Queensland housing market report - hpw.qld.gov.au · PDF fileHousing Services Queensland...

Department of Housing and Public Works

Housing Services

Queensland housing market report

March quarter 2014

Disclaimer for release of this information to external parties

The materials presented in this Queensland Housing Market Report are distributed by the Department of Hous-ing and Public Works as an information source only. The information is provided solely on the basis that readers will be responsible for making their own assessment of the matters discussed herein and are advised to verify all relevant representations, statements and information.

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Information and data contained in this document are not to be cited out of the context in which they are present-ed, or using terminology other than that used within this document.

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INTRODUCTION

The Department of Housing and Public Works (Housing Services) produces the Queensland Housing Market Report to provide a snapshot of key housing market indicators in Queensland for the relevant quarter.

The Queensland Housing Market Report provides a quarterly update on private rental and home ownership markets for the state’s 15 most populated Local Government Areas (LGAs). Also included in the Report are a series of Housing and Economic Statistics Tables that offer a range of easily referenced tables relating to gen-eral economic and Queensland housing market indicators.

The Report relies on data provided by government agencies such as the Residential Tenancies Authority, Queensland Treasury, Department of Natural Resources and Mines and the Australian Bureau of Statistics. For residential vacancy rates, the Report relies on data supplied by SQM Research.

Contacts

All inquiries should be addressed to Private Housing Programs, Department of Housing and Public Works (Housing Services) on 07 3227 7949.

Contents

March Quarter 2014 Highlights 1

Private Rental Market 2

Rental price update 2 3 Bedroom detached houses 2 2 Bedroom fl ats/units 4 Rent across dwelling types and sizes 6 Residential vacancy rates 7 Rental market size 8

Home Ownership 9

Home purchase prices 9 Detached house prices 9 Flat/unit prices 11 Vacant land prices 13 Housing fi nance and planned residential construction 15 New loans by buyer type 15 New loans by dwelling type 16 Dwelling approvals 17

Economic Update 18

Economic growth 18 Population growth 19 Interest rates 20 Wages & prices 21 Unemployment 22

Housing and Economic Statistics Tables 23

Private rental tables 23 Table 8 - 3 Bedroom detached houses 23 Table 9 - 2 Bedroom fl ats/units 24 Table 10 - Rent Assistance Rates 24 Home ownership tables 25 Table 11 - Detached house prices 25 Table 12 - Flat/unit prices 25 Table 13 - Vacant land prices 26 Table 14 - Average home loan sizes in Australia 26 Table 15 - Average home loan sizes in Queensland 26 Table 16 - Queensland residential dwelling approvals 27 Economic tables 27 Table 17 - Interest rates 27 Table 18 - Australian Consumer Price Index components 27 Table 19 - Consumer Price Index for Australian capital cities 28 Table 20 - Rates of unemployment 28

Explanatory Notes Rent and Sales Statistics

• The geographic areas for reporting rent and sales data

are based on the Australian Standard Geographical

Classifi cation (ASGS) of the Australian Bureau of

Statistics (ABS). Pre-amalgamation boundaries of Local

Government Areas (LGA) are used.

• Rent statistics in this Report are sourced from

information provided on the bond lodgement form

lodged with the Residential Tenancies Authority (RTA).

• Sales statistics in this Report are sourced from

information provided on the ‘Property information

(transfer)’ form that is lodged with Queensland Valuation

and Sales (QVAS) maintained by the Department of

Natural Resources and Mines.

• Unless otherwise specifi ed, the rent and sales statistics

in this Report are derived from total records available for

the relevant quarter. No exclusions or limits have been

applied.

• Median rent and sales values are used in this Report.

The median is the value that divides a set of ordered

data equally into a bottom half and a top half (i.e. the

middle value or 50th percentile). The median value is

not signifi cantly affected by unusually high or low values

(outliers) and therefore provides a better measure of

central tendency.

• Residential vacancy rates used in this Report are

sourced from SQM Research. SQM Research’s

calculations are based on online rental listing that have

been advertised for the three weeks or more compared

with the total number of rental properties in Queensland.

• Local Government Areas (LGAs) with less than 10 rental

bonds or sales records are deemed to have a small

sample size for the reporting of median rent and sales

statistics.

• Total bonds held refers to those live bonds held at the

last date of the quarter by the RTA. The total number

of bonds held by the RTA does not equal the total

number of rental properties due to a proportion of rental

properties remaining vacant at any given time and the

occurrence of cases where bonds are not required by

the landlord (i.e. informal lettings).

• The sales data for the most recent quarter is preliminary

and is reported two months after the end of quarter

by which time the number of sales processed through

QVAS represent approximately 70% of the total sales

for that quarter. This arises because of the lapse in time

between the contract date and when the sale is notifi ed.

The proportion of total sales available at the time of

reporting is considered suffi cient for the analysis of

sales data in this Report.

• Preliminary sales data reported for previous quarters

is revised and as such comparison of data between

Reports provides a guide only.

• Sales data reported for each quarter is based on the

contract date recorded rather than the settlement date,

which can occur up to three months later. Analysis

based on the contract date provides a more accurate

refl ection of market activity in the specifi ed quarter.

• It should be noted in interpreting quarterly and annually

sales changes that sales records with a time delay

between the contract date and the date the sale is

processed are included.

Housing Finance Data

• The method for estimating the number of new loans

taken out in Queensland by investors was sourced

from BIS Shrapnel. This involves taking the total value

of investing housing loans in Queensland for the

construction and purchase of residential property for

rent or resale, and multiplying this by the Queensland’s

proportion of non-fi rst home buyers (QLD’s NFB). The

QLD’s NFB is derived by using the average loan size of

non-fi rst home buyers. This estimate only covers loans

taken out in Queensland for property investment and

may include loans taken out in Queensland for property

outside of the state (properties interstate or overseas).

This estimate does not include investor purchases in

Queensland where loans are sourced outside of the

state (i.e. interstate or overseas buyers).

Data Series Type

• Original series data from the ABS is used within the

Report except where Seasonally Adjusted series data

is deemed more appropriate. Seasonal adjustment is

the process of estimating and then removing from a

time series infl uences that are systematic and calendar

related. Seasonal effects can conceal both the true

underlying movement in the series.

• Economic performance is depicted using trend series

data for Chain Volume Measure. Trend data is defi ned

as the ‘long term’ movement in a time series without

calendar related and irregular effects, and is a refl ection

of the underlying level.

• All data provided in the Report is the most recent

available at the time of extraction for this reporting

period, including revised estimates of previous data

released by the ABS.

• Data is reported in terms of both absolute change and

percentage change. Absolute change represents the

numerical change in the value reported (eg an increase

of $140) while percentage change represents the

absolute change in the value reported as a percentage.

Housing Services

www.hpw.qld.gov.au

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1Housing Services

www.hpw.qld.gov.auQueensland housing market report — March Quarter 2014

March Quarter 2014 Highlights

Private rental market

Rents for Queensland three bedroom detached houses remained steady over the March quarter 2014 whilst rents for two

bedroom fl ats/units increased:

• The median weekly rent for three bedroom detached houses remained unchanged from the previous quarter ($350).

