The document summarizes Queensland property market trends in the December 2009 quarter. Key points:
- Median house prices increased across most of Queensland as the number of first home buyers declined. Fewer affordable properties sold, pushing median prices up.
- Brisbane's median house price rose 8.1% to $535,000. Bundaberg saw the largest increase of 9.7% to $295,000 due to reduced affordable stock and competition among buyers.
- The number of preliminary house sales under $500,000 dropped 22% while units/townhouses declined 28%. Total house sales fell 16% and units 24%.
- First home buyers comprised just 17% of the market, down from
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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 5 - March 2010 www.reiq.com.au
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3. QUEENSLAND
MAR K E T
MONITOR
BRISBAnE CITY
DECEMBER QUARTER 2009 STATE-WIDE SUMMARY
PRICE Brisbane had the second highest median house price increase
POINTS
PRICE overPOINTS QLD - House Sales
MBER OF SALES the quarter. % OF TOTAL SALES
<$350k $350k+ $500k+ $1m+
SEP 09
PRICE POINTS JUN 09 DEC 09 SEP 09
The Bundaberg residential propertyTOTAL SALES JUN 09 QLD - House Sales
MBER OF SALES
4475 4908 29% % OF market regained lost
34% 36% -1204
4908
SEP 09 ground JUN 09the December quarter SEPpost a 9.7 per cent
5529 over
5753 DEC 09
40% to 09
42% JUN 09
42% -1027 <$350k $350k+ $500k+
QLD - House Sales $1m+
UMBER OF SALES
2997 median house price increase to% OF TOTAL SALES the20% major
4475 4908
2797 29%
28% $295,000 to be 36%
34%
23% top -1204
136 JUN 09 5753 2797 234
4908
<$350k $350k+ $500k+ $1m+
SEP 09
290 regionalJUN 09
5529
4475
2997
performer. The3%09 follows34% of 4.9 per cent in the -1027
5753
234
4908
2797
DEC
40%
result
29%
28%
SEP 09
42%
2% fall
a
23%
JUN 09
42%
2%
36%
20%
9
-1204
136 JUN 09 4475 5753 2797 234
13291 13692 -2086 4908
290 previous5753
5529 -3% quarter.
