Residential real estate in Qld headed for $800b barrier
THE value of residential real estate in Queensland is set to break through the $800 billion barrier amid growing investor confidence and buoyant market conditions.
Real Estate Institute of Queensland chief executive Anton Kardash said Queensland accounted for more than 15% of the nation's residential housing wealth, estimated at $5.2 trillion.
Brisbane on its own is rapidly approaching the $400 billion mark, with regional Queensland accounting for the remainder of the state's residential real estate wealth.
"Queensland residential housing is more popular than ever with investors, who see an enormous upside as confidence rebounds in the local real estate market," Mr Kardash said.
"The state's real estate renaissance is reflected by a wide range of indicators, from strong price growth and higher sales volumes to more new housing construction and finance approvals.
"Nationally, the value of residential housing has grown to be worth more than superannuation, listed stocks and commercial real estate combined."
Mr Kardash said stronger buyer sentiment and sales activity were helping the Gold Coast and Far North Queensland rebound from the global financial crisis.
"Confidence is also returning in north and central Queensland, along with the south-east, particularly the Sunshine Coast," he said.
Residential housing values by region in Queensland:
- Brisbane $393b
- Gold Coast $123b
- Sunshine Coast $74b
- Far North Queensland $36b
- Wide Bay-Burnett $34b
- Fitzroy $33b
- North Queensland $31b
- Mackay $28b
- Darling Downs $26b
- West Moreton $12b