Showing posts with label reiq. Show all posts
Showing posts with label reiq. Show all posts

Sunday, June 18, 2017

REIQ Quarterly Report

The real estate agent's industry group, REIQ, released a report this week into the Queensland residential property market.  From the REIQ press release, which is always somewhat optimistic:

"THE house market has rebounded from a period of low listings with a surge of stock, in some markets as much as 100 per cent more in the March quarter, according to the REIQ’s March Quarter Queensland Market Monitor.

Looking at southeast areas where the market is performing well, the Gold Coast and Sunshine Coast were the two strongest performing markets in Queensland again this quarter, outperforming Brisbane (as they did last quarter).

The Sunshine Coast continues to grow and, along with the Gold Coast, these centres formed the top two most popular migration destinations for people moving within Australia in 2016.   More than 12,000 people moved to these two coastal destinations (excluding overseas immigration) last year, according to ABS data.

Noosa was the top annual median house performer with an annual growth of 9.2 per cent compared with March 2016. This has positioned Noosa as the second-most expensive house market with an annual median sale price of $615,000.

The unit market over the past 12 months has begun to show signs of easing, with the annual median unit price falling 1.9 per cent to $445,000.  However, that slight easing doesn’t represent the whole story for Brisbane’s unit and townhouse market.

There are suburbs that have done well this quarter, including Albion (up 5 per cent since December), Bulimba (up 26.8 per cent this quarter), Indooroopilly (up 18.5 per cent), New Farm (up 7.5 per cent), Rochedale (21.1 per cent), Taringa (4.8 per cent) and Toowoong (up 3.2 per cent since December).  [Editor note:  this is likely because of new apartments being sold for the first time, not price increases in existing apartments.]
  
Brisbane LGA suburbs where units have done well over 12 months and five years include:
  • ·       Annerley
  • ·       Balmoral
  • ·       Bridgeman Downs
  • ·       Coopers Plains
  • ·       Coorparoo
  • ·       Darra
  • ·       Greenslopes
  • ·       Highgate Hill
  • ·       Manly
  • ·       Manly West
  • ·       Mount Gravatt
  • ·       Norman Park
  • ·       Red Hill
  • ·       Richlands
  • ·       Rochedale
  • ·       Toowong
  • ·       Wakerley
  • ·       Wynnum

Units are becoming more popular with Queenslanders. CoreLogic has reported that 17 per cent of Queenslanders live in an apartment, just behind New South Wales’ 22 per cent and ahead of Victoria’s 15 per cent.

“The REIQ is confident the long-term future of apartments is secure and particularly in the inner-city where such exciting projects as Queen’s Wharf and the Howard Smith Wharves are adding to the night-time economy of inner Brisbane.  Added to South Bank, Milton’s Caxton Street and the Barracks, the West End, and Eat Street Markets, this is a diverse and vibrant inner-city and the demand for inner-city apartments will continue to grow over time,” Ms Mercorella from REIQ said.

Friday, June 16, 2017

REIQ says Brisbane apartment market is oversupplied

The REIQ reports, unsurprisingly, that the supply of apartments in Brisbane is showing an upwards trend, and is an oversupplied market.  I suspect the trend is that things will get worse for sellers, rather than better, over the next 12 months.

Thursday, June 15, 2017

REIQ says Brisbane apartment market is falling

According to the REIQ, which is a real estate agents' industry group, the Brisbane apartment market is falling.


Monday, February 8, 2016

Brisbane Vacancy Rate Increases

According to the REIQ, the rental vacancy rate in the inner city of Brisbane is almost double that of the middle ring:

The REIQ Rental Report has revealed a higher vacancy rate in inner Brisbane as the supply of new apartments edges the 0-5km ring into weak territory for the December quarter.
The inner Brisbane vacancy rate reached 3.8%, up from 3.4% in the September quarter.
In contrast, the more affordable middle ring of 5-20kms tightened as the more affordable dwellings attracted residents, going from 2.4% to 2.1%.

Friday, October 31, 2014

Brisbane rental market

From an REIQ press release that was issued today:

Rental markets remain tight in southeast Queensland and the state’s major tourism centres according to the latest REIQ Residential Rental Survey, conducted at the end of September.

REIQ CEO Antonia Mercorella said the survey showed vacancy rates remained relatively steady across most parts of the state, with improvements in some key regional markets.  Ms Mercorella said only four of the 16 major regions in Queensland recorded a significant change in vacancy rates, with something of a two-tier affect still evident in the State’s rental market.

Ms Mercorella said at the end of September, the Brisbane City local government area (LGA) recorded a vacancy rate of 2.3 per cent, relatively unchanged since the end of June.

“Brisbane’s middle to outer suburbs – those 5-to-20km from the CBD - recorded a slight easing in vacancy levels, up 0.2 percentage points to two per cent at the end of September.  The city’s inner suburbs, on the other hand, recorded a vacancy level of 2.9 per cent, down from 3.4 per cent at the end of June.  Median weekly rents from the Residential Tenancy Authority (RTA) for the September quarter show relatively steady rents across the Brisbane City LGA.”

Ms Mercorella said Queensland’s tourism centres continued to record tight rental conditions.

“On the Sunshine Coast, the vacancy rate is at one per cent, the lowest of any major region in the state,” she said.  “Population growth and a lack of investor activity are contributing to these tight conditions, particularly in hinterland areas where agents are struggling to find enough rental properties to meet demand.

