MARKET RIPE FOR BUYERS

 

 

Home buyers are being urged to move quickly, with house prices across Queensland defying predictions of big drops and poised to take off again on the back of cuts to interest rates and stamp duty.

Real Estate Institute of Queensland figures for the June quarter, released today, show the industry weathered the effects of interest rates and big petrol price increases.

Median prices were steady across most of the state for the three months. Some areas – including the Gold and Sunshine Coasts, Townsville and Mackay – registered falls, but Brisbane, Ipswich, Moreton and Redland Bay continued to grow.

A 1 per cent rise in Brisbane took the median price to $495,000 for the quarter, overtaking the Gold Coast which had a 2.4 per cent dip to $490,000.

“These results fly in the face of some commentators who had predicted doom and gloom and substantial price drops across the country,” REIQ Chairman Peter McGrath said.

“Brisbane, particularly was a really pleasant surprise.

“Considering what the consumer had to go through during that quarter – two interest rate rises and the filtering down of earlier interest increases, massive spikes in petrol prices and general negativity about the economy – the market has shown a lot of resilience.