House sales plunge while the median price rises slightly
WHILE property prices are holding relatively steady in central Queensland, the volume of sales in some mining areas continues to trend down.
In Gladstone the preliminary numbers of house sales reduced by 30% over the year.
But the Gladstone median house price increased 5% to $420,000, with preliminary sales numbers increasing by 17% over the quarter.
REIQ Gladstone zone chair Mark Spearing said normality was returning to the market.
He said while volumes were well below what they were a year ago, the market was beginning to improve.
"We are once again experiencing higher house sales volumes with the median house price creeping up," he said.
"First home buyers are becoming more active, as are other home buyers.
"Given the significant changes in the Gladstone market, many buyers are seeing this as a great opportunity to enter the market or upgrade their existing home."
Mr Spearing said the longer time on market, compared to 12 months ago, was merely a reflection of the uncertainty around the mining industry over the past year.
"Stock levels are reducing and the number of properties under construction has fallen, and this will steady the market over the next quarter," he said.