This document provides a market summary and analysis of the Brisbane property market for the September 2010 quarter. It finds that the Brisbane median house price decreased 1.3% over the quarter, while preliminary house sales were down 13%. Stronger performing suburbs included The Gap and St Lucia. The unit market was relatively steady with median prices holding steady but preliminary sales down about 10%. Overall the Brisbane market showed signs of subdued buyer demand over the period.
1. Linda Jane Debello
Licencee / Director
L.J. GILLAND REAL ESTATE
Proud to be a REIQ Individual Member
Y O U R S TAT E - W I D E P R O P E R T Y R E S E A R C H G U I D E - S U B U R B B Y S U B U R B
MAR K E T
QUEENSLAND
MONITOR
Issue 8 www.reiq.com.au
Opportunities
stack up for buyers
10% Deposit - it just makes sense
Click here to discover how a Deposit Power Guarantee can secure a 10% deposit.
www.reiq.com.au
3. BRISBAnE CITY
SEPTEMBER QUARTER 2010 STATE-WIDE SUMMARY
Gladstone’s property market was buoyed by the potential of QUEENSLAND HOUSE SALES
the LNG projects earmarked for the region over the quarter. QUEENSLAND HOUSE SALES
<$350,000 <$500,000 <$1m $1m+
With three multibillion-dollar LNG projects provisionally <$350,000 <$500,000 <$1m $1m+
approved since that time, demand for property has increased
SEP 10 2815 3597 2309 224
markedly. SEP 10 2815 3597 2309 224
Investors and prospective mine employees have been waiting JUN 10 2730 3787 2639 260
for the announcements and have moved quickly to secure JUN 10 2730 3787 2639 260
property in the region. There are reports of investors buying
multiple properties. MAR 10 2902 4015 2693 241
MAR 10 2902 4015 2693 241
The median house price in Toowoomba increased 1.4 per cent
to $289,000 over the quarter and was up 7.4 per cent over
the year. There is plenty of buyer inquiry in the region given
Toowoomba’s location near the Surat Basin Energy Province
however confidence needs to improve for activity to increase QUEENSLAND UNIT SALES
QUEENSLAND UNIT SALES
significantly. <$250,000 <$350,000 <$500,000 <$1m $1m+
<$250,000 <$350,000 <$500,000 <$1m $1m+
The Cairns residential property market experienced a median 121
SEP 10 623 1228 1192 638
house price increase over the September quarter as well as SEP 10 623 1228 1192 638 121
a rise in preliminary sales numbers. Its median house price
increased 1.7 per cent to $364,000 while sales numbers were JUN 10 604 1285 1469 733 124
JUN 10 604 1285 1469 733 124
up about 20 per cent over the period. SALES
QUEENSLAND HOUSE The sound result was
possibly due to some astute buyers recognising that the
<$350,000 <$500,000 <$1m $1m+ MAR 10 597 1352 1425 716 158
market was at, or near, the bottom of its cycle. MAR 10 597 1352 1425 716 158
SEP 10 2815 3597 2309 224
The Queensland unit and townhouse market held its ground
over the quarter with median prices relatively steady but
preliminary sales numbers down by about 10 per cent.
JUN 10 2730 3787 2639 260 decreases in preliminary sales numbers partly due to the near-
QUEENSLAND LAND SALES
completion of sales in new residential developments.
Reduced demand in the $350,000 to $500,000 price was most QUEENSLAND LAND SALES
<$250,000 <$350,000 <$500,000 <$1m $1m+
evident, with preliminary sales numbers down 19 per cent
MAR 10 2902 4015 2693 241 Across Queensland there were about 1,619 preliminary$1m+
<$250,000 <$350,000 <$500,000 <$1m sales
compared to the June quarter. This can be attributed to lower 38
of vacant urban land over the quarter, down about 13 per cent
38
levels of activity from first home buyers and investors. on the10
SEP
previous quarter. 1277 was reduced 216 82 6 of sales
SEP 10 There
1277 numbers6
216 82
across all price points over the period. 43
Toowoomba was the strongest performer for units and 43
Ipswich region experienced the highest increase in 9
1422 281 97
JUN 10
townhouses over the period with a median price increase of The JUN 10 1422 281 97 9
QUEENSLAND UNIT SALES
6.4 per cent to $240,000 and preliminary sales numbers up by preliminary sales over the period with 55 more preliminary43
43
5 per cent.
