State’s star performers identified
Two regional towns have been crowned among the best property market performers of 2014, according to new data released on Monday.
Highlighting new statistics, the Real Estate Institute of Queensland said south east Queensland, Toowoomba and Cairns were the state’s star real estate performers in 2014.
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Among the strongest performers in the south east were the Gold and Sunshine Coasts, with both regions recording increases in their median house values, up 5.3 and 7.2 per cent respectively.
Brisbane also continued to record strengthening property values, with an increase of 7.6 per cent in the median house value over the year.
However, the REIQ said the two star performers were Toowoomba and Cairns, with increases of 8.3 and 8.2 per cent respectively.
REIQ chief executive Antonia Mercorella said historically-low interest rates had delivered a crucial boost to buyer confidence, with investors eyeing further capital gains in 2015.
“South east Queensland and Cairns real estate had a strong 2014 and the state’s major tourism centres are also starting to hit their straps,” she said.
Ms Mercorella said improving conditions in the south east generally kick-start growth in regional Queensland and she expects 2015 will be no different.
“Our agents are reporting that confidence is on the rise in key Queensland real estate markets, which augers well for the rest of the year,” she said.
According to Ms Mercorella, evidence that the Queensland residential property market continues to strengthen is in the proportion of house sales to profit.
“Ninety-seven per cent of houses sold in Toowoomba over 2014 went for higher than the previous sale price, still just ahead of Brisbane which recorded 96 per cent of houses sell for a profit,” she said.
