Brisbane continued its strong performance over the last month and quarter. A new median price of $610,000 was reached, as well as growth across the prestige bracket and plus $500,000 according to the REIQ Queensland Market Monitor June Quarter. The low interest rates continuing following the RBA’s announcement that rates will remain steady is assisting good demand and competition across the market.
The city reached an increase in the median sale price up 5.2% over the quarter for houses. Elsewhere, the Fraser Coast was the best performing of the tourist centres, reaching 4.9% on quarterly change for houses. Units performed better than houses in the regional areas with Mackay moving 12%, and Gladstone 5.9%.
Vacancy rates across the state largely remained steady, particularly over the Greater Brisbane area. Brisbane had a steady rate of 2.7%, while Ipswich and Logan were the only areas that moved up with increases of 0.4% and 0.7% respectively.
Tourism centres, obviously more susceptible to transient occupants, saw vacancy increases in the Noosa, Fraser Coast, Cairns, and Gold Coast City markets.
Median Weekly Rental amounts remained largely steady over markets and between house types (3 bed houses, 2 bed flats, 3 bed townhouses). Gold Coast City increased median weekly rent across all three housing types, up to $450 for 3 bed houses, $380 for 2 bedroom flats, and $400 for townhouses.
Cairns recorded the strongest rental yields over the quarter, with both houses and units moving upwards to 6.2% and 5.8% respectively and the only market to move upward across both categories. The Greater Brisbane area saw strong yields for Logan City (5.0% for houses, 5.9% for units), while Brisbane City recorded 3.6% for houses, and 4.9% for units.