• The median weekly rent for two bedroom fl ats/units increased by 3.0% from the previous quarter ($330 to $340).

Of Queensland’s 15 most populated LGAs, Sunshine Coast ($15), and Brisbane, Gold Coast, Townsville, Cairns and

Toowoomba (all $10) recorded the highest increases in median rents for three bedroom detached houses. Gladstone and

Mackay recorded the largest declines ($45 and $20 respectively).

Of the LGAs shown, Bundaberg ($20) recorded the largest increase in median rents for two bedroom fl ats/units. This was

followed by Brisbane,Gold Coast, Moreton Bay, Sunshine Coast, Townsville, Toowoomba and Fraser Coast (all $5). Gladstone

and Redland experienced the largest declines ($30 and $15 respectively).

The rental vacancy rate for Brisbane decreased from 3.1% in December 2013 to 2.4% in March 2014.

Total rental bonds in Queensland for detached houses, fl ats/units and townhouses increased by 0.9% over the March quarter

2014. The number of new bonds lodged in the March quarter 2014 was 9.3% higher than the previous quarter.

Home ownershipQueensland’s property purchase prices for houses increased over the March quarter 2014 whilst prices for fl ats/units

decreased:

• Median house prices increased by 1.2% to $435,000, up from $430,000 in the previous quarter.

• Median fl at/unit prices decreased by 0.6% to $355,500, down from $357,500 in the previous quarter.

Of Queensland’s 15 most populated LGAs, 8 recorded an increase in the median detached house price over the March quarter

2014. The largest increases occurred in Gold Coast ($25,000), Sunshine Coast ($18,100) and Cairns ($7,500). The largest

decline was recorded in Gladstone ($21,200).

Of Queensland’s 15 most populated LGAs, nine recorded an increase in the median fl at/unit price in the March quarter 2014.

The largest increases were recorded in Mackay ($26,700), Ipswich ($24,000) and Rockhampton ($20,200). The largest

decrease occurred in Gladstone ($124,000).

The number of new loans for dwellings by owner occupiers in Queensland decreased by 9.3% in the March quarter 2014.

The investor sector of the market showed a decrease in activity with the estimated number of new loans going down by 8.1%

in the March quarter 2014.

Seasonally adjusted residential dwelling approvals for new houses in Queensland in the month of March 2014 numbered

1,667, which was 7.3% or 113 approvals higher than the previous month and 22.3% or 304 higher than March 2013.

Economic updateGross State Product (GSP) increased by 1.0% over the September quarter 2013 (most recent available quarter), and

increased by 4.1% over the year.

Queensland’s new dwelling investment, which refers to the value of acquisitions of new dwellings, increased by 4.0% in the

March quarter 2014 compared with the previous quarter and was 6.2% higher than a year ago.

The Reserve Bank of Australia’s (RBA) target cash remained unchanged at 2.50% since August 2013. The variable bank

home loan rate was recorded at 5.95% in March 2014.

The Queensland seasonally adjusted unemployment rate decreased to 6.1% in the month of March 2014, down from 6.2%

the previous month.

March Quarter 2014 Highlights

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Queensland housing market report — March Quarter 2014 2Housing Serviceswww.hpw.qld.gov.au

Private Rental Market

Rental Price Update3 Bedroom detached houses

Chart 1 shows that the median rent in Queensland for a three bedroom detached house was $350 per week in the March

quarter 2014. Also shown in Chart 1 are median weekly rents for Queensland’s 15 most populated Local Government Areas

(LGAs), listed in descending order of population.

The most expensive of these LGAs for renting a three bedroom detached house were Gold Coast ($430), Brisbane ($420),

Sunshine Coast ($400) and Redland ($380).

The most affordable of the LGAs shown for renting a three bedroom detached house were Fraser Coast ($280), Bundaberg

($285) and Toowoomba and Ipswich (both $300).


$350

$285

$280

$320

$370

$380

$300

$350

$300

$350

$330

$400

$335

$430

$420

$350

$- $100 $200 $300 $400 $500

Gladstone (R)

Bundaberg (R)

Fraser Coast (R)

Rockhampton (R)

Mackay (R)

Redland (C)

Toowoomba (R)

Cairns (R)

Ipswich (C)

Townsville (C)

Logan (C)

Sunshine Coast (R)

Moreton Bay (R)

Gold Coast (C)

Brisbane (C)

Queensland

Median rent rate ($) weekly

LG

As

Median weekly rents for 3 bedroom detached houses(as at March quarter 2014)

Chart 1

Source: Residential Tenancies Authority

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3 Bedroom detached houses

Table 1 outlines the percentage change in median weekly rents for three bedroom detached houses, for Queensland and its

15 most populated LGAs, over the quarter and over the year to the March quarter 2014.

Over the quarter

The median rent for three bedroom detached houses in Queensland remained the same ($350) between the December

quarter 2013 and the March quarter 2014.

Of Queensland’s 15 most populated LGAs, Sunshine Coast ($15), and Brisbane, Gold Coast, Townsville, Cairns and

Toowoomba (all $10) recorded the highest increases in median rents for three bedroom detached houses. Gladstone and

Mackay recorded the largest declines ($45 and $20 respectively).

Over the year

Over the year to the March quarter 2014, the median rent for three bedroom detached houses in Queensland remained fl at at

$350.

Of the LGAs shown, Sunshine Coast ($20) and Gold Coast, Cairns and Redland (all $15) recorded the highest absolute

growth in median rents for a three bedroom detached house over the year. The largest decreases occurred in Gladstone

($130) and Mackay ($80).


March

qtr 2013

Dec qtr

2013

Median

$rent

Median

$rent

Median

$rent

%

Change

over year

%

Change

over qtr

New

bonds

Queensland $350 $350 $350 0.0% 0.0% 14,363

Brisbane (C) $410 $410 $420 2.4% 2.4% 3,219

Gold Coast (C) $415 $420 $430 3.6% 2.4% 1,039

Moreton Bay (R) $330 $330 $335 1.5% 1.5% 1,064

Sunshine Coast (R) $380 $385 $400 5.3% 3.9% 900

Logan (C) $330 $340 $330 0.0% -2.9% 898

Townsville (C) $350 $340 $350 0.0% 2.9% 757

Ipswich (C) $290 $300 $300 3.4% 0.0% 747

Cairns (R) $335 $340 $350 4.5% 2.9% 524

Toowoomba (R) $290 $290 $300 3.4% 3.4% 705

Redland (C) $365 $380 $380 4.1% 0.0% 340

Mackay (R) $450 $390 $370 -17.8% -5.1% 388

Rockhampton (R) $350 $330 $320 -8.6% -3.0% 496

Fraser Coast (R) $270 $275 $280 3.7% 1.8% 342

Bundaberg (R) $275 $280 $285 3.6% 1.8% 403

Gladstone (R) $480 $395 $350 -27.1% -11.4% 322

Note: LGAs are listed in descending order of population


Mar qrt 2014

Table 1 - 3 BEDROOM DETACHED HOUSES

Percentage change in median weekly rents

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2 Bedroom Flats/Units

Chart 2 shows that the median rent in Queensland for a two bedroom fl at/unit was $340 per week in the March quarter 2014,

which was $10 less than the median rent for a three bedroom detached house. Also shown in Chart 2 are median weekly

rents for Queensland’s 15 most populated LGAs, listed in descending order of population.

