High Sales Recorded for Real Estate in Queensland

The year of 2013 was a great period for national residential real estate growth and sales, however new information from the Real Estate Institute of Queensland (REIQ) has demonstrated just how strong this activity was in Queensland.

During the last remaining months of 2013, the REIQ recorded a significant shift in the number of properties that were sold in the state. In fact, the REIQ stated that the last three months of 2013 possessed the highest number of real estate sales during a quarter in a number of years.

"Our most recent peak was in September 2012 when the return of stamp duty concessions underpinned the increased sales activity. However, the strength of this latest quarter was a direct reflection of our improving market and growing confidence levels," said REIQ Chief Executive Anton Kardash in a February 21 statement.

"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 went on to explain that the Queensland real estate market is currently in its "next growth phase".

Furthermore, the REIQ stated that not only is sales activity high, but many of the transactions have worked in the favour of owners, too. A high number of the transactions recorded in the final quarter of 2013 have resulted in homes selling for asking prices or above, while many other properties have experienced multiple offers.

Not only does this show that buyer sentiment in the state is at an encouraging level, it also demonstrates that demand is high for real estate in Brisbane and the rest of the state.

Queensland property market strong

While the final months of 2013 was a strong period for property sales, the whole year saw fantastic results for house price and value growth. However, current sentiment in the market is looking increasingly positive, especially over the next two years.

Queensland, tied with Victoria, is currently the most optimistic state for property over the next one to two years, according to results from the NAB Quarterly Australian Residential Property Survey Q4 2013. The survey, which questioned a combination of real estate agents, managers, property developers, owners and investors as respondents, found that Queensland will lead the country for capital growth over the next two years.

This will occur while all states, except Queensland, experience a softening in house price growth.