Queensland’s residential property market has regained some of the ground it lost following the natural disasters earlier this year, according to the Real Estate Institute of Queensland (REIQ).

The REIQ June quarter median house price report found that preliminary sales numbers in many areas across the State are on the road to recovery, however, property price growth remains relatively subdued.

The latest REIQ figures for the June quarter showed that there was a 5.6 per cent drop in the median house price in the Cairns Regional Council zone, while Port Douglas reportedly did not have enough sales listed during June for the REIQ to estimate a local figure, as was the case in the March quarter.

But LJ Hooker Port Douglas managing director, Michael Samson, says while house sales within Port Douglas were quiet in the June quarter, July showed a good improvement, possibly due to busy tourist numbers.

“Our Port Douglas office certainly did have a very good July for the number of properties sold,” Mr Samson said.

“Two of the properties sold were in the $800,000s, one in the $700,000s and one in the $600,000s, plus quite a few properties at lower values.”

Mr Samson said calculating median house prices for Port Douglas was difficult with the recent low number of sales.

“The Port Douglas area has a large number of properties on the market, and the amount of time they are on the market is quite long,” Mr Samson said.

“To look at Port Douglas and try to do a median price would only be effective if you could look at each area independently, such as Ferndale, Port Gardens or Reef Park.

“Many times there will be a big sale on Flagstaff Hill and only a few other house sales and the median price will appear to be very high.  

“But I would say the median price in Port Douglas has dropped a minimum of 10 per cent from 12 months ago.”

“The Queensland property market continues to be impacted by lower consumer confidence and the uncertain nature of the global economic situation, including the recent pronounced stock market jitters around the globe,” REIQ managing director Dan Molloy said.

“The number of buyers active in the Queensland marketplace is still well below long-term averages and until there is more certainty surrounding interest rates and the global financial landscape, generally this circumstance is unlikely to turnaround before next year.”  

REIQ JUNE QUARTER 2011 figures
For expanatory notes go to the REIQ website