<$250,000 <$350,000 <$500,000 <$1m $1m+ land sales recorded than the previous quarter. This is mainly
MAR 10 1373 317 97 15
MAR 10 1373 317 97 15
due to the release of new residential developments in Brassall
Ipswich and Bundaberg also fared well with median unit and
SEP 10 623 1228 1192 638 121 and Redbank Plains where sales were up 45 and 20 respectively
townhouse price increases of 4.5 per cent to $257,000 and 3.7
over the September quarter.
per cent o $250,000 respectively.
JUN 10 604 1285 1469 733 124
Median land prices Median rents
MAR 10 597 1352 1425 716 158 Over the year to September, median rents across Queensland
Demand and median prices for land across Queensland held
recorded relatively minor price adjustments given the interest
relatively steady over the quarter with the exception of the
rate environment remained historically low over the that
Gold and Sunshine coasts which experienced significant
period. However, demand is increasing in most areas as many
buyers stay on the sidelines.
QUEENSLAND LAND SALES The REIQ’s September 2010 residential rental survey of property
<$250,000 <$350,000 <$500,000 <$1m $1m+ managers found vacancy rates easing slightly in South East
38 Queensland, with the exception of the Sunshine Coast which
SEP 10 1277 216 82 6 has seen residential rental demand increase marginally.
43 Regional Queensland is experiencing tighter vacancy rates
JUN 10 1422 281 97 9 in most major centres, albeit with many still recording rates
43
in excess of 3 per cent. The resources industry is again
MAR 10 1373 317 97 15 having an impact in areas such as Bundaberg, Gladstone and
Rockhampton – all reporting vacancy rates substantially lower
than those recorded in March.
Issue 8 - September Quarter 2010 page 3 www.reiq.com.au
4. QUEENSLAND
MAR K ET
MONITOR
BRISBAnE CITY
Median house and unit prices
The Brisbane residential property market was impacted by
subdued buyer demand over the September quarter. BRISBANE CITY HOUSE SALES
<$350,000 <$500,000 <$1m $1m+
The Brisbane median house price decreased 1.3 per cent to 137
$531,170 over the period. The preliminary number of house SEP 10 780 1177 124 SEP 1
sales was down by about 13 per cent over the quarter. 141
In Brisbane’s eastern suburbs, agents are reporting a cautious JUN 10 881 1373 141 JUN 1
but positive mood with increased inquiry. A reasonable 127
number of sales over a quite broad range of property prices
MAR 10 863 1259 120 MAR 1
and types are taking place, however there is no real sense of
urgency from buyers.
Brisbane’s westerns suburbs stole the limelight this quarter
with The Gap recording the city’s highest increase in BRISBANE SURROUNDS' HOUSE SALES
preliminary sales numbers over the year (up about 20 per BRISBANE CITY UNIT SALES
<$350,000 <$500,000 <$1m $1m+
cent) and St Lucia’s annual median tipping the $1 million mark <$250,000 <$350,000 <$500,000 <$1m $1m+
and recording the highest increase in the median thanks to 41
SEP 10 815 1009 328 16 SEP 1
performance at the upper end of the market. SEP 10 265 628 270 37 SEP
On the south side, Forest Lake, Sunnybank Hills and Calamvale 44
JUN 10 775 1111 424 14 JUN 1
continue to record high sales volumes however agents are JUN 10 254 684 282 47 JUN
reporting a lack of urgency on behalf of both buyers and 50
sellers. The up-grader suburbs of Camp Hill, Carindale and MAR 10 839 1147 454 13 MAR 1
MAR 10 255 645 242 30 MAR
Mount Gravatt East also performed well over the year with
INCLUDES REDLAND, LOGAN, IPSWICH & MORETON BAY REGIONAL
preliminary sales numbers holding steady.
