REIQ Unit Report - June quarter 2013

The lobby group for Queensland Real Estate agents, the REIQ, issued the following press report and data today:

The sales of units and townhouses across Queensland have risen dramatically compared to last year, according to the latest data.  The Real Estate Institute of Queensland (REIQ) June quarter median unit and townhouse price report, released today, found the preliminary volume of sales increased nearly 40 per cent between the June quarter this year and the same period last year.  Sales of units and townhouses across the State have also grown by 15 per cent compared to the March quarter this year.

REIQ CEO Anton Kardash said the Queensland unit market was mirroring the burgeoning strength of the housing market.  “Both the unit and house markets are gathering steam with sales volumes much improved on the same periods in 2012,” he said.  “What is also interesting to note is that the preliminary numbers of unit sales this quarter were only marginally lower than during the strong spring selling season last year. That is, there were only 66 fewer sales this quarter than in the September quarter last year.  In fact, the June quarter is usually the weakest of the four quarters throughout the year. Over the last 12-month period, however, this quarter was actually the second strongest and very nearly wore the crown as the stand-out three-month period of unit sales activity.”

In Brisbane, the numbers of unit and townhouse sales increased 26 per cent compared to the June quarter last year and were up 21 per cent compared to the March quarter this year.  In Brisbane, the median price dipped by 1.3 per cent to $395,000, which is a result that can be classed as steady. Over the year ending June, its median price was down by 0.8 per cent.  Top Brisbane performers which posted median price growth over the quarter and the year included Kangaroo Point, Nundah and West End.

On the Sunshine Coast, there was a significant shift in demand for lower priced properties over the quarter which resulted in the region’s median unit price decreasing. The numbers of unit sales, however, increased significantly compared to the same period last year." 

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REIQ reports that apartment demand is increasing

Sales of units and townhouses across Queensland have strengthened further over the last year, according to the latest Real Estate Institute of Queensland (REIQ) data report.  Over the March quarter, the preliminary numbers of unit sales in Queensland increased by 2 per cent compared to the same period last year.

But it is sales in our major tourism centres of Cairns and the Gold and Sunshine coasts that are the real story with sales sky-rocketing over the past year in these areas.

“The popularity of units and townhouses in our major tourist precincts has returned,” REIQ CEO Anton Kardash said.  “These areas have experienced the highs and lows of the GFC, and the strength of the Aussie dollar, more than most over the past four years so it is heartening to see them stepping back into the light.  Many of these areas have also become more affordable, even those with unique seaside locations, so this is no doubt spurring buyers into action before the tide has turned to the positive completely.” 

In Brisbane, the median unit price was steady at $390,000 over the March quarter. Solid performers over the period were Upper Mount Gravatt and Kelvin Grove which posted price growth of 9.6 per cent and 8.8 per cent respectively. 

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REIQ Reports that apartment activity grew at end of 2012

Queensland units and townhouses have followed the positive lead of the house market, according to the latest Real Estate Institute of Queensland (REIQ) data.

The REIQ’s December Queensland Market Monitor (QMM), released today, showed the numbers of unit and townhouse sales across the State continued the property market’s upward trend compared to the year before.  The numbers of unit and townhouse sales increased 8.9 per cent in the December quarter 2012 compared to the same period in 2011.

REIQ CEO Anton Kardash said the driving force behind the improving sales volumes was the southeast corner.  “Compared to the December quarter in 2011, the numbers of sales in Brisbane and the Gold and Sunshine coasts continues to trend upwards, which of course partly reflects the concentration of, and demand for, these types of properties in South East Queensland,” he said.

“Also this quarter, there has been an increase in the numbers of affordable unit sales across the State, especially for properties priced between $250,000 and $350,000, as buyers take advantage of some attractively-priced properties.  And Brisbane has posted its second quarter where the annual median price change has been in the positive, which is another sign that prices are heading in the right direction once more.”

According to the QMM, the numbers of sales in Brisbane was up 16 per cent compared to the December quarter in 2011; sales on the Gold Coast were up 8 per cent; and on the Sunshine Coast, the sales numbers increased an impressive 23 per cent over the same periods.

“The median price of units and townhouses on the Sunshine Coast also increased 1.1 per cent to $328,500 over the quarter with Noosa Heads and Noosaville also both recording price growth,” Mr Kardash said.

