REIQ data positive for future

Data from the Real Estate Institute of Queensland (REIQ) has given those in the property community reason to smile as its most recent report shows that clearance rates were higher in the September quarter.

News Limited reports that the REIQ data indicates that median house prices have risen slightly and that there is greater interest to sell and buy within the market.

The suburb of Brisbane saw a median price growth of 1.6 per cent, up to $508,000.

This can be attributed to greater confidence among buyers who believe that the market has seen its lowest point and vendors becoming more realistic with their asking price -stimulating interest in investors.

The theory is that should transactions continue as they have been, it might facilitate price rises for properties on the market.

The top sale for the month of September was a six-bedroom Chandler home, which went for $2.1 million while the more mid-range property was a four-bedroom property in Bargara that sold just over $380,000.

A property that sold at the lower end of the market was a one-bedroom unit in Surfer's Paradise which sold for $120,000.