The Queensland property market has come up against some difficult times recently, but if new figures are to be believed, its fortunes are starting to be reversed.
Figures from the September quarter released by the Real Estate Institute of Queensland (REIQ) reveal that Brisbane’s market in particular has started to level out.
The Queensland capital has seen its average vendor discount fall from 7.9 per cent to 6.5 per cent over the past year, while the number of days properties for sale spend on the market has also dropped from 90 to 78.
Not only this, the median house price in Brisbane increased 0.6 per cent in the three months to September, meaning the average property now costs around $530,000.
REIQ data also showed that house sales in the city increased 13 per cent over the quarter and 18 per cent compared to just one year ago.
With more movement in the Queensland property market, there is perhaps greater scope for construction apprenticeships in Brisbane and other parts of the state.
Chief executive officer of the REIQ Anton Kardash emphasised that it is good to see some parts of the market come to the fore that have not had opportunity to in the past.
He continued: “Unfortunately, the Queensland market has never been consistent across the board.
“We often experience phases of recovery and growth in some regions, while other areas simultaneously experience patches of more stable activity.
“Of course, our mining districts were performing exceptionally while the majority of the state remained in the doldrums not that long ago.”
Mr Kardash emphasised that Queensland remains one of the most affordable places in the country to live or invest in property, which is why an influx of buyers is expected in the near future.
This will put increased pressure on the construction industry, as efforts are made to ensure enough properties are available and that infrastructure can cope with the rising population.
The construction sector is eagerly awaiting the Reserve Bank of Australia’s next cash rate decision, which is due on December 5.
Master Builders Australia said the previous move to keep the rate at 2.5 per cent was the right one, especially as the recovery started to gather pace and the effects of previous cuts were still filtering through.
Builders throughout the country have seen confidence improve, so efforts need to be made to preserve that, the group added.