There are some signs Queensland’s regional property markets may be on the brink of turning the corner... Auction market to retain momentum through second half of 2016...
Boom to bust - have Queensland's mining towns finally hit bottom?
They are some of the areas that have suffered the most since the end of Australia’s resource boom, but there are some signs Queensland’s regional property markets may be on the brink of turning the corner.
The end of the resource boom saw some prices collapse by more than 70% in some areas of regional Queensland, however a recent slowdown in price declines have some thinking the larger regional centres may be ready to stage at least a small comeback.
While it is only the one quarter, the Real Estate Institute of Queensland (REIQ) believes the fact that house price falls in regional centres such as Gladstone (1.4%), Mackay (1.9%) and Toowoomba (1.6%) were relatively small over the first three months of the year may indicate those markets have reached the bottom of their cycles.
REIQ chief executive officer, Antonia Mercorella said there was no doubt the regional markets in Queensland had suffered recently, but she said the time might be right for some cautious optimism.
The regional markets in Queensland are pretty patchy. Since the resources downturn we’ve really seen rising rental vacancy rates, property prices move downward and quite high levels of stock on the market,” Mercorella said.
Auction market to retain momentum through second half of 2016
Australia’s auction market looks set to finish the current financial year on a positive note, with excess of 2,000 auctions again scheduled this week.
Figures from CoreLogic show 2,110 auctions are scheduled for Australia’s capital cities this week, relatively stable on last week’s 2,183.
Last week’s national clearance rate finished at 67.4%, up from 65.7% over the previous week.
In Melbourne, 982 homes are set to go under hammer this week as the city sets a record mark for auction activity in this time of the year. Melbourne finished last week with a clearance rate of 68.3%.
While it has consistently been the busiest market in 2016, volumes are down on what has been seen in Melbourne in recent years and Melbourne based buyer’s agent Cate Bakos said that has resulted in strong buyer competition, even with an election looming.
“We’ve got increased number of buyers per property and you’re seeing people that have missed out consistently and are stretching beyond what even agents would assume an energetic be prepared to stretch,” Bakos said.
“I anticipated some election jitter and for it to sway buyer numbers, but it certainly doesn’t look like that, especially in the inner and middle rings,” she said.
(Your Investment Property)
They are some of the areas that have suffered the most since the end of Australia’s resource boom, but there are some signs Queensland’s regional property markets may be on the brink of turning the corner.
The end of the resource boom saw some prices collapse by more than 70% in some areas of regional Queensland, however a recent slowdown in price declines have some thinking the larger regional centres may be ready to stage at least a small comeback.
While it is only the one quarter, the Real Estate Institute of Queensland (REIQ) believes the fact that house price falls in regional centres such as Gladstone (1.4%), Mackay (1.9%) and Toowoomba (1.6%) were relatively small over the first three months of the year may indicate those markets have reached the bottom of their cycles.
REIQ chief executive officer, Antonia Mercorella said there was no doubt the regional markets in Queensland had suffered recently, but she said the time might be right for some cautious optimism.
The regional markets in Queensland are pretty patchy. Since the resources downturn we’ve really seen rising rental vacancy rates, property prices move downward and quite high levels of stock on the market,” Mercorella said.
Auction market to retain momentum through second half of 2016
Australia’s auction market looks set to finish the current financial year on a positive note, with excess of 2,000 auctions again scheduled this week.
Figures from CoreLogic show 2,110 auctions are scheduled for Australia’s capital cities this week, relatively stable on last week’s 2,183.
Last week’s national clearance rate finished at 67.4%, up from 65.7% over the previous week.
In Melbourne, 982 homes are set to go under hammer this week as the city sets a record mark for auction activity in this time of the year. Melbourne finished last week with a clearance rate of 68.3%.
While it has consistently been the busiest market in 2016, volumes are down on what has been seen in Melbourne in recent years and Melbourne based buyer’s agent Cate Bakos said that has resulted in strong buyer competition, even with an election looming.
“We’ve got increased number of buyers per property and you’re seeing people that have missed out consistently and are stretching beyond what even agents would assume an energetic be prepared to stretch,” Bakos said.
“I anticipated some election jitter and for it to sway buyer numbers, but it certainly doesn’t look like that, especially in the inner and middle rings,” she said.
(Your Investment Property)
