Why tree-changers want to buy in the Southern Downs
THE Southern Downs' real estate market remains steady with tree-changers helping to increase demand for rural lifestyle blocks, agent Neil Carney says.
Real Estate Institute of Queensland property statistics reveal Southern Downs median house price dropped 1.5% to $241,250 in the September quarter in the three months to September 31.
The downturn over the past three months follows the region's annual median sale price increase of 3.4% to $242,500 and the five-yearly fall of 0.8%.
Warwick's median house price for the quarter rose 6.1% to $260,000.
This was slightly less than the annual increase of 6.4% from $250,000 and the five-yearly median price drop of 1% from $252,500.
Stanthorpe's quarterly median was not available due to the low turnover of properties.
However, the town recorded a 6.4% yearly median price increase to $238,000 and a 2.9% five-yearly drop to $245,000.
A total of 54 Southern Downs houses changed hands in the September quarter - 36 of those sales were in Warwick.
About 30 rural properties were sold over the three months.
There was a 3% decrease in the quarterly rural property median price, which dropped to $307,500.
Mr Carney, from Warwick Real Estate, said there were not many surprises in the September quarter data.
"There's been no significant jump or decline in the figures and there's only been a couple of moderate changes over the past few years," Mr Carney said.
"It's a sign that everything is going okay.
"One of the good things about Warwick, from an investor's perspective, is that there are no peaks or troughs."
Mr Carney said rural properties were proving particularly attractive for city slickers.
"The market in those have come up because there has been more demand in the past 12 to 18 months for lifestyle properties," he said.
"I think there are more people wanting to move to a rural lifestyle or have a second residence where they can get away to from Brisbane."
REIQ research analyst Karina Salas said the data showed regional Queensland was "a market running in low speed".
"The mining downturn impacted heavily most of regional Queensland so the downward trend in volumes and prices is not a surprise," Ms Salas said.
- ARM NEWSDESK