Property market posts positive results

Property market posts positive results

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The REIQ March quarter data, released in the Courier-Mail on Saturday, found the Queensland residential property market posted positive results for the year ending March.

The REIQ March quarter median house price report shows the vast majority of local government areas across the State – 10 out of 12 major regions – recorded encouraging yearly results.

In Brisbane, the median house price decreased marginally over the March quarter. Its median price dipped 1 per cent to $515,000 over the period.

The most interesting aspect of our capital city’s result, however, is the fact that for the first time in two years, its yearly result was an increase. Its median price was up 1 per cent over the year ending March.

The numbers of sales remains steady in Brisbane with owner-occupiers leading the way and first home buyers, unfortunately, still lagging behind their historical averages due to the axing of the First Home Owners Grant last year.

And it this demand from upgraders that is evident in the top five results for Brisbane.

When it comes to median house price growth, the equal number one suburb in Brisbane over the March quarter was Stafford. Its median house price increased 15.8 per cent to $498,000 over the period.

According to suburb profiles on reiq.com, Stafford’s proximity to the Brisbane CBD is not its only attractive feature on offer – its relative affordability, due to the age and style of housing in the area, has made it a popular location with buyers.  As a result, many houses in the area have benefited from renovations and upgrades.

Equal number one was Norman Park which recorded house price growth of 15.8 per cent to $770,000. About 6km from the heart of Brisbane, Norman Park offers residents numerous parks and recreational areas close to the central business district.

According to reiq.com, buyers will find a diverse range of properties and some excellent examples of renovated Queenslanders and post-war workers’ cottages.

The number three position was Bardon, with a percentage increase of 12.3 per cent to $870,000 over the quarter.

Due to its close proximity to the CBD and its leafy tranquillity thanks to the bushland reserve area of Mt Coot-tha, the inner north-western suburb of Bardon has enjoyed solid price growth over the past 10 years.

Only 5km from the Brisbane CBD, the suburb is well-positioned to continue to attract homebuyers who want easy access to Brisbane City and a bushland environment. Most of the dwellings are renovated old-style Queenslanders and post-war workers cottages.

Rounding out the top five for median house price growth was Kenmore and Carseldine, both areas popular with upgraders.

By REIQ chairman Pamela Bennett