Brisbane investment properties selling faster
February 25, 2014 / Written by Rich Harvey
News coming out of the Real Estate Institute of Queensland (REIQ) may be of interest to Australians considering Brisbane property investment.
The REIQ reported on February 21 that the number of house sales across the state peaked at the end of 2013.
Anton Kardash, CEO of REIQ, said the December 2013 quarter could be the third strongest Queensland has seen in as many years. When 2013 is compared to 2007, Queensland's sales volumes are 75 per cent higher.
"Our most recent peak was in September 2012 when the return of stamp duty concessions underpinned the increased sales activity," Mr Kardash said.
"However, the strength of this latest quarter was a direct reflection of our improving market and growing confidence levels. The September quarter, or spring selling season, historically records the high numbers of sales. Last year, however, the December quarter trumped it with the preliminary numbers of house sales peaking at just shy of 10,000 for that three-month period."
Mr Kardash said this type of sales activity was the same across most major regions in the state.
Homes selling faster and for higher prices
Not only are Brisbane investment properties selling in high numbers, they're doing so at a quicker pace and with less discounting.
The REIQ reported that the average time it takes to sell a home in Brisbane has fallen to 74 days, with average discounting from list prices hovering near 6 per cent.
Meanwhile, the median house price in Brisbane rose 6 per cent during the December 2013 quarter, reaching $562,000.
All this data points to one conclusion: Buyer demand in Brisbane is high. More homes are being sold and for higher prices.
In short, Brisbane property investment is looking very attractive at the moment.