The Brisbane median unit price decreased 4 per cent to $389,000 over the quarter but posted an increase of 0.3 per cent over the year ending December. Over the period there was also a marked rise in the numbers of sales between $250,000 and $350,000 which reduced the overall median price.

“Inner Brisbane suburbs continue to do well with median prices in New Farm and South Brisbane all posting solid price growth,” Mr Kardash said. 

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.

Rental Demand Strong, says REIQ

Extract from REIQ Press Release:

Demand for rental properties remained strong across Queensland during the last three months of 2012, according to the Real Estate Institute of Queensland (REIQ).  Results from the REIQ December vacancy rate survey, released today, found that rates remained tight during what is historically the lowest period for rental demand annually.  REIQ CEO Anton Kardash said Queensland’s rental market had been a story of more demand than supply throughout 2012.

“As the year progressed, it became apparent that the continued robust demand for rental properties was not going to ease anytime soon.  While sales in the property market did begin to improve in the second half of last year, the removal of the First Home Owners Grant in mid-October resulted in a large number of would-be home buyers remaining in the rental market at the tail-end of last year.”

According to the latest Australia Bureau of Statistics (ABS) housing finance figures, the numbers of Queensland first home buyers slumped 33 per cent between October and November last year.

At 2 per cent, the REIQ figures showed that Brisbane’s vacancy rate remained well under the level of a balanced rental market at the end of December. 

Rental Demand in Brisbane

From an REIQ press release:

As we head into the peak demand period for rental properties it is important for tenants to understand the attributes of successful rental applications, according to the Real Estate Institute of Queensland (REIQ).  Starting in January, demand for rental properties increases across the State.  Demand historically peaks during February and March when, based upon historical Residential Tenancies Authority data, leases for about 40,000 rental properties will be negotiated in just two months.

According to rental listings by REIQ accredited agencies on reiq.com, there are currently about 13,000 properties available for rent across Queensland.

REIQ CEO Anton Kardash said as Queensland’s rental market had been in a state of undersupply for most of 2012, it was more important than ever for prospective tenants to understand the rental process.
“Property managers generally use two equally important criteria when assessing prospective tenants for a rental property.  The first is proof of their ability to pay the rent as property managers have a fiduciary duty to the owner, or landlord, to effectively manage the risk of their client’s investment property.  Part of the rental process is to assess whether there is sufficient evidence from the prospective tenant that they would be able to meet the rent. The calculation is generally that rent should not exceed 30 per cent of the total income of all tenants named on the lease.”

The second criterion is evidence of ability to care for a property. Proof of this criterion generally can be provided through a rental or home loan history and/or proof of previous living arrangements, references from previous landlords, and/or personal references.

“In times of increased demand, landlords are also reminded that they must advertise their rental property at a fixed amount,” Mr Kardash said. 

REIQ says demand is increasing

Demand for units and townhouses is increasing across Queensland as buyers flock to this more affordable type of property, according to the Real Estate Institute of Queensland (REIQ).  

The REIQ September median unit and townhouse price report, released yesterday, found the numbers of sales increased substantially over the period.  Across the State, sales of units and townhouses grew by 40 per cent in the September quarter, compared to the previous quarter. The numbers of sales were also up 14 per cent compared to the same period last year. 

 REIQ CEO Anton Kardash said the data also showed sales increasing for units and townhouses priced under $350,000.  "More than 800 preliminary sales were recorded for properties priced under $250,000, which is a very affordable price for many buyers. This was an increase of nearly 40 per cent on the same period last year.  The greatest numbers of sales was in the $250,000 to $350,000 price bracket, which recorded about 1,250 preliminary sales over the quarter - also an increase on last year.  Units and townhouses continue to be a reasonably priced, and also preferable, option for many buyers who want the convenience of living closer to the city while also keeping a lid on their borrowings." 

There was a noticeable shift in demand for lower-priced units and townhouses in Cairns and the Gold Coast over the quarter with both regions recording significant jumps in the numbers of sales of properties for under $250,000. 