Brisbane recorded the highest rent for a two bedroom fl at/unit, with a median rent of $400. The next highest median rent was

Gold Coast ($360), followed by Sunshine Coast ($325).

The most affordable of the LGAs shown for renting a two bedroom fl at/unit were Fraser Coast ($225), Bundaberg ($240),

Toowoomba ($245) and Ipswich ($250).

In comparing the rental market for two bedroom fl ats/units with that of three bedroom houses across all 15 LGAs, the

narrowest price differential between the median weekly rent for these dwelling types was in Brisbane at $20.


$300

$240

$225

$250

$290

$320

$245

$280

$250

$285

$260

$325

$280

$360

$400

$340

$- $100 $200 $300 $400 $500

Gladstone (R)

Bundaberg (R)

Fraser Coast (R)

Rockhampton (R)

Mackay (R)

Redland (C)

Toowoomba (R)

Cairns (R)

Ipswich (C)

Townsville (C)

Logan (C)

Sunshine Coast (R)

Moreton Bay (R)

Gold Coast (C)

Brisbane (C)

Queensland

Median rent rate ($) weekly

LG

As

Median weekly rents for 2 bedroom flats/units(as at March quarter 2014)

Chart 2


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2 Bedroom Flats/Units

Table 2 includes the percentage change in median rents for two bedroom fl ats/units, for Queensland and its 15 most

populated LGAs, over the quarter and over the year to the March quarter 2014.

Over the quarter

The median rent for two bedroom fl ats/units in Queensland increased by $10 or 3.0% over the March quarter 2014 from

$330.

Of the LGAs shown, Bundaberg ($20) recorded the largest increase in median rents for two bedroom fl ats/units. This

was followed by Brisbane,Gold Coast, Moreton Bay, Sunshine Coast, Townsville, Toowoomba and Fraser Coast (all $5).

Gladstone and Redland experienced the largest declines ($30 and $15 respectively).

Over the year

Over the year to the March quarter 2014, the median rent for two bedroom fl ats/units in Queensland remained steady at

$340.

Of the LGAs shown, Toowoomba ($15) and Gold Coast, Moreton Bay, Cairns and Bundaberg (all $10) recorded the largest

absolute increases in median rents over the year to the March quarter 2014 for this dwelling type. The largest decreases in

median rents over the year occurred in Gladstone ($100) and Mackay ($60).


March

qtr 2013

Dec qtr

2013

Median

$rent

Median

$rent

Median

$rent

%

Change

over year

%

Change

over qtr

New

bonds

Queensland $340 $330 $340 0.0% 3.0% 14,421

Brisbane (C) $395 $395 $400 1.3% 1.3% 5,413

Gold Coast (C) $350 $355 $360 2.9% 1.4% 2,784

Moreton Bay (R) $270 $275 $280 3.7% 1.8% 459

Sunshine Coast (R) $320 $320 $325 1.6% 1.6% 958

Logan (C) $255 $260 $260 2.0% 0.0% 165

Townsville (C) $300 $280 $285 -5.0% 1.8% 810

Ipswich (C) $250 $250 $250 0.0% 0.0% 155

Cairns (R) $270 $280 $280 3.7% 0.0% 959

Toowoomba (R) $230 $240 $245 6.5% 2.1% 406

Redland (C) $315 $335 $320 1.6% -4.5% 72

Mackay (R) $350 $300 $290 -17.1% -3.3% 356

Rockhampton (R) $260 $255 $250 -3.8% -2.0% 280

Fraser Coast (R) $220 $220 $225 2.3% 2.3% 168

Bundaberg (R) $230 $220 $240 4.3% 9.1% 180

Gladstone (R) $400 $330 $300 -25.0% -9.1% 234



Table 2 - 2 BEDROOM FLATS/UNITS

Mar qrt 2014

Percentage change in median weekly rents

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Rent across dwelling types and sizes

Chart 3 illustrates Queensland median weekly rents by dwelling type and number of bedrooms for the March quarter 2014.

Table 3 shows this breakdown for Queensland’s 15 most populated LGAs, listed in descending order of population.

The highest median rents for the March quarter 2014 in Queensland were for four bedroom townhouses ($450), four

bedroom fl ats/units and four bedroom houses (both $420).

The most signifi cant difference in median weekly rents for dwellings categorised by the number of bedrooms was the

increase from one bedroom townhouses to two bedroom townhouses (median rent increase of $150).


$285

$340

$390

$420

$195

$300

$350

$420

$170

$320

$375

$450

$0

$100

$200

$300

$400

$500

1 bedroom 2 bedroom 3 bedroom 4 bedroom

Queensland weekly median rents by number of bedrooms and dwelling type

(March quarter 2014)

Flat/unit House Townhouse

Chart 3


1 bed 2 bed 3 bed 4 bed 1 bed 2 bed 3 bed 4 bed 1 bed 2 bed 3 bed 4 bed

Queensland $285 $340 $390 $420 $195 $300 $350 $420 $170 $320 $375 $450

Brisbane (C) $320 $400 $500 $625 $190 $390 $420 $520 $180 $390 $410 $520

Gold Coast (C) $300 $360 $410 $420 $250 $325 $430 $470 $160 $335 $380 $460

Moreton Bay (R) $210 $280 $330 $330 $160 $290 $335 $390 $235 $300 $330 $375

Sunshine Coast (R) $240 $325 $400 $485 $250 $330 $400 $475 $165 $330 $380 $445

Logan (C) $240 $260 $330 $370 $155 $300 $330 $400 . $280 $330 $390

Townsville (C) $250 $285 $400 $410 $180 $300 $350 $400 $230 $300 $355 $430

Ipswich (C) $175 $250 $280 $310 $190 $255 $300 $350 $280 $275 $310 $370

Cairns (R) $210 $280 $350 $435 $250 $290 $350 $410 $200 $260 $365 $440

Toowoomba (R) $175 $245 $320 $340 $185 $255 $300 $385 $130 $265 $315 $425

Redland (C) $240 $320 $400 $400 $200 $250 $380 $480 $190 $345 $390 $500

Mackay (R) $230 $290 $380 $400 $250 $320 $370 $430 $300 $365 $380 $400

Rockhampton (R) $185 $250 $310 $360 $260 $280 $320 $360 . $305 $430 $325

Fraser Coast (R) $180 $225 $290 . $240 $240 $280 $340 . $260 $310 $350

Bundaberg (R) $200 $240 $285 . $220 $250 $285 $340 . $280 $290 .

