With mixed and often conflicting views on the state of the property market, it can be understandably difficult to gauge the strength of the market, both currently and into the future.
Our advice in these times is to seek out reputable industry statistics, so you can be sure you’re getting an objective view of your market’s performance.
REIQ recently published their latest wrap on the Queensland market, so we thought we’d filter through and bring you the highlights.
The data is indicating that the Queensland property market has been a solid performer over the last 6 months, in contrast to the more sombre situation unfolding in the southern states.
Median house and unit prices rose by 3.23% and 2.17% respectively during the first three months of the year, according to REIQ.
For houses, the strongest performing LGA during the quarter was Noosa, recording a whopping 15.38% quarterly rise to an eye-watering median of $1.5 million.
Noosa was followed by Logan with a 7.75% quarterly increase to a $598,000 median, followed by Toowoomba (up 6.67% to a $480,000 median), Gladstone (up 6.58% to a $405,000 median), and Ipswich (up 6.38% to a $500,000 median) to round out the top five major LGAs with the biggest increases in average prices during the period.
Commenting on the figures, REIQ chief executive Antonia Mercorella said that ‘the state’s growth would not end in the latest quarter, stating that Queensland is currently positioned for further growth.’
Whilst not seeing the unprecedented highs of 12 months ago, this is a great sign for our local market.
If you are thinking of buying or selling, we’re here to help you through the journey and achieve the best result. Call us on 5430 0888 or email info@amberwerchon.com.au to speak with one of our team.
Please see the link below to read the entire REIQ article