BRISBANE’S residential property market is starting to gain some momentum with more sellers achieving profits when they sell.
The latest Real Estate Institute of Queensland Housing Market Review figures have revealed an increase in suburbs where all sales during the past 12 months were for more than owners originally paid.
In Brisbane, 20 suburbs recorded 100 per cent of sales making a profit, up from just eight suburbs in the past quarter.
The suburbs were across the Brisbane statistical division, not just within the blue chip areas of the region.
In Brisbane as a whole 85 per cent of sales were for a profit, up slightly from last year when 84 per cent were at a profit.
REIQ chief executive Anton Kardash said transaction levels were on the way back up throughout the region.
He said the lower price points were continuing to transact well and that upgraders and downgrades had dominated the market during the quarter.
While first home buyers were still mostly absent, there had been some slight movement and investors had started to make inroads into Brisbane again, particularly in affordable suburbs.
“Anecdotally we are starting to see some evidence of lease breakages, tenants getting out of a lease to purchase,” he said.
“Investors they are definitely coming into the market again at the lower end, below the $350,000 price point, we are still seeing quite a lot of investors activity, that sits with it being a very tight rental market.
Mr Kardash said a bit of a two their market had emerged where properties which had been listed for a while were still sitting waiting for a buyer, abut anything new which came up for sale was changing hands very quickly.
“We are seeing newly listed houses coming on the market and lasting very short periods of time and getting quite good prices,” he said.
Mr Kardash said agents were reporting a lack of stock which lead to demand and some price growth.
He said confidence had returned to the Brisbane market and given that generally people hold onto their properties for about seven years more were making a profit now.
“What that is telling us is that the median price has come back now to a point where it was pre GFC.”
Chandler and Rochedale both achieved 100 profit making sales for the past year and recorded median house values of more than $1 million each.
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