One year on from the floods and Cyclone Yasi, the Queensland residential property market has stabilised, according to the Real Estate Institute of Queensland (REIQ). The REIQ December quarter median house price report found property prices in South East Queensland recording mostly steady results, while the strong resources sector is driving demand and price growth in Central Queensland and the Darling Downs.
Over the December quarter, the median house price in Brisbane recorded a negligible fall of 0.2 per cent to $499,000 - the lowest fall in our capital city’s house price since September 2010. Across Queensland, investor and first home buyer activity continues to strengthen with buyers recognising that prices have plateaued in many areas. REIQ CEO Anton Kardash said the improving results showed that our state had begun to move on from 2011.
‘‘Last year was a very tough one for everyone in Queensland with the series of natural disasters having a drastic impact on our economy as well as on confidence levels overall,’’ he said. ‘‘With the first anniversary of these events now passed, it certainly appears that Queenslanders are feeling more optimistic about the future and this is starting to have a positive effect on our property market. While it was too soon for the two interest rate reductions in November and December last year to be reflected in these results, we anticipate more positive news on our property market in the months ahead as these rate cuts flow through our wider economy.’’