Gladstone (R) $260 $300 $390 $480 $250 $310 $350 $430 $290 $350 $400 $450


Table 3 - MEDIAN WEEKLY RENTS ACROSS DWELLING TYPE AND NUMBER OF BEDROOMS

March quarter 2014

Flat/unit House Townhouse


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Residential vacancy ratesThis report uses residential vacancy rate data supplied by SQM Research. See Explanatory Notes for an outline of

the methodology used by SQM Research.

The residential vacancy rate is an important indicator of the health of private rental markets. The Australian Housing and

Urban Research Institute (AHURI) defi nes the residential vacancy rate “as the supply of rental accommodation available for

new lets as a percentage of total rental stock”. AHURI states that the tighter the rental market, as indicated by the residential

vacancy rate, the more diffi cult it is for some tenants to access the market (AHURI, “The Australian private rental sector:

changes and challenges”, 2012).

Table 4 illustrates the residential vacancy rates for the top 15 LGAs over the months of March 2013, December 2013 and

March 2014.

The vacancy rates in Queensland ranged from 0.9% in Sunshine Coast to 7.3 % in Gladstone in March 2014.

Vacancy rates for the top 15 LGAs decreased between December 2013 and March 2014. Gladstone recorded the largest

decrease in vacancy rates from 9.4% to 7.3% over this period. The next highest declined was in Rockhampton (from 4.9% to

3.9%) and Redland (from 2.0% to 1.2%).

The Brisbane vacancy rate decreased from 3.1% in December 2013 to 2.4% in March 2014.


Mar-13 Dec-13 Mar-14Brisbane (C) 1.7% 3.1% 2.4%

Gold Coast (C) 1.8% 1.7% 1.6%

Moreton Bay (R) 1.7% 2.0% 1.6%

Sunshine Coast (R) 1.5% 0.9% 0.9%

Logan (C) 1.3% 1.9% 1.3%

Townsville (C) 2.6% 4.7% 4.1%

Ipswich (C) 1.8% 2.4% 1.9%

Cairns (R) 1.8% 2.3% 1.9%

Toowoomba (R) 1.3% 2.3% 2.0%

Redland (C) 1.3% 2.0% 1.2%

Mackay (R) 3.7% 6.3% 5.9%

Rockhampton (R) 1.9% 4.9% 3.9%

Fraser Coast (R) 1.3% 1.6% 1.4%

Bundaberg (R) 0.4% 2.1% 2.0%

Gladstone (R) 5.1% 9.4% 7.3%

LGAs are listed in descending order of population

Source: SQM Research

Table 4 - VACANCY RATES (top 15 LGAs)

Supplied SQM postcode vacancy rate data has been revised using the

Residential Tenancies Authority and the Department of Housing and Public

Works geographical concordances to map LGAs.


Rental market sizeChart 4 shows total rental bonds held in Queensland for detached houses, townhouses and fl ats/units over the year to the

March quarter 2014.

Total bonds

Total rental bonds for Queensland numbered 506,912 at the end of the March quarter 2014. This represents an increase of

0.9% or 4,290 bonds since the previous quarter. Over the year to the March quarter 2014 total rental bonds increased by

2.9% or 14,096 bonds.

Queensland’s quarterly growth in total rental bonds ranged between 0.3% and 0.9% over the four quarters to the March

quarter 2014. Over the September quarter 2013 (the latest quarter for which data is available), Queensland’s population

increased by 0.4%. According to the Residential Tenancies Authority, “population growth, demand, dwelling type and

household type have contributed to an increase in the number of bonds held over the last fi ve years” (RTA, “Annual report

2012-13”, June 2013 ).

New bonds

The number of new bonds lodged within each quarter is also shown in Chart 4 as an indicator of market churn. This is

infl uenced by a number of factors, including new dwellings constructed in an area, shifts between owner occupied versus

rental dwellings, and length of tenancy.

New bonds numbered 63,526 in the March quarter 2014, which was 9.3% higher than the number of new bonds in the

previous quarter. On average, over the last year new bonds have accounted for 12.5% of total bonds within each quarter.


430,428 439,985 440,065 444,517 443,386

62,38854,314 58,508 58,105 63,526

240,000

280,000

320,000

360,000

400,000

440,000

480,000

520,000

560,000

March qtr 2013 June qtr 2013 Sep qrt 2013 Dec qtr 2013 Mar qrt 2014

Nu

mb

er

of re

nta

l bo

nd

s

Queensland rental bonds: houses, flats/units and townhouses

(March quarter 2013 to March quarter 2014)

Existing bonds New bonds for the quarter

Chart 4


492,816

506,912498,573494,299

502,622

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HOME OWNERSHIP

Home purchase pricesDetached house prices

Chart 5 shows that the median detached house price in Queensland was $435,000 in the March quarter 2014. Also shown in

Chart 5 are median house prices for Queensland’s 15 most populated LGAs, listed in descending order of population.

In the March quarter 2014, Brisbane recorded the highest median house price out of the 15 LGAs at $565,500. Gold Coast

($525,000), Sunshine Coast ($493,100) and Redland ($465,00) were also above the Queensland median.

Of the fi fteen most populated LGAs, those with the lowest house purchase prices were Bundaberg ($289,000), Fraser Coast

($310,000) and Ipswich ($311,000).

Home Ownership

$403,800

$289,000

$310,000

$340,000

$417,300

$465,000

$350,000

$380,000

$311,000

$370,000

$368,500

$493,100

$412,500

$525,000

$565,500

$435,000

$- $200,000 $400,000 $600,000

Gladstone (R)

Bundaberg (R)

Fraser Coast (R)

Rockhampton (R)

Mackay (R)

Redland (C)

Toowoomba (R)

Cairns (R)

Ipswich (C)

Townsville (C)

Logan (C)

Sunshine Coast (R)

Moreton Bay (R)

Gold Coast (C)

Brisbane (C)

Queensland

Median house price ($)

LG

As

Median detached house price (as at March quarter 2014)

Source: Department of Natural Resources and Mines

Chart 5

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Detached house prices

Table 5 includes the percentage change in median detached house prices for Queensland and its 15 most populated LGAs,

over the quarter and over the year to the March quarter 2014.

Over the quarter

Queensland’s median house price increased by 1.2% from $430,000 in the December quarter 2013 to $435,000 in the March

quarter 2014.

Of Queensland’s 15 most populated LGAs, 8 recorded an increase in median detached house price over the quarter. The

largest increases occurred in Gold Coast ($25,000), Sunshine Coast ($18,100) and Cairns ($7,500). The largest decrease

was recorded in Gladstone ($21,200).

Over the year

Over the year to the March quarter 2014, the median house price in Queensland increased by 4.8% or $20,000.

The largest regional increases in median house prices over the year to the March quarter 2014 were recorded in Brisbane

($40,500), Sunshine Coast ($35,100) and Gold Coast ($30,000).

Gladstone ($46,200), Mackay ($21,000) and Bundaberg ($14,000) experienced the largest declines in regional house prices.

