Property Research and News
Brisbane Apartment Stats Sept Qtr 2011
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Median sales price for Brisbane CBD apartments has dropped 3.48% in the year ending Oct 2011.
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Median Unit sales Price is $443,000.00
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Auction Clearance rates are at 25%
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Average Days on market are 155 days
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Average discount from first price to sale price is 8%
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Median Rent for a 2 bed apt in the City is $560.00 pwk.
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This is a 4% increase on the 2010 figures.
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Only a 2.7% vacancy rate for inner Brisbane units.
QLD Property Market on the Mend
The Queensland residential property market has made an impressive comeback over the September quarter with sales activity strengthening across the State, according to the Real Estate Institute of Queensland (REIQ).
The REIQ September quarter median price report found the preliminary number of house sales was up a healthy 17 per cent in Queensland compared to the June quarter. Some regions recorded substantial jumps in activity as buyers finally started to foray back into the market.
“What these figures show is that it appears it took about six months for our property market to begin to heal from the natural disasters earlier this year,” REIQ chairman Pamela Bennett said.
“Activity in most areas improved markedly in the September quarter compared to the first six months of this year, but we mustn’t get ahead of ourselves given sales activity is still about 20 per cent below where we were this time last year.”
While activity has strengthened, median house prices remain soft with only the Gold Coast and Cairns posting positive price growth over the period. The announcement that the Gold Coast will host the 2018 Commonwealth Games will also provide much-needed stimulus to its economy and property market.
The market continues to make up some of the ground it lost earlier this year but the continuing patchy economic conditions means sales remain significantly below long-term historical averages.
Over the quarter, there was a 27 per cent increase in sales below $350,000 as buyers sought out affordable property, especially in regional areas.