The median Brisbane unit and townhouse price decreased 0.5 GOLD COAST HOUSE SALES
per cent to $408,000 over the quarter, with preliminary sales BRISBANE SURROUNDS' UNIT SALES
<$350,000 <$500,000 <$1m $1m+
numbers also easing slightly during that time. <$250,000
BRISBANE CITY <$500,000SALES
<$350,000
LAND $500,000+
24
<$250,000 <$350,000 <$500,000 $500,000+
Steady performers over the quarter included Albion, Carina, SEP 10 433 332 49 SEP 1
Coorparoo, Sunnybank Hills and Tingalpa. Carina, particularly, SEP 10 20 113 231 71 38 SEP
SEP 10 38 54 34 15
recorded solid results with a 3 per cent median price rise to JUN 10 417 364 54 JUN 1
$432,500 as well as a preliminary sales numbers more than JUN 10 16102 224 110 45 JUN
doubling – to 26 – compared to the June quarter. JUN 10 54 49 36 15
MAR 10 434 422 58 MAR 1
There have been new starts on a number of small/medium MAR 10 104 240 101 55 MAR
developments in the eastern suburbs, including waterfront MAR 10 26 55 47 12
sales in Kangaroo Point where one of Brisbane’s top unit sales INCLUDES REDLAND, LOGAN, IPSWICH & MORETON BAY REGIONAL
for the year to September was recorded for a unit in Castlebar
SUNSHINE COAST HOUSE SALES
Ave selling for $4.5 million. GOLD COAST UNIT SALES $1m+
<$350,000 <$500,000 <$1m
Median rents BRISBANE SURROUNDS'26
<$250,000
68
<$350,000 <$500,000 SALES
LAND <$1m $1m+
Vacant land prices The SEP 10 <$250,000 a three-bedroom <$500,000 Brisbane
median rent for 322 <$350,000 189 house in $500,000+ SEP 1
The median price of vacant land in Brisbane increased 5.2 per increased $10 to $380 per week between 191 50
SEP 10 104
46 374 282 September 2009 and
40
SEP
cent to $315,000 over the quarter. Preliminary sales numbers September this year.348 median rent for a two-bedroom12 8
SEP 10
JUN 10
The 436 226 77 unit
JUN 1
were steady over the period but were down over the year. also increased $10 to $365 per week over the same period.
JUN 10 123 428 405 258 46 JUN
50
41
Fitzgibbon, about 16km north of Brisbane, was the best Agents in
JUN 10 417 96 27 3
inner Brisbane are reporting some oversupply issues
MAR 10 396 290 MAR 1
performing suburb with a median price rise of 4.4 per cent which is resulting in downward pressure on rents.278 RTA
MAR 10 99 415 407 The 91 MAR
to $234,950 over the quarter and the most preliminary sales reports median rents remaining relatively stable in the majority
MAR 10 418 106 17 8
number at 19. These results can be attributed to Fitzgibbon of the inner city area. With the end of the university year now
being a declared Urban Development Area. New development here, international IPSWICH & MORETON BAY REGIONAL returned home.
INCLUDES REDLAND, LOGAN, students have also
at Fitzgibbon will provide a range of housing choices to cater Brisbane’s outer SUNSHINE COASTaUNIT SALES
suburbs are seeing number of break lease
for the diverse needs of the northern Brisbane community situations and many agents are reportingSALES enquiry $1m+
GOLD<$350,000 LAND tenant <$1m
COAST <$500,000
<$250,000
through a mix of densities, types, designs, price points and having slowed considerably. However, with many also
<$250,000 <$350,000 <$500,000 $500,000+
home ownership and rental options. reporting a 46 in investor activity, supply 77 not increased
drop has 24
SEP 10 140 99 SEP
which as resulted in vacancy rates holding steady at 2.6 per
SEP 10 52 25 16
cent.
JUN 10 45 139 146 87 19 JUN
Please see page 39 for legend and further notes
JUN 10 83 41 8 14
Issue 8 - September Quarter 2010 page 4 www.reiq.com.au