Key Points from the latest REIQ Market Monitor Report
News for the Queensland and Brisbane property market for December Quarter 2016
We’ve reviewed the latest QMM and taken the key points for the Brisbane property market. We’ve also included some points on the Queensland, National and other Capital Citys’ market performance.
The Queensland median house price increased from $460,000 to $467,375 over the quarter.
Compared to 12 months ago, Queensland’s annual median house price increased by 2.7 per cent, from $448,000 to $460,000.
Compared to 5 years ago, the annual median house price increased by 15 per cent, from $400,000.
The greater Brisbane property market has performed well over the past 12 months, with its annual median house sale price growing by 3.6 per cent.
Queensland is an affordable state. Houses within $500,000 and $750,000 are the most popular in Brisbane, Redland, Gold Coast and Sunshine Coast. This is nowhere near the $900,000 median sale price in Sydney.
Brisbane LGA is probably the most dynamic housing market in Queensland, selling in just 31 days and negotiating a 4.1 per cent discount to close a sale.
The listings and stock on market throughout Queensland, have generally contracted for the 12 months to November 2016.
The unit market in Queensland experienced a fall of 1.3 per cent to a median price of $380,000 in the December quarter.
Compared to 5 years ago, the annual median unit price increased by 7 per cent, up from a median unit price of $355,000 in 2012.
The unit market in Greater Brisbane property market generally fell over the December quarter and over the past 12 months.
The Gold Coast unit market is the most active Queensland market with about 10,400 sales per year followed by Brisbane LGA with approximately 9,550 sales per year.
The Brisbane unit market is experiencing an increase in supply – the number of listings increased by 4.5 per cent for the local government area and by 1.1 per cent for Greater Brisbane for the 12 months to November. This trend is definitely supporting the December price contraction in the Brisbane property market.
Similar to the previous quarter analysis, most of the LGAs reported an increase in the median days on market and median vendor discounting for the 12 months to November.
Greater Brisbane’s vacancy rates tightened from 3.3 per cent to 3 per cent for December with Brisbane Inner City recording vacancy rates close to the healthy range of 3.6 per cent.
Brisbane City is operating in a healthy environment with vacancy rates at 3.4 per cent, which is good news for both landlords and tenants.
The Brisbane property market is the top performer for two-bedroom units with a weekly median rent of $420 for December.
CAPITAL CITY COMPARISON
The Brisbane property market, with a median house price of $520,000 to November, was the fifth-most affordable capital city behind Greater Hobart, Adelaide, Darwin, and Perth.
Brisbane, with a median unit price of $402,000 was the third-most affordable for units, behind Hobart and Adelaide.
Brisbane joined the list of capital cities showing a downward trend in the annual median unit prices for the 12 months to November. Brisbane’s annual median unit price fell 2.4 per cent. By contrast, Sydney’s median unit price grew 4.1 per cent, the largest growth of all the capital cities.
Brisbane’s annual median house sale price experienced Australia’s third-largest growth (3.7 per cent) after Melbourne (5.2 per cent) and Canberra (5.1 per cent). Sydney’s annual median sale price grew by 3.4 per for the 12 months to November.
Houses continued selling faster in Melbourne than in any other capital city with median days on market of 29 days compared to the longest median days on market of 92 days in Darwin.
Brisbane hold periods in the house market, around 10.7 years, are shorter than Melbourne (11.9 years) and Sydney (11.6 years).
The performance of the unit market in all capital cities was generally slower compared to the house market.
Compared with the house market, units consistently took longer to sell and required a higher vendor discount. Brisbane units took about 54 days to sell and were discounted 4.3 per cent.
The Queensland Market Monitor is a quarterly report presenting national, state, local government area, capital city and suburb-by-suburb residential sales and rental data.
Published by the Real Estate Institute of Queensland, this report includes median house and unit price data, rental research and on-the-market statistics – everything you need to know about Queensland real estate, in one report!
You can subscribe to the REIQ’s Queensland Market Monitor here.