SOUTHEAST QUEENSLAND, TOOWOOMBA & CAIRNS LEAD STATE’S REAL ESTATE

REIQ Media Releases

21 February 2015

Southeast Queensland, Toowoomba and Cairns were the State’s star real estate performers in 2014, according to fresh

data released today by the Real Estate Institute of Queensland (REIQ).

REIQ CEO Antonia Mercorella said historically low interest rates had delivered a crucial boost to buyer confidence, with

investors eyeing further capital gains in 2015.

“Southeast Queensland and Cairns real estate had a strong 2014 and the State’s major tourism centres are also starting

to hit their straps,” she said. “These improving conditions in the southeast generally kick start growth in regional

Queensland and we expect 2015 will be no different.

“Our agents are reporting that confidence is on the rise in key Queensland real estate markets, which augers well for the

rest of the year.”

Ms Mercorella said the strengthening sales volumes were converting to increased property values across the southeast

in 2014 compared to the previous year.

“Among the strongest performers in the southeast were the Gold and Sunshine Coasts, with both regions recording

increases in their median house values, up 5.3 and 7.2 per cent respectively,” she said. “The Gold Coast also was the

stand out for profit making sales, with the percentage of sales to make a profit increasing by 12.2 percentage points,

compared to 2013.

“Brisbane continues to record strengthening property values, with an increase of 7.6 per cent in the median house value

over the year. However, the two star performers were Toowoomba and Cairns, with increases of 8.3 and 8.2 per cent

respectively.

“On the Fraser Coast and Bundaberg, sales volumes had eased slightly over the year, however median house values

have held their own, with small increases recorded.

“The downturn in the mining sector continued to impact on the regional centres of Gladstone, Mackay and

Rockhampton, with only Rockhampton to record a steady median house value.

“All regions recorded an improvement in days on market compared to a year ago, except for Mackay (up 10 days) and

Bundaberg (up 7 days). Rockhampton and Townsville saw their days on market stay relatively unchanged over the year.

“The Brisbane LGA recorded the highest drop, with average days on market down 20 days over 2014, to 56 average

days on market – which continues to make Brisbane the quickest selling region.

“Average vendor discounting remained relatively stable in most parts of the state with the exception of Rockhampton,

Bundaberg, Mackay and Townsville.”

According to Ms Mercorella, evidence that the Queensland residential property market continues to strengthen is the

proportion of house sales to make a profit.

“The number of suburbs to see all sales make a profit continues to trend upwards, rising to 49 suburbs over 2014, up

from 22 a year earlier,” she said.

“While Brisbane is home to more than half of these suburbs, the Toowoomba LGA as a whole has the title for the

highest percentage of profit making sales.

“Ninety-seven per cent of houses sold in Toowoomba over 2014 went for higher than the previous sale price, still just

ahead of Brisbane which recorded 96 per cent of houses sell for a profit.”

 

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