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Signs of an impending upward turn in Brisbane’s property market are becoming increasingly evident, according to new research.
Examining the June quarter, the Queensland Market Monitor has revealed the state’s house prices are proving strong, “reflecting the state’s ongoing consistent growth and highlighting the state’s resilience when compared with more volatile markets, such as Sydney and Melbourne”.
“Real estate experts and commentators have been predicting an upward swing within the Queensland property market for [sometime] now,” said REIQ CEO Antonia Mercorella.
“Subtle changes in market activity are beginning to indicate that those forecasts may be coming to fruition.”
Ms Mecorella said Queensland continues to provide relative housing affordability, offering property owners “more bang for their buck”.
“As a result of its livability and value for money, Queensland’s internal migration rates remain the strongest in the country,” she said.
“Those consistently high numbers of residents choosing to relocate to Queensland from the southern states will no doubt see the local population skyrocket, pushing supply down, and in turn, driving prices upwards.”
Top suburbs
According to Ms Mercorella, East Brisbane and Kalinga both recorded multimillion-dollar sales this month, with properties achieving $4.8 million and $2.05 million, respectively.
The QMM research revealed five suburbs with median sale prices of $1 million or more for the quarter, based on the minimum requirement of 19 homes being sold within the period.
The Brisbane suburbs of Norman Park and Paddington both reported medians of more than a million, as did the Gold Coast’s Broadbeach Waters and Runaway Bay, the research said.
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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