Wait and see in sales for Livingstone Shire
LIVINGSTONE Shire's 13.5% increase in median house prices reflects the trend in the south-east corner where the prestige market is driving performance figures.
The median house price of 63 sales in the December quarter was $362,500 and represented a 4.4% decrease over the past 12 months, and a 1% increase over the past five years.
Quarterly sales figures released by REIQ yesterday showed that contrary to the increase in median house price, the overall sales volume in Livingstone was down 36%.
Research analyst for REIQ Yvette Burton said the drop in sales volume also reflected listing numbers.
"Without confidence in the market, vendors aren't selling if they don't need to," she said.
"The feeling is the market in Rockhampton and Livingstone has reached the bottom so typically there's a wait-and-see game going on.
"The cyclone damage means local tradesmen are busy and that will flow on to the rest of the economy."
Despite the downturn in the mining sector and the ongoing drought in parts of Queensland, real estate agents in Rockhampton, Gladstone and Mackay have reported early signs of market improvement since the start of the year.
Brisbane's median house price smashed the $600,000 barrier for the first time with the prestige property market contributing to the higher median prices.