BUYERS are back in the housing market if the latest Real Estate Institute of Queensland quarterly data is anything to go by.
While it doesn’t show any huge increases in median values during the September quarter, one thing this data does show clearly is that transactions levels are up, and in some areas they’re up very significantly.
That could reflect a couple of things. First, that some sellers are being more realistic about their asking prices.
Second, buyers might feel the bottom of the market has been and could soon be gone, so now is the time to act.
Whatever their reasons, the figures show houses are moving.
The momentum of sales may be enough to get that huge backlog of houses which have been on the market
for some time, cleared at last.
The hope would be that if transaction levels continue to lift, and at the moment there doesn’t appear to be a reason why they would not, that price growth would soon follow.
Many suburbs did return positive median house price growth for the quarter with Brisbane’s now sitting at $508,000, up 1.6 per cent.
Any move into positive territory by median prices has to be good, but all predictions are that price growth will be slow and steady.
Don’t expect a boom any time soon.