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REIQ Journal : October 2008
38 Industry Research Queensland property market resilient By Yvette Burton, Research Analyst, REIQ After the prophets of disaster predicted the housing market was heading for the apocalypse, the June quarter median house prices have proven the market is anything but doomed. WHILE THE MARKET didn’t experience the strong growth of previous quarters, it remained firm in most areas of the State. These solid results prove that the Queensland market is both resilient and strong, and capable of withstanding wobbly economic forecasts and cynical assessments of its long-term viability. Historically, Queensland property prices have held firm in much more trying economic conditions than those experienced in 2008 because of steady population growth and a strong economy. Brisbane’s median house price increased by 1 per cent for the June quarter, while prices were generally flat or marginally down across major regional centres. The median house price for the new Moreton Bay Regional Council was up 0.7 per cent and the Gladstone Regional Council increased by 2.2 per cent; while the Toowoomba, Cairns and Bundaberg Regional Councils all recorded no change. Other areas dropped slightly: prices in the Fraser Coast Regional C fell by 3.1 per cent, the Gold C dropped by 2.4 per cent, cent, Gympie 1.7 per cent, M Rockhampton 0.9 per cent and the Sunshine Coast 1.2 per cent. Nevertheless, even in areas where the market eased, certain sectors were still strong. Acreage house sales, on land greater than 2,400 square metres, were particularly buoyant over the June quarter, with some regional median prices up by 20 per cent. The median price for acreage for the Sunshine Coast Regional Council area increased by 9.2 per cent for the quarter, and by 6 per cent for the Gold Coast and Redland council areas. However it was acreage in the Scenic Rim Regional Council which recorded the greatest increase with 20 per cent over the June quarter. The region’s Tamborine Mountain, in particular, had a large number of prestige acreage sales, which contributed to the Scenic Rim’s quarterly change. The coastal town of Yeppoon also performed well, with its median house price increasing 9.1 per cent to $420,000, while the state-wide trend to acreage living was also apparent in the strong results for Branyan which recorded a 16.9 per cent increase to $342,500. Bargara, Kalkie and Thabeban in the Bundaberg Regional Council area all performed well over the quarter with a 15.6 per cent, 6.2 per cent, and 4.7 per cent increase respectively. REIQ Journal October 2008 Continued page 40