Moray St, New Farm tops the selling list for 2012.
Source: The Courier-Mail
QUEENSLAND’S property market is expected to make slow and steady progress throughout next year, with most analysts predicting we have reached the bottom of the market.
While the market struggled at the start of 2012, transaction levels had lifted substantially throughout the state by the end of the year.
Real Estate Institute of Queensland CEO Anton Kardash said 2012 really needed to be split in two to be properly analysed.
He said the first half of the year was a struggle in terms of sales being achieved in anything but the under-$350,000 price range.
“If anything, the less than $350,000 range was the most consistent selling range of houses throughout the year,” he said.
“It seems even in the first two quarters of the year, when every other part of the market was standing still, it still had some reasonable turnover.”
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Mr Kardash said the second half of the year brought a dramatic jump in transaction levels across the state, but not necessarily growth in median prices.
Date/Time: 2012:12:28 17:52:39
Sales levels jumped 37 per cent in Brisbane in the September quarter and there was double-digit sales activity across the whole state.
In Brisbane, Moray St in New Farm chalked up the most deals. RP Data figures reveal 103 properties changing hands during the year.
Toby Hassall has signed a contract on a two-bedroom apartment there, which he and his partner Emily Ragus will move into in the new year.
He said Moray St ticked the boxes because it was close to the city and he could walk to work.
Justine Coleman of Ray White, who negotiated the sale, said Moray St was popular because of the access to lifestyle facilities such as coffee shops and restaurants.
Mr Kardash said how the Queensland market performed during summer should be an indication of its performance for the rest of the year.
Date/Time: 2012:12:28 17:52:39
He said spring was usually the time of year when the most properties were listed for sale, with the transactions starting to come through in summer.
Anecdotally, agents had reported some good sales results.
“Some areas are traditional blue-chip housing areas,” he said. “I am hearing some really good numbers for sale prices – whether it is a one-off or a pattern we really won’t know until the end of the summer quarter.”
“What we are hoping for, of course, is just sustainable growth – we are not looking for records, we are looking for sustainable growth in marketplace,” he said.
There was little growth in values this year and the latest RP Data figures put growth in Brisbane at only 0.3 per cent compared with the same time last year.
Throughout 2012, sellers were still asking more than buyers wanted to pay, with vendor discounting levels higher than normal, although lower than they were in 2011.
ON THE MOVE: Toby Hassall has signed a contract on a unit and will move in with partner Emily Ragus in the new year. Picture: Stephen Archer
In the month to December 9, there were 11,348 properties newly listed for sale in Queensland, down on the same time last year. In terms of all advertised properties for sale there were more on the market than last year.