The document provides an overview of the Queensland property market in the June quarter of 2010. It finds that while the market slowed due to interest rate rises, median house prices in most major regions either rose slightly or fell marginally. The Sunshine Coast market bottomed out, and units/townhouses saw solid growth across the state, now comprising 25% of residential property sales. Overall the market remained stable despite negative factors, with confidence expected to strengthen under the new government.
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YO U R STAT E W I D E P R O P E R T Y R E S E A R C H G U I D E - S U B U R B B Y S U B U R B
Y O U R S TAT E - W I D E P R O P E R T Y R E S E A R C H G U I D E - S U B U R B B Y S U B U R B
MARKET
MONITOR
Issue 7 www.reiq.com.au
JUNE QUARTER 2010
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3. MBERS (p)
0,000- ACREAGE HOUSE SALES NUMBERS (p)
$350,000- $500,000-
QUEENSLAND HOUSE SALES
QUEENSLAND HOUSE SALES
00,000- $350,000- $500,000-
9,999 $1,000,000+ TOTAL $0-349,999 $499,999 $999,999 $1,000,000+ TOTAL <$350,000 <$500,000 <$1m $1m+
MAR K ET
99,999 $1,000,000+ TOTAL $0-349,999 $499,999 $999,999 $1,000,000+ TOTAL <$350,000 <$500,000 <$1m $1m+
QUEENSLAND
$1m $1m+
$1m $1m+
693 241 9851 0
2693 241 9851 0
639 260 9416 269 405 489 90 1253 JUN 10 2730 3787 2639 260
MONITOR
2639 260 9416 269 405 489 90 1253 JUN 10 2730 3787 2639 260
54 19 -435
-54 19 -435
E SALES NUMBERS (p) 0
E SALES NUMBERS (p) 0
0,000- $500,000- $1,000,000
50,000- $500,000- $1,000,000
99,999 $999,999
9,999 $999,999 +
+ TOTAL
TOTAL 00
00,000 <$1m $1m+ MAR 10 2902 4015 2693 241
500,000 <$1m $1m+ 00 MAR 10 2902 4015 2693 241
425
1425
469
1469
716
716
733BRISBANE CITY
JUNE QUARTER 2010 STATE-WIDE SUMMARY
733
158
158
124
124
4248
4248
4215
4215
4248
4248
4215
4215
44
44 17
17 -34
-34 -33
-33 -33
-33
SNUMBERS (p)
NUMBERSGladstone’s median house price also decreased – by 2.9 per 00
(p)
50,000- $500,000- $370,000 – over the period but agents said confidence
0,000- $500,000- $1,000,000
cent to $1,000,000 TOTAL
99,999 $999,999
9,999 $999,999 +
+ TOTAL 00 QUEENSLAND UNIT SALES
QUEENSLAND UNIT SALES
remained robust given the opportunities that lay ahead for
500,000 $500,000+
00,000 $500,000+ $1m+
$1m+ TOTAL
TOTAL
97
97 the region with the development of LNG. Investor interest 1845
43
43 15
15 1845
1845 1845 <$250,000
<$250,000 <$350,000
<$350,000 <$500,000
<$500,000 <$1m
<$1m $1m+
$1m+
97
97
00
continued to be strong, especially from other mining regions1852
43
43
0
9
9
-6
1852
1852
7
1852
0 -6 7
of Australia. 00 JUN 10 604 1285 1469 733 124
JUN 10 604 1285 1469 733 124
00
Townsville posted a 1.3 per cent median house price increase00
DENTIAL# (p) $380,000 over the quarter, which was the second strongest 0
to
IDENTIAL# (p) 0
50,000- $500,000- $1,000,000 behind Greater Brisbane. Townsville
0,000- $500,000- $1,000,000
performing major
99,999 $999,999
9,999 $999,999 +
+ 00 MAR 10
MAR 10 597
597 1352
1352 1425
1425 716
716 158
158
693
2693
continues to enjoy some healthy growth given the diversity of
241
241 9851
9851
639
2639 its economy.
