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27 February 2011

House sales dip after floods as Augustine Heights records largest price surge in Ipswich's eastern suburbs

REAL estate agents in flood-affected areas like Ipswich are reporting that many sellers have withdrawn their properties from the market.

Australia had one of the strongest housing markets in the world during 2010, new research shows.


Real estate agents in flood-affected areas like Ipswich are reporting that many sellers have withdrawn their properties from the market, even if they were not directly affected by the floods.

REIQ chairman Pamela Bennett said yesterday the flood and cyclone crises had badly affected confidence levels in Queensland property sales across the board.

"Lenders have also reportedly further tightened their finance criteria, which is making it difficult for sales to occur," she said.

"It is important to remember as we move into this recovery phase that the vast majority of homes in Brisbane, Toowoomba and Cairns specifically were not affected by the recent natural disasters, and that the fundamentals that were in play at the end of 2010 remain."

The latest REIQ median house price report states that in 2010, Rosewood homes jumped 9 per cent in value to record a median price of $279,000.

Other suburbs to surge in house values during the year included Augustine Heights (8.4%), Springfield (5.7%) and Newtown (5.4%).

Dipping in price for the year were houses in Redbank Plains and North Booval, both at minus 4.8%.

Sale prices for houses on acreage continued to rise, 6% for the quarter and 4.2% for the year.

Ipswich CBD home sale prices dropped 12.2% in value over the quarter, with Silkstone recording another steep dive at minus 10.7%.

While there was no change in the quarterly median sale price, Ipswich dipped 0.6% per cent, from $320,000 to $318,000, for the year.

Highest quarterly rises were recorded in Brassall (27.5%), Goodna (18.8%) and North Ipswich (16.5%).

REIQ managing director Dan Molloy said the Queensland property market had experienced an easing of property prices directly following the floods of 1974.

"This had corrected itself within six to 12 months," Mr Molloy said.

"Given that fewer properties were impacted this year, and our population base is also much larger, the REIQ does not expect the impact this time to be as pronounced or as prolonged as it was back then."

www.QT.com.au

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