Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Market on Road to Recovery

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Market on Road to Recovery

Article excerpt

QUEENSLAND'S residential property market has regained some of the ground it lost following the natural disasters earlier this year, according to the Real Estate Institute of Queensland (REIQ).

The REIQ June quarter median house price report found that preliminary sales numbers in many areas across the state are on the road to recovery. However, property price growth remains relatively subdued.

While the preliminary number of house sales in Brisbane over the June quarter was up 7% compared to the March quarter, the standout for increased house sales in South East Queensland was the Logan region, which recorded a 22% increase over the period.

Gladstone is the top performer again for price growth across the state, with its median house price increasing 6.1% to $440,250 over the quarter. The region has recorded an impressive median house price increase of 10.8% over the year ending June.

REIQ chairman Pamela Bennett said the strength of Queensland's resources sector would underpin the Queensland property market more broadly from the second half of next year or early 2013.

Yet across the state, buyers continue to be mostly hesitant, given the steady stream of poor economic indicators being released here and overseas.

The high Australian dollar also continues to have an impact on Queensland's premier tourist destinations, with sales numbers down 9% and 10% on the Gold Coast and Cairns respectively over the quarter. Sales on the Sunshine Coast, however, were up slightly over the same period.

aThe Queensland property market continues to be impacted by lower consumer confidence and the uncertain nature of the global economic situation, including the recent pronounced stock market jitters around the globe,a REIQ managing director Dan Molloy said.

aThe number of buyers active in the Queensland marketplace is still well below long-term averages and until there is more certainty surrounding interest rates and the global financial landscape generally this circumstance is unlikely to turn around before next year.a

The Sunshine Coast median house price remained stable at $450,000 for the June quarter, with preliminary sales numbers also holding steady. …

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