The Sunshine State is establishing its growth potential according to data released by the Real Estate Institute of Queensland (REIQ).
“This report supports the REIQ’s long-held view that those areas of Queensland that have been doing well are continuing to do well,” according to Antonia Mercorella, CEO of the REIQ.
Brisbane is the fastest-selling area in the state with average days on market at 57 – a drop of eight days compared to a year ago.
Brisbane median house values have also risen 1.6 per cent over the March quarter, which along with Toowoomba reflects the state’s the highest quarterly increase.
The capital city’s proportion of profit-making sales increased three per cent in the year to reflect 96 per cent.
Toowoomba holds the state’s record, however, with 98 per cent of all houses sold recording a profit for the vendor.
Mercorella says Queensland is in the grip of steady, sustainable growth, although some regionals are in a recovery phase.
“Those areas that are struggling to recover from the resources downturn are still trying to stabilize,” she says.
“But what we don’t have is the start of another boom and bust cycle, which as we all know by now, doesn’t really benefit anyone in the long-term.”
Five of the major regions throughout Queensland are experiencing steady improvements in median house values.
Brisbane, the Gold and Sunshine coasts, Toowoomba and Cairns, all showed rising annual median house values of approximately 1.5 to 1.9 per cent on average each quarter over the past year.
Gladstone’s median house values rose by 0.8 per cent, which is the city’s first positive move in five quarters.
The rate of decline in Mackay’s median values appears to be slowing with a drop of one per cent to its annual median value in the March quarter.
In addition, Townsville’s median house values rose 0.7 per cent, and its proportion of profit-making sales has remained stable at 74 per cent since August last year.
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