The first paragraph of the REIQ Market Monitor for March quarter reads, “The Queensland property market has turned around and posted positive results for the first time in 18 months.”
Agreeing with a number of other commentators, the REIQ report goes on to note that “property prices have grown in most areas and some regions have also experienced substantial increases in sales activity, which is a hugely welcome turnaround.”
The news is little more sobering when the figures for south east Queensland are examined. The two top performers were the Fraser Coast (7.8%) and Cairns (4.5%). Back to SE Qld, Brisbane (SD) and Ipswich both recorded 0%, with the Redlands, Logan and Moreton Bay all moving marginally down at -0.9%, -1.8% and -2.4% respectively.
Some better new was that investors had made a return to the market purchasing 4,500 properties in March. The ten year average is 5,000 dwellings per month making March 2012 the strongest level of activity form investors since early 2010.
Contact Law Property Australia for a copy of the report.