260
260 9416
9416
The variety of units and townhouses now available to
Queensland property buyers helped this segment of the
market record solid price growth in many areas over the June QUEENSLAND LAND SALES
QUEENSLAND LAND SALES
TALRES
AL RES quarter. <$250,000
<$250,000 <$350,000
<$350,000 <$500,000
<$500,000 $500,000+
$500,000+ $1m+
$1m+
7207
7207
4882
4882 About 25 per cent of all sales for Queensland residential 43 43
property are now units and townhouses and this number will JUN 10
JUN 10 1422
1422 281 97 97 9 9
281
TALRES
AL RES
100%
increase in the years ahead as more people factor lifestyle,
00%
100%
00% location and affordability into their buying decisions.
43 43
The type of developments now available also caters to MAR 10
MAR 10 1373
1373 317 97 97 15 15
317
many different types of buyers. Across the state, units and
townhouses continue to provide more affordable options
for first home buyers and investors, while prestige buyers are
increasingly spending upwards of $1 million to snare a unit
change as our population grows and demand for property
with unparalleled water or city views.
increases.
The development of high-end unit and townhouse complexes
Mining is also having an impact on demand and on the types
in regional areas is also helping to reshape the traditional
of developments being constructed, so we are seeing an
landscape of these towns.
increase in prestige units in Central Queensland, especially
Where units and townhouses used to be a relative scarcity Gladstone, Mackay and Rockhampton.
in some of our rural and regional centres, this is starting to
SNAPSHOT OF lGA DATA Median land prices
Queensland’s vacant urban land remained steady with the
JUNE QUARTER 2010 HOUSES
number preliminary sales in the June quarter just seven more
LOCAL GOVERNMENT AREA House Change than in the March quarter.
Median over qtr
Across Queensland there were 1,852 preliminary sales of vacant
SOUTHEAST QUEENSLAND
urban land over the June quarter. There was a small shift to
BRISBANE (SD) $460,000 2.0%
land at the affordable end of the market with sales numbers for
BRISBANE CITY $538,250 1.2%
land under $250,000 increasing.
IPSWICH CITY $325,000 1.6%
LOGAN CITY $365,000 -1.4% The potential of the Gladstone region was further evidenced
MORETON BAY REGIONAL $407,000 1.2%
during the quarter with the preliminary number of land sales
more than doubling that recorded during the March quarter.
REDLAND CITY $468,500 -1.1%
GOLD COAST CITY $495,000 -2.2%
SUNSHINE COAST REGIONAL $470,000 -1.3% Median rents
MAJOR REGIONAL CENTRES Median rents for residential rental properties across the State
BUNDABERG REGIONAL $285,250 0.1% recorded minimal price changes over the year to June 2010.
CAIRNS REGIONAL $358,000 -3.2% Some regions reported increases of up to $20 per week over
FRASER COAST REGIONAL $300,000 -5.4% the past year with others remaining flat over the same period.
GLADSTONE REGIONAL $370,000 -2.9% Agents are reporting a mixed-bag in the rental market with
MACKAY REGIONAL $395,000 -2.0% some areas showing a definite easing in demand, while others
ROCKHAMPTON REGIONAL $320,000 -1.5% have witnessed an increase in demand of late, especially from
TOOWOOMBA REGIONAL ~ $285,000 -6.3% would-be first home buyers who are again struggling to get a
TOWNSVILLE CITY $380,000 1.3% foothold in the market.
Issue 7 - June Quarter 2010 page 3 www.reiq.com.au
4. QUEENSLAND
MAR K ET
MONITOR
BRISBANE CITY
Median house and unit prices
Brisbane’s residential property market was hamstrung by a
number of negative influences across the June quarter. BRISBANE CITY HOUSE SALES
<$350,000 <$500,000 <$1m $1m+
Agents reported hesitation amongst buyers as increasing
141
interest rates and economic concerns made decision-making a
low priority. JUN 10 881 1373 141 JUN 1
The Brisbane median house price increased 1.2 per cent to
$538,250 over the June quarter, and was up 11.6 per cent over 127
the year, partly due to the change in the composition of sales MAR 10 863 1259 120 MAR 1
over the 12-month period.
Since the June quarter, agents continued to report indecision
amongst buyers, with many putting off buying until a clearer
picture emerged about the economy and which parties would BRISBANE SURROUNDS' HOUSE SALES
form the new government. BRISBANE CITY UNIT SALES
<$350,000 <$500,000 <$1m $1m+
<$250,000 <$350,000 <$500,000 <$1m $1m+
There remains a healthy dose of enquiry and attendance at
open homes, but very few are buyers who are prepared to take 44
JUN 10 775 1111 424 14 JUN 1
the next step and submit an offer or sign a contract. JUN 10 254 684 282 47 JUN
Stock levels are high with buyers having plenty to choose from.
