Increased buyer confidence may contribute to growth in the Queensland residential property market in the next quarter, according to the Real Estate Institute of Queensland (REIQ).
REIQ Acting CEO Antonia Mercorella made this comment following the recent release of the REIQ June Quarter 2014 Housing Market Review, in an August 16 release.
Ms Mercorella said the review illustrates that the Queensland real estate market should experience growth in the spring selling season.
"These are the figures many vendors have been waiting for – much shorter days on [the] market, significantly reduced vendor discounting and increased buyer competition," said Ms Mercorella.
The review found that the Brisbane median house value increased 1.9 per cent in the June quarter and 6.6 per cent over the last year. Median values were also up 1.9 per cent in Redlands.
"The Brisbane market in particular is going from strength to strength with vendors benefiting from an auspicious combination of rising values, quicker selling times and lower discounting," explained Ms Mercorella.
The review found that average vendor discounting has fallen to 5.6 per cent in Brisbane, which is 3.3 percentage points less than in June 2013. The average days a house was on the market in Brisbane also decreased by 31 days over the same period, to 59 days.
Rental markets in Brisbane are also starting to stabilise, according to the latest REIQ Residential Rental Survey. Ms Mercorella said this is due to an increase in first home buyer activity and investor interest.
Recent changes to property law
Property Agents and Motor Dealers Act 2000 (PAMDA)
Earlier this year this law was split in to industry-specific acts, in order to reduce red tape for businesses. The new laws are:
- The Property Occupations Act 2014
- Motor Dealers and Chattel Auctioneers Act 2014
- Debt Collectors (Field Agents and Collection Agents) Act 2014
- Agents Financial Administration Act 2014
The acts will come into effect later in the year.
Land Sales and Other Legislation Amendment Bill
The Queensland parliament is currently reviewing this bill. Public submissions closed on August 6 2014.
If you are interested in conveyancing in Brisbane or Redlands then it is important to be aware of the current laws in place to protect both sellers and buyers.