234 40%
3% 42%
2% 42%
2% -1027
9 SEP 09
4475
5529 2997 290
2997
13291 2797
13692 28% 23% 20% 136
-2086 JUN 09 5753 2797 234
MBER OF SALES % OF TOTAL SALES
290 Bundaberg’s spike in median house SEP 09 partially2%
SEP 09 -3% 234
JUN 09 3%
DEC 09
can be
2% attributed
JUN 09 9 SEP 09 3271
4475
5529 2997 290
MBER OF SALES reduction of affordable housing stock in the17%
13291 to the 13692
1052 1044 14% % OF TOTAL SALES
17% final -2086 DEC 09 4502 3133 299
SEP 09 3271 5529 2997 290
2070 -3%
SEP 09 monthsJUN 2009 which31%
of 09
2252 DEC 09 SEP 09
33% JUN 09
resulted in healthy competition
37%
UMBER OF SALES
1052 1044 14% % OF TOTAL SALES
17% 17%
DEC 09 4502 3133 299
2069 1851 33% 33% 30%
SEP 09 amongst87409 buyers, especially first-timers. 09 3271
2070
992 JUN
2252 DEC 09
31%
18% SEP
33%
16% JUN 09
37%
14%
1052
2069 1044
1851 14%
33% 17%
33% 17%
30%
DEC 09 4502 3133 299
183 Similar to other areas of the State, the number of first home
136 4% 3% 2%
2070
992
6366 2252
874
6157 31%
18% 33%
16% 37%
14% QLD - Unit Sales
2069 buyers in136
183 Bundaberg has reduced dramatically over2%
1851 33%
4% 33%
3% 30%recent
6366 months as financial incentives toOF TOTAL SALES
992
MBER OF SALES 874
6157 18% % buy16% wound back and
are 14% <$250k QLD
$250k+ - Unit Sales
$350k+ $500k+ $1m+
183 136
SEP 09 interest JUN 09 begin toDEC 09 4% 3% 2%
rates rise again. SEP 09 JUN 09
6366
MBER OF SALES
2938 6157
2829 73% % OF TOTAL SALES
73% 75% JUN 09
<$250k
1044 QLD
$250k+
2252 - Unit Sales $500k+
$350k+
1851 874
$1m+
136
SEP 09 There has been a marked09
728 JUN 09
652 DEC increase in18% number of second
16% SEP 09
the JUN 09
17%
UMBER OF SALES
2938
233 2829
174 73% % OF TOTAL SALES
73% 75% <$250k $250k+ $350k+ $500k+ $1m+
SEP 09 and third65209
728
90 JUN generation buyers since the beginning of5%09 year.
88
7%
DEC 09
16%
3%
6%
SEP 09
18%
2% JUNthe
17%
2%
JUN 09 1044 2252 1851 874 136
SEP 09 1052 2070 2069 992 183
2938 Investors,29
233
50 especially, are7%
2829
174 1%showing a lot of interest given the
73% 73%
6%
1% 75%
5%
1% JUN 09 1044 2252 1851 874 136
728 652
3772 16%
4039 affordability of property in the region.
90 88 3% 18%
2% 17%
2% SEP 09 1052 2070 2069 992 183
233
50 174
29 7%
1% 6%
1% 5%
1% DEC 09 651 1498 1603 887 181
4039 Queensland’s unit and townhouse market also keenly felt the
90 88
3772 3% 2% 2% SEP 09 1052 2070 2069 992 183
50
4039
retreat of 29 home buyers with higher median prices but
first
3772
1% 1% 1% DEC 09 651 1498 1603 887 181
SEP 09
SEP change over qtr
much lower preliminary sales numbers.
10004 -22% DEC 09 651 1498 1603 887 181
SEP 093287 change over qtr
SEP 4% QLD - Land Sales
13291 10004 recent batch of interest rate rises, even though inflation
The -22%
-16%
appears to presently be under control, has obviously had an
SEP 093287 change over qtr
SEP 4%
<$250k QLD
$250k+ - Land Sales
$350k+ $500k+ $1m+
13291 10004 change the Queensland market with sales numbers well
SEP 09 impact onover qtr -22%
-16% 88
5191 3287 -28% 4%
<$250k QLD
$250k+ - Land Sales
$350k+ $500k+ $1m+
13291
below what they were during the global financial crisis last JUN 09 2829 652 174 29
SEP 09
1175 -9% -16%
change over qtr <$250k $250k+ $350k+ 88
$500k+ $1m+
6366 year.
5191 -28%
-24% JUN 09 2829 652 174 9029
SEP 09
1175 change over qtr
-9% SEP 09 2938 728 88
233 50
6366 Cairns’ was the top performer of Queensland’s major regions
5191 -28%
-24% JUN 09 2829 652 174 9029
1175 with a median unit and townhouse price increase of 9.1 per
-9% SEP 09 2938 89 728 233 50
6366 cent to $265,000 over the December quarter.
-24% DEC 09 2227 504 42 90
SEP 09 2938 89 728 233
200 50
As with house sales, preliminary unit and townhouse sales DEC 09 2227 504
89
42
numbers were also down for the quarter, recording 300 sales. 200
DEC 09 2227 504 42
Demand in the Cairns unit and townhouse market has been 200
driven heavily by investors over the quarter, while first home
buyers looked towards this segment as the more affordable
option in their ongoing quest to own their first piece of real
estate.
Median land prices Median rents
About 8,000 First Home Owner Boosts (FHOB) were paid to The Queensland rental market has adapted to its new level of
Queenslanders to build their first home while the government demand following the large number of renters who exited the
initiative was available in late 2008 and 2009. By comparison, market during 2009 to buy a home.
about 35,000 FHOB’s were paid to first-time buyers of existing
property over the same period. The State’s continued population growth shows no signs of
abating, however which ensures that vacancy rates will likely
While this initiative certainly helped underpin the new improve over the short to medium term given this sustained
home market – and safeguard jobs - during the economic level of demand.
uncertainties of the past 18 months, rising interest rates and
continued supply constraints have resulted in the preliminary Across the State, most major regions posted small median rent
number of sales of vacant urban land across Queensland increases over the 2009 calendar year.
decreasing 24 per cent over the period.
Issue 5 - March 2010 page 3 www.reiq.com.au
4. QUEENSLAND
MAR K E T
MONITOR
BRISBAnE CITY
Median house and unit prices
Brisbane’s median house price soared 8.1 per cent to $535,000 Brisbane City - House Sales
over the December quarter on the back on of a dramatic
decrease in preliminary sales under $500,000. <$350k $350k+ $500k+ $1m+
265 127
Over the year, Brisbane’s median house price was steady
JUN 09 1709 1468
recording a 0.3 per cent increase.