Home Ownership

March qtr

2013

Dec qtr

2013

Median

$sales

Median

$sales

Median

$sales

% Change

over year

% Change

over qtr

No. of

sales

Queensland $415,000 $430,000 $435,000 4.8% 1.2% 15,440

Brisbane (C) $525,000 $565,000 $565,500 7.7% 0.1% 3,584

Gold Coast (C) $495,000 $500,000 $525,000 6.1% 5.0% 1,584

Moreton Bay (R) $395,000 $410,000 $412,500 4.4% 0.6% 1,583

Sunshine Coast (R) $458,000 $475,000 $493,100 7.7% 3.8% 1,516

Logan (C) $352,000 $370,000 $368,500 4.7% -0.4% 967

Townsville (C) $371,300 $370,000 $370,000 -0.4% 0.0% 613

Ipswich (C) $307,500 $320,000 $311,000 1.1% -2.8% 633

Cairns (R) $367,500 $372,500 $380,000 3.4% 2.0% 544

Toowoomba (R) $330,000 $345,000 $350,000 6.1% 1.4% 783

Redland (C) $459,000 $470,000 $465,000 1.3% -1.1% 616

Mackay (R) $438,300 $430,000 $417,300 -4.8% -3.0% 302

Rockhampton (R) $350,000 $335,000 $340,000 -2.9% 1.5% 375

Fraser Coast (R) $305,000 $305,000 $310,000 1.6% 1.6% 350

Bundaberg (R) $303,000 $289,000 $289,000 -4.6% 0.0% 343

Gladstone (R) $450,000 $425,000 $403,800 -10.3% -5.0% 164



Note that the number of sales for the corresponding quarter represents approximately

70% of total sales, as not all sales records have been processed.

Differences from quarterly or annually sales values shown in previous releases are mainly

due to revised sales records and a time delay between the contract date and the date the

sale is processed.

Records with insufficient geographic detail have been excluded

Table 5 - DETACHED HOUSES

Percentage change in median sales prices

Mar qrt 2014

em em


Flat/unit prices

Chart 6 shows that the median fl at/unit price in Queensland in the March quarter 2014 was $355,500. Also shown in Chart 6

are median fl at/unit prices for Queensland’s 15 most populated LGAs, listed in descending order of population.

Of the 15 LGAs, two recorded median fl at/unit prices above that of Queensland: Brisbane ($418,000), Rockhampton

($366,700) and Sunshine Coast ($357,800). The next highest median fl at/unit prices were recorded in Gold Coast ($355,100)

and Gladstone ($326,000).

Of the LGAs shown, Cairns ($220,000), Logan ($220,600) and Bundaberg ($247,000) recorded the most affordable median

fl at/unit prices for the March quarter 2014.

Home Ownership

$326,000

$247,000

$260,000

$366,700

$307,000

$325,000

$275,000

$220,000

$291,000

$279,000

$220,600

$357,800

$313,900

$355,100

$418,000

$355,500

$- $200,000 $400,000 $600,000

Gladstone (R)

Bundaberg (R)

Fraser Coast (R)

Rockhampton (R)

Mackay (R)

Redland (C)

Toowoomba (R)

Cairns (R)

Ipswich (C)

Townsville (C)

Logan (C)

Sunshine Coast (R)

Moreton Bay (R)

Gold Coast (C)

Brisbane (C)

Queensland

Median flat/unit price ($)

LG

As

Median flat/unit/townhouses price(as at March quarter 2014)


Chart 6

em em


Flat/unit prices

Table 6 includes the percentage change in median fl at/unit prices for Queensland and its 15 most populated LGAs, over

the quarter and over the year to the March quarter 2014. Given the relatively small sales volumes for some of these LGAs,

percentage change over time may refl ect variances in the type of fl ats/units sold in each quarter.

Over the quarter

The median fl at/unit price in Queensland was $355,500 for the March quarter 2014, which was 0.6% or $2,000 lower than

the previous quarter.

Of Queensland’s 15 most populated LGAs, nine recorded an increase in the median fl at/unit price in the March quarter 2014.

The largest increases were recorded in Mackay ($26,700), Ipswich ($24,000) and Cairns ($19,000). The largest decreases

occurred in Gladstone ($124,000).

Over the year

Over the year to the March quarter 2014, the median fl at/unit price in Queensland increased by 0.4% or $1,500.

The largest increases in median fl at/unit prices over the year to the March quarter 2014 were recorded in Rockhampton

($36,700), Toowoomba ($23,000) and Bundaberg ($22,000).

Gladstone ($97,000), Logan ($59,900) and Mackay ($48,000) experienced the largest declines in median fl at/unit prices.

Home Ownership

March qtr

2013

Dec qtr

2013

Median

$sales

Median

$sales

Median

$sales

% Change

over year

% Change

over qtr

No. of

sales

Queensland $354,000 $357,500 $355,500 0.4% -0.6% 6,591

Brisbane (C) $405,000 $410,300 $418,000 3.2% 1.9% 2,102

Gold Coast (C) $350,000 $355,000 $355,100 1.5% 0.0% 2,014

Moreton Bay (R) $325,000 $330,000 $313,900 -3.4% -4.9% 369

Sunshine Coast (R) $348,000 $347,000 $357,800 2.8% 3.1% 754

Logan (C) $280,500 $240,800 $220,600 -21.4% -8.4% 230

Townsville (C) $307,300 $280,000 $279,000 -9.2% -0.4% 121

Ipswich (C) $280,000 $267,000 $291,000 3.9% 9.0% 88

Cairns (R) $215,000 $201,000 $220,000 2.3% 9.5% 315

Toowoomba (R) $252,000 $273,000 $275,000 9.1% 0.7% 162

Redland (C) $350,000 $350,000 $325,000 -7.1% -7.1% 103

Mackay (R) $355,000 $280,300 $307,000 -13.5% 9.5% 26

Rockhampton (R) $330,000 $346,500 $366,700 11.1% 5.8% 54

Fraser Coast (R) $251,500 $260,000 $260,000 3.4% 0.0% 52

Bundaberg (R) $225,000 $237,000 $247,000 9.8% 4.2% 44

Gladstone (R) $423,000 $450,000 $326,000 -22.9% -27.6% 18



Mar qrt 2014

Table 6 - FLATS/UNITS/TOWNHOUSES






sale is processed.

Records with insufficient geographic detail have been excluded

em em


Vacant land prices

Chart 7 shows that the median vacant land price in Queensland was $195,000 in the March quarter 2014. Also shown in

Chart 7 are median vacant land prices for Queensland’s 15 most populated LGAs, listed in descending order of population.

Brisbane recorded the highest median vacant land price at $319,000, much higher than the Queensland median. Gold Coast

($234,300), Sunshine Coast ($227,000), Gladstone ($216,500), Mackay ($214,000) and Moreton Bay ($209,800) all recorded

the highest median prices, which also were above the state median.

Of the LGAs shown, those with the most affordable median vacant land price were Redland ($40,000), whose median vacant

land price was driven down by a signifi cantly higher number of island sales, followed by Bundaberg ($137,500), Fraser Coast

($148,000), Toowoomba ($161,400) and Townsville ($162,300).

