Australian Real Estate in Recovery

  • 15 years ago
  • Uncategorized
The real estate market in the popular Australia destination of Queensland is showing signs of recovery. The latest figures from the Real Estate Institute of Queensland (REIQ) show that the volume of sales in Brisbane rose by 28.4 percent in the second quarter of 2009. Along the resort areas of the Gold and Sunshine coasts, sales were also up by more than 17 percent for the quarter.
“We are cautiously optimistic that the worst is behind us,” said Dan Molloy, managing director for REIQ. “These really are solid results in what have been very weak economic conditions.”
Sales throughout the state of Queensland totaled 15,310 for the second quarter, more than 3,000 above the same period a year ago. The Federal Government’s move to boost first-time homebuyers has helped to improve sales, and the low interest rates and stable prices have also aided the figures.
The median price for a home in Brisbane rose 3.3 percent for the quarter to AU$480,000 but that is still 2.3 percent below the June, 2008 level. The Gold Coast also saw an increase in prices of over 3 percent and the median price stands at $470,000, while the Sunshine Coast edged up 1.1 percent to a median price of $445,000.
The most popular areas around Brisbane are located along the southern side of the river, including the Balmoral, Bulimba, Hawthorned, Norman Park and Morningside neighborhoods. These areas had increases in media prices from 13.7 percent to 21.7 percent.
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