Property industry wins hope
A STRONGER performing market in the March quarter has given the Real Estate Institute of Queensland renewed hope that the worst of property downturn is over.
However, the detailed Sunshine Coast breakdown of the Noosa area shows that the volatility over the past 12 months in median house prices has fed through into March - with increases or dips depending where you live.
Sunshine Beach has had a 12-month surge in median prices - up almost 60% from $772,000 to $1,235,000 while popular holiday destination Peregian has seen an almost 19% drop in median prices ($642,500 to $522,000).
Median prices at Noosa Heads were up by more than 16% ($645,000 to $750,000) but in Tewantin the median price declined by 13% ($450,000 to $390,000).
Overall, the Sunshine Coast's median house price increased by 0.6% to $430,000 over the quarter compared to the Brisbane increase of 1.2% to $505,000 over the March quarter.
REIQ Coast chairman Lloyd Edwards said there were more buyers at open homes and growing numbers prepared to make offers.
''We are starting to see a slight tightening of stock, especially for properties priced between $400,000 and $500,000 where demand is greatest," he said.
Mr Edwards said confidence started to improve after the state election. ''Property prices at this stage are still solid," he said.