In Brisbane, the median unit and townhouse price increased 0.6 per cent to $405,000 over the September quarter and also recorded a small positive price result over the year ending September. "Brisbane’s median unit price edged up 0.3 per cent over the year which is a welcome result and one we haven’t witnessed for a year or two now.  This is hopefully the start of the pricing turnaround that we have been anticipating given our property market has been improving throughout the year," said Mr Kardash.

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Aircraft Noise

Aircraft noise in some Brisbane suburbs is a serious concern.  With the new runway being proposed for Brisbane airport, there will be more noise in my suburbs.  It is so much of a concern that REIQ now has a tool to try to ascertain if a property is now or will soon be impacted by flight noise.  From an REIQ press release from Friday:

The Real Estate Institute of Queensland (REIQ) and Brisbane Airport Corporation (BAC) announced a ground-breaking partnership aimed at empowering property buyers and agents through mutual education around current and future flight paths.  The partnership, which is believed to be the first of its kind in Australia, is the result of both organisations’ desire to prevent situations where buyers make an investment without fully understanding current and future flight activity near that property.

Through this partnership, both the REIQ and BAC will use a collaborative approach to promote online tools that outline current flights paths and noise levels, in addition to future flight paths and areas of higher aircraft noise.

BAC CEO and Managing Director Julieanne Alroe said: “We consider REIQ to be an excellent partner and we were delighted they welcomed our invitation to form a partnership for the good of the state and the industry.  With the REIQ’s property website, reiq.com, going from strength to strength and the Institute being a leader in Queensland, we were impressed by both their reach and their focus on educating the industry.  It’s no secret that buying a property for residential or investment purposes is one of the most intensive and stressful things a person can do. The last thing we want to see is someone going through that process, only to find that they are not aware of a current or future flight path. These are long term decisions and we want people to feel as informed and empowered as possible."

Low Vacancy Rate in Brisbane

Residential rental vacancy rates have remained tight across Queensland, according to the latest REIQ data.  Findings from the Institute’s September Residential Rental Vacancy Rate Survey, compiled from information and data by REIQ accredited real estate agencies, showed most major regions posting vacancy rates of 2.5 per cent or less in September.

According to REIQ, a vacancy rate of three per cent is considered to be the equilibrium point of supply and demand.

REIQ CEO Anton Kardash said vacancy rates were continuing to trend into undersupply territory as investor activity slowly swings back into life. 

"The rental market across Queensland has been constricted for more than two years now,’’ Mr Kardash said.  "The reasons for this have been the low numbers of investors in the marketplace as well as the generally slow property sales market over the period.  With the reduction in the numbers of properties being added to the rental pool, we are seeing more demand for a much smaller supply of properties."

The survey found the vacancy rate for Brisbane at the end of September was 1.7 per cent - down from 2.1 per cent three months before.  Inner Brisbane’s vacancy rate was 1.5 per cent – down from 1.6 per cent. Property managers from REIQ accredited agencies said that market activity was slower over the period as was the case historically. Interest was also highest for new properties.

REIQ June Quarter Apartment Report

From an REIQ Press Release:
"The Real Estate Institute of Queensland (REIQ) June quarter median unit and townhouse price report has found healthy price increases across many parts of the State.  The solid median price growth was despite decreased numbers of unit and townhouse sales – similar to the house market over the June quarter.

Over the June quarter, there was increasing numbers of first home buyers and investors in the market, compared to owner-occupier activity which was reduced, so this is partly behind this good price growth.
“As was the case with the house market, there was reduced unit and townhouse sales activity over the June quarter as many buyers waited for the return of the stamp duty concession on 1 July,” REIQ CEO Anton Kardash said  “However, as first home buyers and investors were unaffected by the stamp duty change, these buyers were more prominent over the June quarter.  Given the affordability of units and townhouses, as well as their often more central locations, first-time buyers and investors often compete for this type of property which may be partly responsible for the increases in median prices we experienced over the period.”

The preliminary number of unit and townhouse sales across Queensland decreased 15 per cent in the June quarter compared to the March quarter.  

Brisbane recorded a median unit and townhouse price increase of 3.8 per cent to $402,500 over the June quarter.  Over the period there was also an increase in the number of high-end unit sales in Brisbane city and city-fringe suburbs which augurs well for confidence levels amongst buyers." 

The chart below is from REIQ.  It says March, but it should be June Quarter I suspect. Click on chart to make larger.

