AU Property market bouncing back, according to sales activity figures held by Real Estate Institute of Queensland
Property Here - Thursday, August 15, 2013
QUEENSLAND'S property market has started to fire again, but it will be a slow and steady climb back to price growth, the Real Estate Insitute of Queensland predicts.
Speaking before the release on Saturday in The Courier-Mail of the REIQ's quarterly house value data, chief executive Anton Kardash said the figures for Brisbane in particular showed a real improvement in sales activity.
"Admittedly it is off a very low base, so compared to last year this quarter is substantially better,'' he said.
"When sales go up, you expect prices to go up as well. We have seen that across the board, not huge numbers by any means, but a positive slow growth in the price of properties.''
Mr Kardash said the bulk of transactions seemed to be in the $500,000 to $1 million range, slightly higher price points than in previous quarters.
He said all the data was pointing to a strong spring selling season ahead.
"Winter is the slowest month usually and what we are seeing is an improvement in our worst month.
"Once we get the election over and some stability back in the marketplace we are expecting a very, very good spring actually.''
"What we see is the affordability of houses improving, particularly with the interest rate cut that has not come through yet.''
See the full details in Saturday's Courier-Mail.
Read more: http://www.couriermail.com.au/national-news/queensland/property-market-bouncing-back-according-to-sales-activity-figures-held-by-real-estate-institute-of-queensland/story-fnii5v6w-1226698386055#ixzz2clWG8p89