Weekly Property Report
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Issue: 218
  
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Market Review
Affordable property sales rise
The number of affordable homes sold across the State rose during the September quarter, according to the latest Real Estate Institute of Queensland (REIQ) house sales data.
The REIQ September quarter median house prices show that while median prices across the State have softened, this can partly be attributed to the increasing number of lower-priced properties sold.
Consumer confidence has also impacted the market.
Consumer confidence has taken a battering over recent months as the economy headed into unchartered waters.
About 80 per cent of house sales across Queensland were for properties under $500,000 in the September quarter, up from 75 per cent as reported in the June quarter.
And as there has also been a drop in the number of "high-end" properties sold the median price for the quarter has dropped.
The quarterly median is a reflection of the properties that sold over that time period, so if more affordable properties sell the median will always be lower.
The September quarter results do not take into account the new First Home Owner Boost (FHOB) - which provides $14,000 for an existing home and up to $21,000 for a new one - and the substantial interest rate cuts since October.
As such, this trend towards buying more affordable properties is likely because of the constrained housing affordability situation and higher interest rate environment during the quarter.
However, the new $500,000 stamp duty exemption threshold for first home buyers, which came into effect on 1 September, also resulted in a number of new buyers entering the market.
REIQ chairman Peter McGrath said while the uncertain global economic climate was unsettling buyers and sellers, historically low interest rates, first home buyer initiatives, and a tight rental market were likely to underpin the Queensland property market in the months ahead.
To put it in perspective, the share market has fallen about 50 per cent in the past few months, while Queensland median house prices have softened just a few per cent.
While it is impossible to predict the months ahead, Queensland's residential property market is well-placed to ride out this economic uncertainty due to continued population growth and demand for housing.
The rental market is still very tight, and with interest rates down dramatically, more renters and investors - who have secure employment - will be doing their sums to see if the right time to buy is now.
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