Home Ownership

$216,500

$137,500

$148,000

$176,500

$214,000

$40,000

$161,400

$175,500

$170,800

$162,300

$184,000

$227,000

$209,800

$234,300

$319,000

$195,000

$- $200,000 $400,000

Gladstone (R)

Bundaberg (R)

Fraser Coast (R)

Rockhampton (R)

Mackay (R)

Redland (C) *

Toowoomba (R)

Cairns (R)

Ipswich (C)

Townsville (C)

Logan (C)

Sunshine Coast (R)

Moreton Bay (R)

Gold Coast (C)

Brisbane (C)

Queensland

Median land price ($)

LG

As

Median vacant land price (as at March quarter 2014)

Chart 7

* The significantly lower median sales price for Redland (C) for this quarter is a result of a higher proportion of land sales attributed to the islands located within this Local Government Area.

Sales with land areas over 2,500 m2 are excluded to remove large blocks, multi-property sales and excisions. Land sales include only properties with primary land use of 'vacant urban land' or 'large homesite - vacant'.OESR classifies lots size under 2,500m2 as urban.Source: Department of Natural Resources and Mines

em em


Vacant land prices

Table 7 includes the percentage change in median vacant land prices for Queensland and its 15 most populated LGAs, over

the quarter and over the year to the March quarter 2014.

Over the quarter

The median vacant land price in Queensland was $195,000 for the March quarter 2014, which was 1.5% or $3,000 lower

than the previous quarter.

Of Queensland’s 15 most populated LGAs,eight recorded an increase in the median vacant land price over the March quarter

2014. The largest increases were recorded in Brisbane ($21,500) and Logan and Mackay (both $9,000). Of the shown LGAs,

the largest decline in the median vacant land price occurred in Redland ($43,500).

Over the year

Over the year to the March quarter 2014, the median vacant land price in Queensland increased by 1.7% or $3,300.

The strongest increase in median vacant land prices over the year to the March quarter 2014 occurred in Brisbane ($21,000),

Rockhampton ($16,500) and Fraser Coast ($11,700).

Redland ($200,000), Sunshine Coast ($16,000) and Bundaberg ($7,500) experienced the highest declines in vacant land

prices.

Home Ownership

March qtr

2013

Dec qtr

2013

Median

$sales

Median

$sales

Median

$sales

% Change

over year

% Change

over qtr

No. of

sales

Queensland $191,700 $198,000 $195,000 1.7% -1.5% 2,255

Brisbane (C) $298,000 $297,500 $319,000 7.0% 7.2% 271

Gold Coast (C) $229,800 $230,000 $234,300 2.0% 1.9% 250

Moreton Bay (R) $205,000 $215,000 $209,800 2.3% -2.4% 300

Sunshine Coast (R) $243,000 $240,000 $227,000 -6.6% -5.4% 171

Logan (C) $188,000 $175,000 $184,000 -2.1% 5.1% 130

Townsville (C) $160,000 $164,900 $162,300 1.4% -1.6% 100

Ipswich (C) $175,000 $170,000 $170,800 -2.4% 0.5% 148

Cairns (R) $179,000 $182,500 $175,500 -2.0% -3.8% 122

Toowoomba (R) $156,500 $153,000 $161,400 3.1% 5.5% 79

Redland (C) * $240,000 $83,500 $40,000 -83.3% -52.1% 129

Mackay (R) $212,000 $205,000 $214,000 0.9% 4.4% 73

Rockhampton (R) $160,000 $173,000 $176,500 10.3% 2.0% 62

Fraser Coast (R) $136,300 $147,000 $148,000 8.6% 0.7% 80

Bundaberg (R) $145,000 $142,500 $137,500 -5.2% -3.5% 54

Gladstone (R) $217,000 $225,000 $216,500 -0.2% -3.8% 31



Records with insufficient geographic detail have been excluded.

* The significantly lower median sales price for Redland (C) for this quarter is a result of a

higher proportion of land sales attributed to the islands located within this Local

Table 7 - VACANT LAND






sale is processed.

Sales with land areas over 2,500 m2 are excluded to remove large b locks, multi-property

sales and excisions. Land sales include only properties with primary land use of 'vacant

urban land' or 'large homesite - vacant'.

OESR classifies lots size under 2,500m2 as urban.

Mar qrt 2014

em em


Housing ! nance and planned residential constructionNew loans by buyer type

New loans (excluding refi nancing) taken out in Queensland for home purchase by buyer type are shown in Chart 8 for the

year to the March quarter 2014.

An estimated 47,158 new loans were taken out for home purchase in Queensland in the March quarter 2014. Of these loans,

28,111 loans were taken out by owner occupiers, incorporating 3,196 loans from fi rst home buyers and 24,915 loans from

non-fi rst home buyers. An estimated 19,047 investors also took out home loans.

The number of property loans taken out by fi rst home buyers decreased by 421 loans or 11.6% in the March quarter 2014,

and was 639 loans or 25.0% higher over the year. On average, over the year to the March quarter 2014 there were 3,275 fi rst

home buyers per quarter, which is lower than the average of 4,303 per quarter for the previous year.

The number of loans taken out by non-fi rst home buyers decreased by 2,193 loans or 8.1% since the previous quarter, and

increased by 3,099 loans or 14.2% since the March quarter 2013.

The estimated number of new loans taken out by investors decreased by 1,677 or 8.1% over the March quarter 2014 and

increased by 3,736 or 24.4% since the March quarter 2013.

Home Ownership

15,312 19,032 18,327

20,724 19,047

21,816

25,369 25,659

27,108 24,915

2,557

2,991 3,297

3,617

3,196

0

10,000

20,000

30,000

40,000

50,000

60,000

March qtr 2013 June qtr 2013 Sep qrt 2013 Dec qtr 2013 March qrt 2014

Nu

mb

er

of

loan

s

Queensland new loans for home purchase by buyer type (Quarterly, March 2013 to March 2014)

Investors (I)* Non-first home buyers (NFHB) First home buyers (FHB)

Chart 8

Source: Australian Bureau of Statistics, cat. 5671 and 5609 (figures revised by ABS). Department of Housing and Public Works

* The estimated number of investors is calculated by multiplying the total loan value of investment housing by the proportion of Queensland's NFHB. This calculation is based on BIS Shrapnel methodology.

FHB+NFHB = 30,725

FHB+NFHB+I

= 51,449

FHB+NFHB = 28,360

FHB+NFHB+I

= 47,392

FHB+NFHB = 28,111

FHB+NFHB+I

= 47,158FHB+NFHB = 24,373

FHB+NFHB+I

= 39,685

FHB+NFHB = 28,956

FHB+NFHB+I =

47,283

em em


New loans by dwelling type

New loans for dwelling purchase by owner-occupiers in Queensland by dwelling type are shown in Chart 9 for the year to the

March quarter 2014.

The 28,111 loans taken out by owner occupiers in the March quarter 2014 represent a decrease of 9.3% or 2,614 over the

quarter and an increase of 15.3% or 3,738 loans over the year.

