to tell whether this renewed confidence is here to stay, but a number of economic indicators, as well as lower interest rates, mean the future of our property market is certainly looking up.’’
The median house price in Brisbane increased 1.2 per cent to $505,000 over the March quarter.