The results were published in the REIQ’s March Quarter Queensland Market Monitor Report.
A shortfall in listings for sale was driving demand in the Brisbane local government area, according to the REIQ. Brisbane’s stock on market was the lowest in the state with buyers, on average, snapping up properties in 32 days – also making our city the fastest selling market in the state.
Demand from interstate migration was also driving demand.
“Queensland has become the number-one destination for internal migration, taking over from Victoria in the latest ABS Census data, and our overseas migration is at its highest level in years, which means demand for accommodation will continue,” said REIQ spokesperson Felicity Moore.
The unit market eased slightly, dropping 1.8 per cent off the annual median price of $442,000.
Good news for tenants and landlords with the rental market operating in what the REIQ describes as a “healthy range” with a vacancy rate of 3.1 per cent for the March quarter.
Rising demand easily absorbed the 3,200 new rental properties which hit the rental pool last quarter, the REIQ said.