Few Optimistic Words From Real Estate Lobby Group

From an REIQ media statement, issued last night:

"Queensland home buyers retreated from the property market in the June quarter as they waited for the return of stamp duty concessions but house prices held their ground, according to the latest Real Estate Institute of Queensland (REIQ) data.The REIQ June quarter median house price report, released today, shows house prices remaining steady in the face of lower sales activity across the State. REIQ CEO Anton Kardash said there was a noticeable slow-down in activity from May to June."

REIQ is the lobby group for Queensland real estate agents, and they are reporting a slow-down and lower sales activity.  That is, nothing is selling.  (The median house price data released by REIQ, which is for houses (not apartments) is not that useful, if there are few sales.  The price data reports only on what is selling today, and not whether values for any particular property have risen or fallen.)

First Home Buyers Return

From an REIQ press release:

The low interest rate environment and more affordably-priced properties are continuing to attract Queensland first home buyers into the property market, according to the Real Estate Institute of Queensland (REIQ).

The latest Australian Bureau of Statistics data found that more than 1,650 properties were financed for Queensland first home buyers in June - an increase of 30 per cent on June last year.
And over the June quarter, according to the Office of State Revenue, more than 5,400 First Home Owner Grants were paid in Queensland compared to 4,000 over the same period in 2011. 

REIQ: "Rental demand remains strong"

Extracts from an REIQ Press Release from Friday 20 July 2012:
The Queensland rental market remained constricted at the midway point of 2012, according to the latest Real Estate Institute of Queensland’s residential rental vacancy rate survey.  The REIQ June vacancy rates - compiled from surveying property managers from REIQ accredited agencies across Queensland - shows demand for rental properties is still exceeding supply in many parts of the State.  As at the end of June, rental vacancy rates in many areas remained below 3 per cent, which is considered the equilibrium point of rental supply and demand.
“The first three months of the year are generally the busiest in the Queensland rental cycle so we often see vacancy rates particularly low during this period of time,” REIQ CEO Anton Kardash said.  “What our latest survey shows us is that demand for rental property remained strong at the end of June with vacancy rates generally remaining tight.  While we are seeing an increase in the number of first home buyers and investors in the sales market, their activity will take some time to flow through to the rental market, which should ease some of this pressure on supply and rents we are now experiencing.”

In Brisbane, the vacancy rate at the end of June was 2.1 per cent, a slight improvement on 1.7 per cent in March. Inner Brisbane recorded a vacancy rate of 1.6 per cent in June, with property managers from REIQ accredited agencies reporting some rent increases taking place, especially for houses, due to stronger demand. 

Newman Targets Property Owners for Tax Increases

Any further financial imposts on property investors is likely to see them pull up stumps and sell their rental properties, according to the Real Estate Institute of Queensland (REIQ).

The release of today’s audit on the Queensland Government’s finances shows property owners, and investors in particular, have once again been earmarked to financially salvage the State’s fiscal woes.  The audit has outlined potential revenue-raising measures including: imposing a $100 levy on all property owners; reducing or removing the concession on land tax; applying a premium transfer duty rate; and increasing the landholder acquisition duty rate.

Acting REIQ CEO Antonia Mercorella said property owners were sick and tired of having to bail out the government.  ‘‘Property owners - and investors specifically - seem to forever be targeted by all levels of government when they are short of cash, whether it is through higher council rates, one-off levies or higher rates of stamp duty,’’ she said.  ‘‘The additional legislative and compliance obligations on property investors over recent years, coupled with weaker returns on investment, has resulted in many opting to sell their rental properties.’’

Australian Bureau of Statistics (ABS) data shows the number of investors active in the Queensland property market has halved in the last five years.  Ms Mercorella said this number was likely to decline even further if investors were slugged with additional costs.
“We are currently starting to see the impact of this reduced investor activity with vacancy rates tightening and rents increasing across the State. If more investors left the rental market, then this situation would undoubtedly worsen,” she said.  “If land tax thresholds are reduced or removed, the added costs would put an end to the glimmers of renewed investor activity we have seen in recent months and would also likely be passed onto tenants via increased rents.  Also the unit and townhouse market in particular is yet to see investors return significantly with the additional costs associated with this type of housing deterring investors.”

