The Queensland residential property market has shown increasing sales and median house price growth in the June quarter according to data released recently by the Real Estate Institute of Queensland.
In an article in the REIQ Journal, Research Analyst Chris Grace, has reported that compared to the March quarter, preliminary sales numbers are up 28% in Brisbane; about 17% on the Gold and Sunshine Coasts; and about 18% in Cairns. Strong sales to up-graders and investors have been noted with those buyers taking advantage of low interest rates and steadier prices.
The article also reported solid gains in median prices in a number of areas. Brisbane City showed a gain of 3.3%; Brisbane Statistical District, 5.0% and Redland City, 6.0%. The top performer in the state was Bundaberg with an increase of 6.8% in the quarter.
The REIQ figures show that about 78% of house sales across Queensland were for properties under $500,000 in the June quarter, down from 81% in the previous quarter.