Loans for the construction of dwellings were up by 22.1% or 560 loans over the year and loans for the purchase of new dwell-

ings rose by 0.7% or 9 loans. Loans for the purchase of established dwellings rose by 15.4% or 3,169 over the year.

Home Ownership

20,51323,685 24,249

25,93323,682

2,531

3,081 3,157

3,325

3,0911,329

1,594 1,550

1,467

1,338

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

March qtr 2013 June qtr 2013 Sep qrt 2013 Dec qtr 2013 March qrt 2014

Nu

mb

er

of

loa

ns

Breakdown of new loans in Queensland for home purchase by owner occupiers (Quarterly, March 2013 to March 2014)

Purchase of established dwellings Construction of dwellings Purchase of new dwellings

Chart 9

Source: Australian Bureau of Statistics, cat. 5609 (figures revised by ABS)

28,360

24,373

28,956

30,725

28,111

em


Dwelling approvals

Residential dwelling approvals for the private sector in Queensland are shown in Chart 10. Monthly fi gures from March 2012

through to March 2014 are outlined for new houses and other new dwellings.

In the month of March 2014, dwelling approvals for the construction of new houses numbered 1,667, which was:

• 7.3% or 113 approvals higher than the previous month;

• 22.3% or 304 approvals higher than March 2013; and

• 3.9% or 67 approvals lower than March 2012 levels.

Home Ownership

1,734

1,282

1,796

1,469

1,605

1,153

1,363

1,643

1,494

1,828

1,703

1,192

1,493

1,667

800

1,050

1,300

1,550

1,800

2,050

Mar 2012

Jun 2

012

Sep

2012

Dec 2

012

Mar 2013

Jun 2

013

Sep

2013

Dec 2

013

Mar 2014

Num

ber

of dw

ellings

Queensland residential dwelling approvals(original, private sector, monthly, March 2012 to March 2014)

New Houses

Chart 10

Source: Australian Bureau of Statistics, cat. 8731 (figures were revised by ABS)


ECONOMIC UPDATE

This update provides an overview of how the Queensland economy is performing in terms of Gross State Product (GSP),

new dwelling investment growth, unemployment and interest rates.

Economic growthQueensland’s percentage growth in Gross State Product (GSP), is shown in Chart 11 over the quarter and the year to

the September quarter, for 2012 and 2013 (most recent data available). In the September quarter 2013, the Queensland

economy improved with 1.0% growth over the quarter and 4.1% over the year. In the September quarter 2012, there was

0.8% growth over the quarter and 4.9% over the year.

Chart 12 shows the new dwelling investment in Queensland which measures the value of acquisition of new dwellings.

New dwelling investment increased by 4.0% over the March quarter 2014, compared to a decrease of 0.4% over the March

quarter 2013. Over the year new dwelling investment increased by 6.2% to the March quarter 2014, compared to an increase

of 3.9% over the year to the March quarter 2013.

Economic Update

0.8%

4.9%

1.0%

4.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Queensland's Gross State Product(% change, CVM*, trend, Quarterly, September 2012 and September 2013)

Sep qtr 2012 Sep qrt 2013

Chart 11

*CVM refers to Chain Volume Measure, w hich removes the impacts of price changes over time by holding prices constant at the reference year. The CVM reference year is 2011-12. This is the most current data available due to a time lag.Source: Off ice of Economic and Statistical Research, Queensland Treasury and Trade

over the year over the quarter

-0.4%

3.9%4.0%

6.2%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Queensland's New dwelling investment(% change, CVM*, trend, Quarterly, March 2013 and March 2014)

March qtr 2013 March qrt 2014

Chart 12

The Gross Fixed Capital Formation (GFCF) in new private dw ellings is used as a proxy for new dw elling investment. GFCF in new private dw ellings consists of the value of acquisitions of new dw ellings.

*CVM refers to Chain Volume Measure, w hich removes the impacts of price changes over time by holding prices constant at the reference year. The CVM reference year is 2011-12.Source: Australian Bureau of Statistics, cat. 5206 (f igures w ere revised by ABS)

over the year over the quarter

em em


Population growth 3 bedroom

Chart 13 illustrates the total quarterly population change in Queensland over the year to the September quarter 2013, which is

the most recent quarterly data available from the ABS. Also shown in the chart are the components driving population change

in Queensland: natural increase, net overseas migration and net interstate migration.

Queensland’s estimated population at September 2013 was 4,676,395 persons, accounting for 20.1% of the Australian

population. Queensland’s population increased by 106,398 persons over the year to the September quarter 2013. This

represented a growth rate of 1.8%, which was the third-highest rate of population growth of all states and territories, and

similar than that of Australia (1.8%).

The increase in Queensland’s population for the September quarter 2013 was 19,592 persons, which is lower than the

increase recorded for the previous quarter (19,746).

Natural increase accounted for 46.1% (9,025) of Queensland’s total population change for the September quarter 2013, an

increase of 7.0%, or 588 people, when compared with natural increase for the September quarter 2012 (8,631).

Net overseas migration accounted for 47.0% (9,212) of Queensland’s total population change in the September quarter 2013,

a decrease of 19.2%, or 2,185 people, when compared with net overseas migration increase for the September quarter 2012

(11,397).

Persons migrating to Queensland from interstate accounted for 6.9% (1,355) of Queensland’s total population change in the

September quarter 2013, a decrease of 52.1%, or 1,472 people, when compared with interstate migration increase for the

September quarter 2012 (2,827).

Economic Update

8,437 8,6159,615

8,631 9,025

11,3979,830

12,632

9,453 9,212

2,827

1,893

1,814

1,662 1,355

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

Nu

mb

er

of

pe

rso

ns

Components of Queensland population change(Quarterly, Sep 2012- Sep 2013)

Natural increase Net overseas migration Net interstate migration

Chart 13

Source: Australian Bureau of Statistics, cat. 3101

em em


Interest ratesThe Reserve Bank of Australia’s (RBA) cash rate along with variable and 3 year fi xed home loan interest rates for banks and

non-banking fi nancial institutions are shown in Chart 14, for March 2012 to March 2014.

In March 2014 the RBA’s cash rate was 2.50%, remaining unchanged since a drop in August 2013 from the 2.75% rate at July

2013.

The variable bank home loan rate fell from 6.20% in July 2013 to 5.95% and remained at this rate in March 2014. The variable

non-bank home loan rate dropped from 5.80% in July 2013 and remained at 5.55% in March 2014.

Economic Update

6.85%

6.00%

5.55%

4.25%

3.00%

2.50%

7.40%

6.45%

5.95%

2.50%

3.65%

4.80%

5.94%

7.09%

8.24%

Mar-

2012

Jun-2

012

Sep

-2012

Dec-2

012

Mar-

2013

Jun-2

013

Sep

-2013

Dec-2

013

Mar-

2014

Recent changes in home loan rates and the RBA target cash rate

(Monthly, March 2012 - March 2014)

3 year fixed home loan rate Variable non-bank home loan rate

RBA target cash rate Variable bank home loan rate

Chart 14

Source: Reserve Bank of Australia

em em


Wages & PricesBy examining trends in wages growth and consumer prices over time, a perspective can be formed on how changes in these

indicators impact on the ability of Queensland households to afford costs associated with housing.