Newman was unfriendly to property owners as Mayor of Brisbane -- he substantially increased rates for apartment owners, and did nothing to reduce spending by Council or the number of council administration workers.

Is Median House Price Data Useful?

There are many newspaper reports that discuss rising or falling house & apartment prices by reference to the median sales price for a particular period.  For example, see this recent report from REIQ.  The median price is the middle price of all the properties sold in the defined period.  (For example, if there were 5 sales in the period, for $1, $10, $1000, $1001 and $6409, then the median is $1,000.)

If you select a different length of time to measure the median, you get a different result of course.  For example, according to REIQ, the median sales price for Brisbane apartments (all of Brisbane local government area) for January 2012 to March 2012 was $387,750.  The median for April 2011 to March 2012 was $395,000.

The median is not the average price.  (The average for the example above is $1484.)  See also here and here.

The statistics only look at the properties that were sold in the period.  If the median changes, it does not necessarily mean that the value of any particular property has changed.  For example, if in one quarter, there are many two bedroom apartments that are sold, and in the next quarter, there are mostly one bedroom apartments that are sold, then the median price is likely to decrease.  If a new off-the-plan development settles in the period, then the median is likely to increase for that period and decrease for the next period.

So how reliable are the recent REIQ statistics?  I had a look at a number of the more larger, upmarket and top end apartment buildings, and there are no or few reported sales for the relevant period (January 2012 to March 2012).  For example:

• Admiralty Towers Two - no recorded sales
• The Grosvenor - no recorded sales
• Quay West - only one sale, a 1 bedroom.
• Admiralty Quays - only one sale, a 1 bedroom
• Riparian - 1 reported sale, a 2 bedroom
• Metro 21 - 2 reported sales (1 bedroom & 2 bedroom)
• Admiralty Towers One - no sales on direct riverfront side of building
• Fresh Taringa - no sales since October 2010
• Riva Indooroopilly - no sales in more than 12 months
• For the above, there were no 3 bedroom sales at all.

It seems that the larger and more expensive apartments are not being sold.  Thus, the median price will be less than periods where there are more of these apartments that are being sold.  That the larger or more expensive apartments are not being sold could be for a number of reasons:  (A)  They may be listed for sale, but not selling because the owner does not want to or need to decrease price. (B) These buildings have more owner-occupiers, who do not sell as often.  (C) If rented, the rents are good, and so selling for a lower price makes less sense than renting out the apartment.  (D) An owner who needs to sell may decide to rent the apartment for a short period, until prices rise.  (E)  There may be no buyers at the high end of the market.

So it is hard to determine if the apartment values have fallen for the kinds of apartments that are not often sold, and if so, by how much.  Also, the median price decease for Brisbane may be because of a change in mix of the apartments that are being sold.

Demand strengthens in unit market: REIQ

Press Release from REIQ today:  Queensland’s unit and townhouse market experienced strengthening demand over the March quarter, according to the latest Real Estate Institute of Queensland (REIQ) figures.

The REIQ’s quarterly Queensland Market Monitor found the numbers of preliminary unit and townhouse sales across the State were up 11 per cent compared to the December quarter last year.  Over the period, there was also a dramatic increase in the numbers of units sold between $250,000 and $350,000 with sales in this price bracket increasing 22 per cent.

"This increase in more affordable unit and townhouse sales is being driven by demand from first home buyers and investors, who often target properties at the lower end of the market," REIQ CEO Anton Kardash said. "About 19 per cent of homes financed in Queensland are now being bought by first home buyers, which is the highest level of activity from first-time property buyers since 2009 when the First Home Owners Boost was available. Investors too are making a long-awaited return to the market with more than 4,500 properties bought by investors in March this year. The 10-year average is 5,000 dwellings per month so this is also the strongest level of activity from investors since early 2010".

Over the March quarter, median unit and townhouse prices softened in a number of areas due to this shift in demand for more affordable properties. Median prices reflect the types of properties that sell over a particular timeframe so if more affordable properties sell the median will be dragged lower.

Brisbane’s median unit and townhouse price softened 3.1 per cent to $387,750, however sales activity was up more than 20 per cent compared to the previous quarter.

On the Gold Coast, the beachside suburbs recorded the greatest increase in activity, with Surfers Paradise and Broadbeach topping the list.

