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Market Update from the Principals Desk

By Cathy Pieroz

According to the latest Real Estate Institute of Queensland quarterly house value data, the market has already started its slow and steady climb back.

The data, released in an eight-page lift-out in The Courier-Mail, reveals that the median house value in Brisbane went up by 2% in the past quarter.

Also in encouraging news, mortgage enquiries spiked 6.9% in the June quarter, the

highest level of growth in three years, according to credit reporting agency Veda.

Our declining interest rates and high saving rate mean that, once the dust settles after the election, investors will likely be primed to seek avenues other than money in the bank and dwindling interest returns.

Other positives that herald good things for the residential market include a decline in the amount of stock listed for sale; less private treaty discounting; shorter listing times for property on the market, and, subsequently, increasing sales volumes.

REIQ chief executive Anton Kardash said there had been changes across the board in terms of prices but continued growth would be “slow and steady”.

He said all the data was pointing to a strong spring selling season ahead.

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