Queensland house prices in have held their ground despite buyers retreating from the property market in the June quarter, according to the latest REIQ data.
The REIQ June quarter mean house price report, released on Sunday, shows that while sales activity has lowered across the state, house prices have remained steady.
REIQ CEO Anton Kardash said there was a noticeable slow-down in activity from May to June.
“The State Government introduced legislation into parliament in mid-May to reinstate the Principal Place of Residence concession on stamp duty from 1 July this year,” he said.
“The return of the concession meant home buyers, who were not first-timers or investors, could save up to $7,000 from 1 July, so it is little wonder that many decided to delay their purchases until after that date.
“Even though sales activity was lower in the month of June in particular, our June quarter data found no significant variations on median prices which means our market is still holding up well. The four rate cuts since November are also starting to have a positive effect on the market.”
According to the Australian Bureau of Statistics, the number of homes financed to non-first home buyers in Queensland decreased 12.8 per cent between May and June this year. The median house price in Brisbane decreased 1 per cent to an even $500,000 over the June quarter.