Property Sales Activity Up in Brisbane

Those considering Brisbane property investment may be encouraged by a recent report from the Real Estate Institute of Queensland (REIQ).

In its quarterly Queensland Market Monitor, the REIQ reveals preliminary unit and townhouse sales have risen by 11 per cent since the December quarter last year.

REIQ chief executive officer Anton Kardash said there was also a 22 per cent increase in number of units sold in the $250,000 – $350,000 bracket.

He further explained that first home buyers have been more active in this particular market since 2009, with investors also making a dramatic reappearance.

“Investors too are making a long-awaited return to the market with more than 4,500 properties bought by investors in March this year.

“The 10-year average is 5,000 dwellings per month so this is also the strongest level of activity from investors since early 2010,” said Mr Kardash.

While Brisbane’s median unit and townhouse price dropped by 3.1 per cent to $387,750, sales activity exceeded the previous quarter by 20 per cent.

Property investment in Brisbane may be further encouraged by the recent reduction in the official cash rate, enacted June 6.

Tyler Wyndham – Home Port Property – June 2012