Demand for housing, units, and land have declined across the June quarter, the Queensland Market Monitor has revealed.
Despite the slow market, Queensland’s house prices are proving strong, reflecting the state’s ongoing consistent growth and highlighting the state’s resilience when compared with more volatile markets, such as Sydney and Melbourne.
“Real estate experts and commentators have been predicting an upward swing within the Queensland property market for some time now,” says REIQ CEO Antonia Mercorella.
Brisbane
Brisbane’s housing market has been modest over the past year, with the Queensland Market Monitor reporting a marginal annual growth of 0.7 percent. Over the year, the median sales price for Brisbane homes increased by just $5000, from $675,000 to $680,000.
It was a gloomier story for the unit market though, with median sale prices down by 2.2 percent, from $450,000 to $440, 000.
Despite an increase in unit and apartment complex development, data collected over five years confirms the Queensland population’s preference for freestanding property.
In the past five years, median sales have seen a 21.9 percent growth for houses, well ahead of the unit market, which increased by a more modest 2.3 percent.
Brisbane LGA was the fastest-selling suburb for houses in the June quarter with 34 median days on market.
Source: REIQ Journal October 2019