254 136
Compared to the September quarter, the number of house
sales under $500,000 dropped 27 per cent. The total number of SEP 09 1358 1409
preliminary sales was also down by 11 per cent over the period. 135 174
There was a slight increase in sales to up-graders over the DEC 09 1036 1444
period, with many having sold to first-home buyers, now
seeking to buy in the $500,000 to $1 million price bracket.
This trend is reflected in the results with some of the strongest
Brisbane Surrounds--Unit Sales
Brisbane City House Sales
performers being suburbs usually preferred by second and
third home buyers. <$350k
<$250k $350k+
$250k+ $500k+
$350k+ $1m+
$500k+ $1m+
89 1600 21 39
Bridgeman Downs recorded a 12.9 per cent median house
price increase to $755,000 and was also up 9.1 per cent over JUN 09
JUN 09 698 1004
1831 334
506
the year. 76 1308 12 51
Bridgeman Downs is a relatively new outer northern suburb SEP 09
SEP 09 521 944
1586 467336
of Brisbane, about 14.5km from the CBD. In recent years it has 41 935 2052
raised its profile by transforming areas of open forest into up- DEC 09
DEC 09 341 742
1278 312
490
market contemporary housing, especially on large estates.
The south-eastern pocket of suburbs of Bulimba, Cannon Hill
and Carina also performed well over the period up 13.8 per
cent, 13.6 per cent and 10.4 per cent respectively. Gold Coast City Land Sales
Brisbane City - - House Sales
Brisbane Surrounds- Unit Sales
The Brisbane median unit and townhouse increased 2.7 per <$250k
<$350k $250k+
$350k+ $350k+
$500k+ $500k+
$1m+
<$250k $250k+ $350k+ $500k+ $1m+
cent to $400,000 over the period. Yet again sales numbers were 46 79
down markedly with the total number of preliminary sales JUN 09
JUN 09
JUN 09
54
243 810 173
381 520 48 164
15
5110
down 22 per cent over the December quarter. Preliminary sales
35 77
under $500,000 also decreased by some 25 per cent over the
SEP 09
SEP 09 98
188 678 172
522 67 55 19
period. SEP 09 335 141 7
Solid performers included the inner-city suburb of Fortitude 33 52
Valley, up 8.8 per cent over the quarter to $421,000, and up 7.9 DEC 09
DEC 09
DEC 09 29
119 483 103
242 51
511 13 56 4
140
per cent over the year.
Indooroopilly also recorded healthy growth with an 8.6 per
cent increase to $472,500 over the quarter, and up 12.4 per rents Coast--House Sales
Toowoomba Unit Sales
Median Brisbane Surrounds - Land Sales
Gold
cent over the year. <$350k $350k+ $500k+
The Brisbane rental market has $350k+ to$500k+ balanced
<$250k
<$250k $250k+
$250k+ returned $500k+ $1m+
$350k+ a more
500
state over the past year with its vacancy rate now sitting at 3.8
Median land prices 28
per cent, 236
JUN 09
JUN 09 according 771figures from the Office of Economic and
to 795 541 117 31
385 68
174 21
The paucity of affordable vacant urban land in the Brisbane Statistical Research. Inner Brisbane has felt the reduction of
439
local government area and the reduction of the FHOB saw the 35
renters more keenly than other parts of Brisbane, recording a
SEP 09
SEP 09 190 641 640 646 130 28
361 83
preliminary number of sales plummet by a staggering 40 per SEP 09 184 12
vacancy rate of 4.4 per cent for the December quarter.
cent over the December quarter. 352 30
The number of bonds lodged reflects this lower demand
While middle-ring suburbs such as Calamvale and Moggill DEC 09 112
DEC 09
overall, 476 578 427 116
DEC 09 down about 15 per cent313 135 47December 2009
89
between 8
performed well over the period – up 7.7 per cent and 5.1 per and December 2007. While there has been a reduction in
cent respectively – the fact that the median price for vacant the number of renters in the market, median rents fared well
urban land in Brisbane now sits at $311,500 means that this with an increase of $10 per week to $370 for a three-bedroom
segment of the market is only really attainable for people house in Brisbane andCoast --Land $5 per week to $355 for a
Gold an increase of Sales
Toowoomba Unit Sales
upgrading to a new home with all the mod cons after selling two-bedroom unit<$250kthe $250k+ period.
<$250k over $250k+
same $350k+ $500k+
$500k+
an established property.
JUN 09 273 96 9 16
JUN 09 103 45 2
Issue 5 - March 2010 page 4 www.reiq.com.au