Buyer optimism charges up Queensland’s property market

Media release - 17^th April, 2013

Owner-occupiers on the move in the Sunshine State

• Buyer activity in northern Brisbane suburbs such as Chermside is up 10% since Christmas 2012, with houses the popular pick with owner-occupiers
• 65% of groups attending open homes in Proserpine are first time buyers employed by the mining industry
• Properties priced around $300,000 are highly prized in St George

Improved housing affordability, low interest rates and growing employment numbers are driving Queensland’s owner-occupier housing markets, according to leading real estate group Raine & Horne.

In Brisbane’s north, Kim McHardy, Principal of Raine & Horne Chermside, revealed that buyer attendances have surged by 10% since Christmas.

“Residential sales have picked up in 2013, with buyers noticeably preferring houses over units,” said Mr McHardy, who notes that out of the last 15 properties sold by Raine & Horne, only three were apartments.

“Houses are in vogue at the moment and most homes appearing on the market are turning over fairly quickly.”

Raine & Horne Chermside recently sold a four bedroom modern residence at 15 Sport Street, Kedron, in just 24 hours for an asking price of $820,000.

“We had five groups through this home at the first inspection and we sold it the very next day,” said Mr McHardy.

Travelling north to the Whitsundays, and Reg Gillen, Sales Consultant for Raine & Horne Proserpine, says open home attendances are also up, primarily fuelled by miners from the Bowen Basin.

“I would estimate up to 65% of the buyers coming through our opens are employees of the mining industry,” said Mr Gillen.

“Many of these are first home buyers or workers relocating from Mackay to more affordable property.”

Mr Gillen said that Proserpine’s close proximity to two airports – the Whitsunday Coast and Great Barrier Reef – and the 74 sun-drenched islands of the Whitsundays, are major attractions for cashed-up fly-in / fly-out workers.

To illustrate, Raine & Horne Proserpine recently sold 14 Honey Myrtle Street, Proserpine to a miner for $410,000.

“This property is a modern four bedroom home on 696 sqm and offers great value for those looking for a sea change,” said Mr Gillen.

In south western Queensland, the property market of St George has been similarly stirred by motivated real estate buyers.

Nicole Jeeves, Sales Consultant for Raine & Horne St George, revealed that properties priced around $300,000 are highly prized.

“Buyers are more motivated than last year and for many, now is the time to upgrade,” she said.

In addition, Ms Jeeves says properties that have been on the market for substantial periods are also selling, such as the five bedroom residence at 86 Alfred Street, St George, which sold for $342,000 after languishing on the market for four years.

“This property suddenly had a number of buyers looking at it, and its sale is a reflection that market confidence is on the rebound.”

-ENDS-

For further media information contact:

Angus Raine, CEO Raine & Horne, on 0409 920 697

Andrew Harrington, National Marketing & Communications Coordinator, on 02 9258 5400