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REIQ Journal : July 2008
38 Industry Research Prices steady as demand slows By Yvette Terrey, Research Analyst, REIQ The Queensland residential property market has softened following last year’s very strong demand and price growth. The REIQ March 2008 quarter median house price data reflects this changed market with sales numbers down but prices steady in most parts of the State. WHILE DEMAND IN residential markets across Australia has certainly eased from the highs of this time last year, Queensland has fared much better than other parts of the country. The influx of about 1,200 new residents into the State every week, our healthy economy, low unemployment and surging coal prices continue to underpin the strength of the Queensland property market. And while price growth is flat across many parts of the State, homeowners should not forget about the increased equity they now have courtesy of the gains that were made last year. The increasing loan repayments of investors have resulted in upward pressure on rents. Over the longer term, this will have a positive impact on rental yields and encourage more investors back into the market. GREATER BRISBANE Brisbane’s median house price increased 0.1 per cent over the March quarter to $490,000. The star performers were the reasonably priced middle and outer ring suburbs – located between 7 and 14 kilometres from the CBD – with good access to public transport, community services and amenities. Forest Lake had the highest number of house sales in Queensland last year. Compared to the March quarter last year, sales numbers in Brisbane’s surrounding shires have been less affected than many other parts of the State. This is mainly due to their relative affordability with medians around $100,000 less than Brisbane in some cases. G0LD COAST Sales numbers on the Gold Coast have plateaued in recent months, largely due to slowing investor demand. Investor confidence is expected to remain subdued until rents reach a level where they match the increase in interest rates and buyers are confident that the market has stabilised. REIQ Journal July 2008