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Queensland’s residential property market is showing signs of steady recovery after several months of flat market performance, new research has found.
The Real Estate Institute of Queensland (REIQ) June quarter median house price report shows preliminary sales numbers for Brisbane increased seven per cent over the June quarter.
However, the median house price in state’s capital decreased one per cent to $510,000 over the same period.
REIQ managing director Dan Molly said economic uncertainty and low consumer confidence is likely to underpin the market for the remaining part of the year.
“The Queensland property market continues to be impacted by lower consumer confidence and the uncertain nature of the global economic situation, including the recent pronounced stock market jitters around the globe,” he said.
“The number of buyers active in the Queensland marketplace is still well below long-term averages and until there is more certainty surrounding interest rates and the global financial landscape generally this circumstance is unlikely to turnaround before next year.”