The residential real estate market in South-East Queensland is showing significant signs of growth, with property values increasing alongside sales volumes. The surge in activity comes after five years of a lacklustre market – a slump which began in 2008 following an economic downturn, and was made worse by cyclones, natural disasters and political unrest.
Now, after months of cautious optimism, experts are now saying South-East Queensland’s property market is growing. Matusik Insights reports, published in Property Observer, a widespread surge in sales volumes, with the most notable improvements including: a 26 per cent increase in detached house sales on the Sunshine Coast, a 27 per cent increase in apartment sales, also on the Sunshine Coast, a 23 per cent rise in townhouse trading in Brisbane and a 49 per cent increase in townhouse transactions on the Sunshine Coast.
Overall prices have increased ten per cent in Toowoomba to reach an average rate of $327,000 (£203,181).
Market performance has been aided by a surge in so-called upgraders, or homeowners looking to buy a new house. The 2013-14 State Budget released by the Treasurer’s Office forecasts continued growth throughout the real estate market, lasting throughout the new year.
Posted by Steve Douglas