Queensland's Residential Sales Reach A Four-Year Record High Of $51bn

Queensland Annual Residential Sales are currently sitting at an all time four-year high.

The Real Estate Institute of Queensland has now revealed that in 2014, $51 billion of residential property was traded in Queensland.

As reported by Property Observer, the increase in residential sales has been consistent over the past four years, marking a very good time in Queensland’s market for homeowners and first time buyers.

Adding further excitement to the figures is that there has been a substantial increase in the number of suburbs in Queensland where every vendor involved in a sale has made a profit.

REIQ Chief Executive, Antonia Mercorella said profit-making sales were highest in Brisbane, the Western Darling Downs, Coombungee, Caravonica and Mermaid Beach.

“In 2014, there were 49 Queensland suburbs where every property sold at a profit … 100 per cent of vendors in Mermaid Beach made a profit on sale in 2014 as the city’s prestige real estate market continues to bounce back,” Ms Mercorella told Property Observer.

Brisbane suburb Gumdale had the highest increase in profit making sales, leading Brisbane profit-making sales with the greatest majority of these sales in Queensland.

There has also been an increase in property transactions upwards of $1 million.

REIQ reveals that properties worth more than $1 million constituted the greatest portion of the market in the final quarter.

These results indicate that now is a great time for buyers, developers, owners and agents in the Queensland property market.