Tuesday, August 19, 2014

Buyer Misses Out Because Notice sent to real estate agent

A recent Supreme Court of Queensland case shows that it is important to be precise when following contractual provisions.  A buyer and seller sign an REIQ contract of sale.  The contract includes a provision that the buyer must give notice to the seller that the building and pest inspection has been satisfied by 5pm on a particular day, and if such notice is not given by this time, then the seller can terminate.  The contract says that notice can be given by fax to the seller or the seller's solicitor.

The buyer's solicitor gave notice at 4.57pm to the seller's real estate agent, not the seller's solicitor.  So the seller terminated the contract at 5.07pm.  This termination by the seller was considered to be valid.

See Simpson v. Jackson [2014] QSC 191

Monday, April 21, 2014

Vacancy Rate and Rents Fall in Brisbane

Recent Press Release from REIQ:

The majority of Queensland’s rental markets have returned to tighter conditions, according to the REIQ’s latest Residential Rental Survey.

REIQ CEO Anton Kardash said the survey, carried out in March across all REIQ accredited agencies, found that the majority of the state recorded lower vacancy rates compared to three months ago.

“Queensland is seeing a return to a tighter rental market,” he said. “Stronger tenant demand and a decrease in the availability of stock are the common themes across the State.”

In Brisbane, the overall vacancy rate for the metropolitan area was back down to 2.3 per cent, as seen at the end of September last year.  Excluding the spike recorded in December, the Brisbane vacancy rate has been around the 2 to 2.3 per cent mark for over 12 months now.  As expected, the Brisbane inner city rental market returned to a healthier vacancy rate following a spike in December.  This is reportedly the result of easing asking rents to ensure vacancies are refilled quickly and also to compete with the new stock on the market. ...

Despite increased investor activity across Queensland in recent months, local agents report an increased number of sales of former investment properties to owner-occupiers, reducing the overall rental pool in some areas.


Sunday, March 9, 2014

REIQ reports improving market for apartments in last quarter of 2013

The median price of units and townhouses across South East Queensland grew over the December quarter, according to the Real Estate Institute of Queensland (REIQ).

The REIQ’s latest Queensland Market Monitor (QMM), released 28 February 2014, also found the preliminary numbers of unit sales increased six per cent over the year.

REIQ CEO Anton Kardash said the unit market was continuing to improve in-line with the house sales market – albeit centred around the southeast corner.

“A key difference between the Queensland house and unit markets is that predominantly the lion’s share of these types of properties are located in the southeast as that is where demand for housing is the greatest,’ he said.

“In fact, demand for units in Brisbane has resulted in record numbers of off-the-plan sales lately. According to recently-released research, more than 1,000 new apartment sales were transacted in the December quarter – the highest level since 2002.”

Click on chart to make bigger:


The most sales where in the Brisbane CBD, followed by New Farm, Nundah and St Lucia.

The largest one year change to the median price were in Wynnum West, Highgate Hill, Windsor and Paddington.  The worst performing suburbs were Northgate and Kedron.

Saturday, February 22, 2014

Housing Market in Qld strongest in years, says real estate agents

From an REIQ press release yesterday concerning houses (not apartments):

"The numbers of house sales across Queensland peaked at the end of last year as well as recorded healthy price growth, according to the Real Estate Institute of Queensland (REIQ).

The REIQ December quarter median house price report, released today, found that the volume of house sales hit its annual peak of activity in the last three months of 2013. The numbers of sales was also one of the healthiest quarterly periods for a number of years.

REIQ CEO Anton Kardash said not only could the December quarter claim to be the third strongest in as many years, it was also firming without the aid of extraneous stimulus measures."

Friday, January 31, 2014

Vacancy Rate Increases for inner Brisbane


As the Queensland sales market kicks into gear, pressure on the rental market has eased according to the Real Estate Institute of Queensland (REIQ).

The REIQ Residential Rental Survey, carried out in December across all REIQ accredited agencies, found the majority of the State recording higher vacancy rates compared to the previous three months.  REIQ chairman Rob Honeycombe said that it was usual for one market to thrive more than the other.

“Over the past few years, it has been the rental sector which has been the better-performing segment of the market,” he said.  “Now while the sales market returns to healthy levels of activity after a period of subdued volumes, the rental market is experiencing a slight easing of vacancy rates after a long period of tight rental conditions. The rental market is also cyclical with January and February being the peak periods for demand.  While rental markets within the mining regions are struggling with both supply and demand imbalances, the outlook for the rest of the Queensland rental market remains positive as business returns to normal now the Christmas holidays have passed.”  

According to the survey data, over one third of REIQ member agencies reported an increase in investor activity which subsequently added stock to the rental pool.  In addition to this, the end of the year is historically a period of lower tenant demand with many vacating over the Christmas and New Year periods, usually in a move to another area for either work or educational reasons.  Over recent weeks, however, there has been an increase in enquiry and demand from tenants as is usual for January.

In the Brisbane City local government area, the vacancy rate as at the end of December was 3.2 per cent, up from 2.3 per cent at the end of September. A vacancy rate of around 3 per cent however is deemed to represent healthy levels of supply and demand.

Across Brisbane the results are varied. Inner Brisbane - suburbs within 5km of the CBD - recorded the highest increase, up 1.7 percentage points to 4.1 per cent.

“Local agents have reported a slight oversupply of rental properties with a number of new developments coming onto the market,” Mr Honeycombe said.  “Also at the end of the year we generally experience lower tenant demand as residents vacate for work transfers or the end of the university year. From mid-January, demand increases again as tenants begin their search for their new property.”