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Momentum is continuing to build in the Queensland market with sales activity and house prices strengthening. The REIQ June quarter median house price report, found the numbers of sales have increased significantly compared to the previous quarter and compared to last year.
The preliminary numbers of house sales across Queensland increased 22% in the June quarter compared to the March quarter and the improvement in the market is even more pronounced when you contrast it to the same period last year with sales numbers up some 40% compared to the June quarter in 2012.
It is the fourth consecutive quarter of positive news. The September quarter last year was a particularly strong one for the Queensland market and that momentum has been sustained throughout the following three quarters of sales activity.
The June quarter historically yields the lowest numbers of residential sales activity during the year but this data shows house sales are notably much higher compared to the same three months in 2012.
The September quarter and the upcoming spring selling season is typically a great period for the Queensland real estate market and with such good price and sales results for the June quarter, as well as historically low interest rates, it’s shaping up to be another strong period as our market continues to build momentum.
Over the June quarter, REIQ data shows the median house price in Brisbane increased 1.6% to $527,250 and increased 3% over the year ending June. The numbers of house sales in Brisbane also increased significantly compared to the previous quarter and last year – up 32% and 44% respectively. The median house prices in Logan City, Moreton Bay and Redland City all also increased over the June quarter.
Quarterly median house prices can fluctuate depending on the types of properties that are selling over that three-month period and this latest REIQ data does show some median price variations.
Over the year ending June, however, the majority of regions posted positive median results which provide a better benchmark for price movements than quarterly data-sets.
Toowoomba posted yearly median house price growth of 4.5%, the Gold Coast increased by 3.1%, and the Sunshine Coast median price grew by 2.3%. No doubt the influence of historically low interest rates and increased perceptions of housing affordability have seen more people move off the sidelines and back into the property market of late.
REIQ estimates of Queensland investor activity also shows that the numbers of investment dwellings financed is tracking at about the historical average. No doubt, investors have recognised the strong rental market, including low vacancy rates, and are taking the plunge while first home buyers remain relatively absent.
The numbers of first home buyers in Queensland remain well below historical averages at just 11% of dwellings financed in June – a decrease of 35% compared to June last year.


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Anton Kardash is CEO of the <a target="_blank" rel="nofollow" href="https://www.reiq.com/">Real Estate Institute of Queensland</a>.
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Queensland property market momentum builds: Anton Kardash

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Within a matter of the weeks, a new legislative landscape for Queensland real estate will hopefully be unveiled by the State Government.
The announcement of the draft new legislation, the Property Occupations Bill and the Agents Financial Administration Bill 2013, has been a long time coming with the REIQ lobbying for many years to have the laborious and overly-complex legislative real estate environment addressed.
The REIQ was extensively consulted by the State Government during this legislative review process and we look forward to again working closely with the government as this new much-improved legislation takes shape.
I would also like to take this opportunity to acknowledge the Attorney-General and Minister for Justice, Jarrod Bleijie, for the open and collaborative nature in which he and his department have so far handled the review.
It is also very pleasing to note that the State Government shares the REIQ’s long-held view that professionalism must remain the number one tenet for our sector.
The REIQ sent a detailed submission into the split and review of the current Property Agents and Motor Dealers Act 2000 (PAMD Act) and made recommendations towards increasing the professionalism of the industry, reducing regulatory and administrative burden, and simplifying processes associated with real estate transactions.
Our recommendations included the proposed amendment to abolish the PAMD 30c warning statement to eliminate the administrative burden and risks associated with this document.
Multiple appointment PAMD appointment forms (regardless of the nature of the services to be performed) should also be abolished and replaced with a single simplified appointment form containing only key legislative criteria.
Also, appointment processes and procedures should be simplified. The current provisions about appointments are unreasonably onerous and put agents at risk of not being remunerated on the basis of technical and minor omissions.
The REIQ also recommended that a seller and landlord disclosure regime be implemented to establish required disclosures related to the sale and rental of property in Queensland. At minimum, we recommended the existing information and disclosure requirements relating to property sale contracts be incorporated into one single document.
Existing legislative provisions which apply to price representations and guides in relation to auction properties and properties to be sold without a price should be clarified in the new legislation. The REIQ expressed the view that no price guides or price representations should be permissible when marketing and/or promoting residential property that is to be sold by auction or with no price.
The Institute also recommended that the maximum 60 day statutory limit relating to sole and exclusive agency appointments be extended to 90 days.  The current limit is too short and reappointments are regularly required. This causes inconvenience for both the agent and consumer.  An extension of the limit to 90 days better reflects current market conditions.
 
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 Anton Kardash is CEO of the <a target="_blank" rel="nofollow" href="https://www.reiq.com/">Real Estate Institute of Queensland</a>.
 
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The REIQ's recommendations for the state's new real estate legislation: Anton Kardash

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The decision by the Reserve Bank of Australia to reduce the cash rate by 25 basis points to 2.5% on Tuesday is more good news for the Queensland market.
The rate announcement adds to positive data also released today which shows that the Queensland property market is on the road to recovery.
According to the Australian Bureau of Statistics (ABS) house price index, the Brisbane index grew 1.9% in the three months to June.
ABS housing and lending finance data also shows that the numbers of owner-occupiers and investors in the market continues to increase.
Tuesday’s rate cut adds to a growing number of indicators that show our property market is well and truly heading into positive territory.
We have been witnessing improving sales activity and confidence levels for about six to 12 months now, so Tuesday’s rate cut will continue to provide more good news for our market.
All of the signs signal that this year’s spring selling season will be one of the best for quite some time especially once the Federal Election is behind us.
We all hope that the election produces a clear majority which will have a positive and stabilising effect on our economy and correspondingly on our property market.
Anton Kardash is CEO of the <a target="_blank" href="https://www.reiq.com">Real Estate Institute of Queensland</a>.
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Rate cuts show property market heading to positive territory

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The Queensland property market recorded its strongest numbers of house sales in nearly two years, according to the latest Real Estate Institute of Queensland data.
The REIQ September quarter median house price report the numbers of house sales increased over the quarter. The numbers of sales were also up 5% compared with the same period last year.
Many buyers had been waiting on the sidelines for economic and buying conditions to improve.
We always expected a sharp increase in activity in the September quarter, as many of our REIQ members had reported that buyers were waiting for interest rates to reduce further and for the return of stamp duty concessions on July 1 this year.
Historically, of course, the September quarter is the spring selling season, so activity is usually higher than during winter, but it is very heartening to see that the numbers of sales is even up on the same period last year.
There was a mix of median price increases and some reductions for major regions over the September quarter, but this can partly be attributed to different compositions of sales occurring over the period. For example, if more affordable properties sell, the median house price will also be lower.
In Brisbane, the median house price increased 1.6% to $508,000. The numbers of house sales was also up more than 35% compared with the June quarter.
Brisbane’s market continues to improve as buyers turn their attention to our affordable capital city property prices, as well as the continued strong demand for rental properties, which is attracting investors.
The mining areas of Queensland appear to have come off the boil a little, perhaps due to sharp property price increases over the past 12 months in Gladstone and <a href="https://www.urban.com.au/property-observer" target="_blank">Mackay </a>in particular, however sales in these regions remain strong.
The top performer of all major regions over the quarter was Mackay, which posted a median house price increase of 4.7% to $445,000. Over the year, its median house price increased 4.9%.
Next was Redland City, which recorded a median house price increase of 2.7% to $450,000.
Anton Kardash is CEO of the Real Estate Institute of Queensland. This article first appeared on the <a href="https://reiqblog.com/" target="_blank">REIQ blog.</a>
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Anton Kardash

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