Values drop as home buyers wait
IPSWICH property market median values fell during the June quarter as home buyers waited for the $7000 state government stamp duty concession to kick in.
Figures released by the REIQ yesterday show the median house price for Ipswich fell 3.3% to $290,000.
Ipswich's median price for June last year was $312,500.
Ipswich and Logan were the only regions to record a drop in median house price, with Moreton Bay leading the way with a 5.3% increase.
REIQ CEO Anton Kardash said there was a noticeable slow-down in activity from May to June.
"The State Government introduced legislation into parliament in mid-May to reinstate the Principal Place of Residence concession on stamp duty from 1 July this year," Mr Kardash said.
"Even though sales activity was lower in the month of June in particular, our June quarter data found no significant variations on median prices which means our market is still holding up well.
"The four rate cuts since November are also starting to have a positive effect on the market."
Mr Kardash said it may take longer than originally anticipated for the market to begin the road to recovery.
"We believe the market will eventually start to hit its stride in a more vigorous manner due to pent-up demand, population growth and the ongoing mining boom putting pressure on the real estate market.
"But this may take longer than we originally believed because of the ongoing uncertainty about our state's finances. Once this has been addressed, we should see the gates of confidence open once more."
