THE value of Queensland’s residential properties has snowballed with the total worth of homes in the state on track to pass $800 billion this year.
After a drop in 2011 and slow growth in 2012, figures from RP Data show the value of Queensland’s dwelling stock is now $790 billion, up from $737 billion from the same time last year.
Real Estate Institute of Queensland CEO Anton Kardash said the data proved the state was experiencing price growth.
“Queensland residential housing is more popular than ever with investors, who see an enormous upside as confidence rebounds in the local real estate market,” he said.
“Nationally, the value of residential housing has grown to be worth more than superannuation, listed stocks and commercial real estate combined.”
According to RP Data, residential housing values in Brisbane were the highest in Queensland at $393 billion with the Gold Coast in second place with $123 billion. The total number of residential dwellings as of December 2013 was 1.847 million.
Harcourts Mitchelton sales agent Scott Rumble said investors were filling out open homes.
“A lot of local investors have come out of the woodwork but we’re also getting a lot of interstate buyers,” he said.
“They’re accustomed to the market moving a lot faster in Sydney and Melbourne and first-home buyers have had to compete.”
One couple who have been making most of rising values are Hope Island residents Jane Sanders and Josh Orton, who both own investment homes.
“Together we own about four properties because we both decided to get in to the market at times when it was good to do so,” Ms Sanders said. “Right now is a great time to invest and we’re looking to buy again after we decide whether it’s better to buy a unit or house.
“Units are a good starting point but there’s a lot of value on buying and building a house on land.”
Ms Sanders said Queensland had plenty of areas with growth for buyers.
“I’ve bought and sold in Brisbane before moving to the Gold Coast,” she said.
“Many parts of the state are continuing to grow but as Brisbane goes up in price people might look for more affordable options on the Gold Coast instead.”