Vendor expectation appears to have become more realistic 50
and thus lowering their asking prices to meet the market and MAR 10 839 1147 454 13 MAR 1
MAR 10 255 645 242 30 MAR
make a sale.
INCLUDES REDLAND, LOGAN, IPSWICH & MORETON BAY REGIONAL
Some median house price performers in Brisbane over the
June quarter included Stretton, Acacia Ridge and Sunnybank.
GOLD COAST HOUSE SALES
The Brisbane median unit and townhouse price increased 2.5 BRISBANE SURROUNDS' UNIT SALES
per cent to $410,000 over the June quarter.
BRISBANE CITY LAND SALES
<$350,000 <$500,000 <$1m $1m+
<$250,000 <$350,000 <$500,000 $500,000+
20
<$250,000 <$350,000 <$500,000 $500,000+
The highest numbers of preliminary unit and townhouse sales
JUN 10 417 364 54 JUN 1
over the June quarter were located in Brisbane City, New Farm,
JUN 10 102 224 110 45 JUN
Coorparoo, Nundah and Moorooka. JUN 10 54 49 36 15
16
A trend towards high-end units was evident in Brisbane City
with nine preliminary sales of more than $1 million occurring MAR 10 434 422 58 MAR 1
over the quarter. The majority of sales in New Farm were in MAR 10 104 240 101 55 MAR
MAR 10 26 55 47 12
the $500,000 to $1 million price bracket, while it was sales in
the $350,000 to $500,000 range that were more prevalent in INCLUDES REDLAND, LOGAN, IPSWICH & MORETON BAY REGIONAL
Coorparoo, Moorooka and Nundah.
SUNSHINE COAST HOUSE SALES
The new Moorooka Links development – formerly an industrial The most popularGOLD COAST UNIT <$1m Heathwood,
SALES $1m+
suburb<$500,000 sales was
<$350,000 for land
site – is proving popular with interstate investors. The 23km southBRISBANE SURROUNDS' LAND <$1m
<$250,000 <$350,000 <$500,000 SALES
of Brisbane, which recorded 20 preliminary $1m+
46
development includes two and three-bedroom apartments <$250,000 <$350,000
40
sales. Fitzgibbon, 16.5km north of Brisbane, recorded$500,000+
<$500,000 17
ranging in price from $400,000 to $520,000. JUN 10 348 226
sales JUN the Fitzgibbon Chase subdivision, which is a state
in 10 JUN 1
123 428 405 258 46 JUN
government affordable housing initiative with the Urban Land
Vacant land prices andJUN 10 50
Development Authority. Durack, 17km south41 the city, 3
417 of 96 27
recorded 15 sales and396 lowest median at $203,000.
MAR 10 the 290 MAR 1
The median price of vacant urban land in Brisbane decreased MAR 10 99 415 407 278 91 MAR
7.8 per cent to $299,500 over the June quarter and increased
2.2 per cent over the year. Median rents
MAR 10 418 106 17 8
There were only 154 preliminary sales of vacant urban land in The median rent for a two-bedroom unit increased $10 per
the Brisbane local government area over the quarter which week to $360 between June 2009 and June this year. The
INCLUDES REDLAND, LOGAN, IPSWICH & MORETON BAY REGIONAL
highlights the severe lack of land available for new homes in median rent for aSUNSHINE COAST UNIT SALES $10 per
three-bedroom house increased
the Brisbane City Council area. By contrast, there were about week to $380 over the same period. <$500,000
<$250,000 <$350,000 <$1m $1m+
3,850 preliminary sales of houses and units and townhouses in GOLD COAST LAND SALES
Queensland Office of Statistical and Economic Research
Brisbane over the same period. residential <$250,000
rental vacancy<$350,000 <$500,000 $500,000+
rates recorded a slight easing of
JUN 10 45 139 146 87 19 JUN
demand in Brisbane over the June quarter. The vacancy rate
increased to 3.9 per cent from 3.8 per cent in March.
JUN 10 83 41 8 14
Issue 7 - June Quarter 2010 page 4 MAR 10 44 163 145 www.reiq.com.au
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