Cheerfully it can be recorded that according to the Real Estate Institute of Queensland’s (REIQ) first quarter report, that the median house price in the state is showing positive results, which it has not done for 18 months. During this period property sales were up and property values were increasing. One could say, “but that is the peak selling time” and it is, but so is the December quarter. The December quarter of 2011 showed a stabilization in prices, which indicates that with the March quarter increasing there has been a positive movement.
What remains to be seen is whether this is going to be a constant or whether it is a one off.
The data also revealed that in comparison to the same March quarter last year, sales were up 6%. A healthy growth indeed.
The Fraser Coast showed an increase of 7.8 percent in the March quarter and Cairns welcomed the 4.5 percent that it gained. Both these areas are strongly reliant on tourism so this increase was welcomed as an overall view to growth in these areas.
Traditionally it has been the resource areas in Queensland that have led any growth, but not so this time, assuming that these figures stay solid.
Brisbane is showing strong signs of growth with their median house price rising from $500,000 toi $505,000 in the March quarter and there are a number of positive and international events being held in the SE Queensland over the next 6 years which will help, at least stabilize the economy, but more than likely give it a tremendous boost.
Sydney is expected to show over 7% growth per annum over the next 8 years due to demand. Perth is also a strong contender for increasing prices due to huge growth in the resources sector which does not seem to be slowing down to any great extent there.
All in all these signs are great to see and if they all hold then it seems as though we may have seen the bottom of the market.