Sunday, February 17, 2013

REIQ is Upbeat

From an REIQ press release issued today regarding Queensland houses (not apartments):

The Queensland real estate market maintained its momentum during the last three months of 2012, according to the Real Estate Institute of Queensland (REIQ).

The REIQ December quarter median house price report, released today, showed sales activity was robust for the historically quieter December quarter.  Compared to the same quarter in 2011 the preliminary numbers of house sales in Queensland increased by 8 per cent in the December quarter last year.

REIQ CEO Anton Kardash said the latest quarterly result demonstrated that the second half of 2012 was one of improvement.  “This is the second consecutive quarter where the market has exceeded expectations.  Historically the December quarter is quieter than the September quarter - and we did have a very strong September quarter last year - but what these figures are showing us is that buyers continue to be more active than the year before.  There is no doubt that the Queensland market is improving due to the low interest rate environment, increasing confidence levels, an element of pent-up demand, as well as a more settled economic outlook here and overseas." 

The Brisbane median house price increased 0.4 per cent to $510,000 over the quarter – the second quarter of positive price growth. The numbers of house sales also increased 8 per cent compared to the same period the year before.

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