The Sunshine Coast saw a similar trend with Mooloolaba and Noosaville recording the top increases in sales activity over the quarter. The Sunshine Coast was also the only major region for Southeast Queensland to record an increase in its median, up 2.2 per cent to $332,250.

Although a strong result for the house market was recorded over the quarter, Cairns’ unit market continues to struggle, with sales down 30 per cent. Comments from various regional zone chairs, Cairns included, say that units are proving difficult to sell, as buyers are put off by the increased costs associated with owning a unit, such as body corporate fees, insurance levies and council rates. As such, buyers end up seeing more value in buying a house, with the ongoing servicing costs equalling that of a unit.

The chart below, from REIQ, is for apartments and townhouses only, not houses.  Click on chart to make bigger.

Notes for chart 
* Medians affected by varying quantities of new properties sold 
f Medians affected by varying numbers of waterfront properties sold 
- Due to the nature of properties in this suburb, some group titled property sales have been omitted

Rental Demand in Brisbane

Demand for rental properties continues to strengthen with vacancy rates tightening across the State, according to the Real Estate Institute of Queensland (REIQ). The REIQ March residential vacancy rates, released today, show the majority of regions experiencing strong demand from tenants with vacancy rates in many areas now below 3 per cent. A vacancy rate of 3 per cent is generally considered to be the equilibrium point of supply and demand. REIQ CEO Anton Kardash said the tightening rental market was a result of the slower sales market over the past 12 months in particular.

In Brisbane, the vacancy rate has reduced to 1.7 per cent, from 2.3 per cent in December last year. Brisbane’s inner-city recorded a vacancy rate of 1.4 per cent, down from 1.9 per cent in December. Agents from REIQ inner Brisbane accredited agencies report supply levels remaining limited as tenants stay put, students are settled for the year, and potential first home buyers still opt for a wait-and-see approach. Investment properties currently up for sale are largely being bought by owner-occupiers which is also contributing to less rental stock overall.
Source:  REIQ Press Release

I have been monitoring availability of unfurnished two bedroom apartments in the Brisbane downtown area.  Let me say that there are not many of such apartments available for rent.

Apartment Prices Strengthen says REIQ

From an REIQ Press Release issued today:

The Queensland unit and townhouse market is showing healthy signs of recovery with many areas across the State posting median prices increases over the December quarter, according to the Real Estate Institute of Queensland (REIQ).

The REIQ quarterly Queensland Market Monitor, which tracks median property prices and rents across the State, found that prices in the fourth quarter of last year rebounded in most areas of South East Queensland.

"What we are starting to see is that as 2011 progressed, so did confidence levels in our property market with prices beginning to strengthen," REIQ CEO Anton Kardash said. "Many regions posted their most robust price results this quarter since prior to the natural disasters at the beginning of last year. As we move into 2012, REIQ accredited agencies are reporting healthier levels of enquiry with first home buyers and investors especially taking a keen interest in the more affordable unit and townhouse market."

According to reiq.com, there are more than 5,000 listings for Queensland units and townhouses currently for sale under $350,000. The median unit and townhouse price in Brisbane increased 2 per cent to an even $400,000 over the December quarter. On the Gold Coast, it increased 5.3 per cent to $350,000 and was up 2.1 per cent to $245,000 in Toowoomba.

See similar story here.

House Prices in Queensland

The REIQ, which is the industry lobby group for real estate agents in Queensland, issued a press release today regarding Queensland house prices.  Note that this relates only to houses, and not apartments or units.  An extract from the press release:

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.’’ 

REIQ Brisbane Apartment Report

Queensland’s unit and townhouse market shrugged off this year’s natural disasters and the current economic conservatism to record mostly positive results over the June quarter, according to the Real Estate Institute of Queensland (REIQ).

The REIQ June quarter median unit and townhouse report found the preliminary number of sales rebounded robustly across most of the State with median prices also holding firm.

REIQ managing director Dan Molloy said unit and townhouse sales were up about eight per cent compared to the March quarter courtesy of increased first home buyer and investor demand particularly.

For the Brisbane downtown area, the medium price for the June 2011 quarter was $448,000. This was up 0.1% on the previous quarter. The medium price for the 12 months to June 2011 was $475,000, up 6% on the 12 months to June 2010 (which was $448,000.)