Queensland mining region prices come off the boil a little
The Mackay property market was regional Queensland's top performer during the September quarter, according to the Real Estate Institute of Queensland (REIQ) September quarter median house price report.
Next was Redland City, which recorded a median house price increase of 2.7% to $450,000.
But the mining areas of Queensland appeared to have come off the boil a little.
"Its perhaps due to sharp property price increases over the past 12 months in Gladstone and Mackay in particular; however, sales in these regions remain strong," REIQ chief executive officer Anton Kardash says.
Mackay posted a median house price increase of 4.7% to $445,000. Over the year its median house price increased 4.9%.
REIQ Mackay zone chairwoman Sally Richards said there has been increased interest in the higher-priced homes such as the $400,000 to $600,000 price range.
She says there has been a significant amount of increased development and building activity in the region.
Gladstone's market slowed down after the sharp property price increases over the past year.
The median house price decreased 4.2% over the September quarter to $455,000.
REIQ Gladstone zone chairman Mark Spearing described the market as well-balanced over the past quarter.
In Brisbane, the median house price increased 1.6% to $508,000. The numbers of house sales was also up more than 3% compared to the June quarter.
For more on investing in property in mining areas like Gladstone, download our free eBook.
The Mark at Sydney's Central Park
Much has been spoken about the global property market and that our market will ultimately follow a similar fate and I am always at pains to point out not all property is created equal.
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