Chart 15 shows the quarterly percentage changes in Wage Price Index (WPI) for Queensland over the year to the March quarter

2014. The WPI increased by 0.7% in the March quarter 2014, a decrease from 0.6% in the March quarter 2013.

Chart 16 shows the quarterly percentage changes for Brisbane in the overall Consumer Price Index (CPI) as well as the housing

component of the CPI which measures the price changes of items such as rents, utilities, housing purchases, rates, repairs and

maintenance.

Percentage growth in the overall CPI for Brisbane increased from 0.1% to 0.6% over the year to the March quarter 2014,

compared to an increase from -0.5% to 0.8% in the housing component of the CPI for Brisbane over the same period.

Economic Update

0.6%

0.4%

1.0%

0.5%

0.7%

0.0%

0.5%

1.0%

1.5%

2.0%


Queensland's Wage Price Index(total hourly rates of pay excluding bonuses)

(% quarterly change, March qrt 2013 to March qrt 2014)

Chart 15

The average weekly earnings data has been substituted with the wage price index (WPI) data as this indicator is released biannually since November 2012.WPI measures the inflationary pressure on wages and salariesSource: Australian Bureau of Statisitics, cat. 6345

0.1%

0.5%

1.3%

0.8%0.6%

-0.5%

1.1%

2.4%

0.7%0.8%

-1.0%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%


Brisbane's price level changes(% quarterly change, March 2013 to March 2014)

Brisbane CPI Brisbane CPI housing component

Chart 16

Source: Australian Bureau of Statisitics, cat. 6401, base of index=2011-12 (figures revised by ABS)

em em


UnemploymentChart 17 shows the monthly seasonally adjusted unemployment rate for Queensland and Australia for the year to March 2014.

The unemployment rate is measured as the percentage of the labour force that is unemployed and looking for part or full time

work.

The Queensland seasonally adjusted unemployment rate was 6.1% in March 2014, down from 6.2% in the previous month.

Within the past year, the seasonally adjusted unemployment rate ranged from 5.6% to 6.3%.

Over the past year Queensland’s unemployment rate has been above the Australian unemployment rate.

Economic Update

5.9%

5.6%

6.3%

5.8% 5.8%

5.7%

6.1% 6.1%

5.6%5.7% 5.7%

5.9%5.8%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

Ma

r-20

13

Ap

r-20

13

Ma

y-2

01

3

Ju

n-2

013

Ju

l-2

013

Au

g-2

013

Se

p-2

013

Oct-

20

13

Nov-2

013

Dec-2

013

Ja

n-2

014

Fe

b-2

01

4

Ma

r-20

14

Un

em

plo

ym

en

t ra

te

Queensland's rate of unemployment (Monthly, seasonally adjusted, March 2013 to March 2014)

Queensland unemployment rate

Australian unemployment rate

Chart 17

Source: Australian Bureau of Statistics,cat. 6202 (figures revised

em em

23Housing Serviceswww.hpw.qld.gov.au

Queensland housing market report — March Quarter 2014

Private rental tables

HOUSING AND ECONOMIC STATISTICS TABLES

Housing and Economic Statistics Tables

Housing and Economic Statistics Tables provide a further private rental and home ownership data and other indicators such

as the consumer price index by capital city, average loan by states sizes and rates of unemployment by states.

March qtr

2013

Dec qtr

2013

Median

$rent

Median

$rent

Median

$rent

%

Change

over year

%

Change

over qtr

New

bonds

Queensland $350 $350 $350 0.0% 0.0% 14,363

Gympie (R) $260 $260 $260 0.0% 0.0% 206

Tablelands (R) $290 $295 $290 0.0% -1.7% 151

Scenic Rim (R) $340 $295 $325 -4.4% 10.2% 115

Lockyer Valley (R) $270 $270 $280 3.7% 3.7% 140

Southern Downs (R) $250 $250 $255 2.0% 2.0% 149

Whitsunday (R) $360 $350 $340 -5.6% -2.9% 140

South Burnett (R) $230 $230 $240 4.3% 4.3% 154

Western Downs (R) $325 $350 $330 1.5% -5.7% 140

Central Highlands (R) $420 $300 $300 -28.6% 0.0% 125

Cassowary Coast (R) $290 $290 $280 -3.4% -3.4% 119

Somerset (R) $280 $260 $260 -7.1% 0.0% 65

Isaac (R) $400 $300 $300 -25.0% 0.0% 149

Mount Isa (C) $570 $500 $500 -12.3% 0.0% 92

Burdekin (S) $265 $260 $260 -1.9% 0.0% 70

Banana (S) $340 $300 $300 -11.8% 0.0% 61

Maranoa (R) $425 $400 $400 -5.9% 0.0% 47

Charters Towers (R) $275 $280 $270 -1.8% -3.6% 43

Hinchinbrook (S) $260 $250 $250 -3.8% 0.0% 36

Goondiwindi (R) $260 $265 $270 3.8% 1.9% 37

North Burnett (R) $220 $220 $250 13.6% 13.6% 46

Murweh (S) $245 $235 $230 -6.1% -2.1% 17

Balonne (S) $275 $260 $245 -10.9% -5.8% 26

Longreach (R) $270 $280 $280 3.7% 0.0% 16

Cloncurry (S) $450 $375 $390 -13.3% 4.0% 12

Table 8 - 3 BEDROOM DETACHED HOUSES


Note that LGAs w ith less than 10 rental bonds have not been show n.

Regional rental prices (quarterly)

Mar qrt 2014

LGAs with populations between 20,000 and 60,000




em em




March qtr

2013

Dec qtr

2013

Median

$rent

Median

$rent

Median

$rent

%

Change

over year

%

Change

over qtr

New

bonds

Queensland $340 $330 $340 0.0% 3.0% 14,421

Gympie (R) $200 $200 $210 5.0% 5.0% 66

Tablelands (R) $220 $230 $215 -2.3% -6.5% 87

Scenic Rim (R) $215 $220 $220 2.3% 0.0% 42

Lockyer Valley (R) $230 $220 $245 6.5% 11.4% 16

Southern Downs (R) $200 $200 $200 0.0% 0.0% 69

Whitsunday (R) $290 $300 $300 3.4% 0.0% 136

South Burnett (R) $190 $195 $190 0.0% -2.6% 48

Western Downs (R) $265 $275 $275 3.8% 0.0% 58

Central Highlands (R) $375 $250 $250 -33.3% 0.0% 67

Cassowary Coast (R) $215 $220 $205 -4.7% -6.8% 99

Isaac (R) $450 $60 $65 -85.6% 8.3% 48

Mount Isa (C) $400 $350 $345 -13.8% -1.4% 76

Burdekin (S) $200 $210 $200 0.0% -4.8% 50

Banana (S) $265 $260 $240 -9.4% -7.7% 22

Maranoa (R) $245 $310 $300 22.4% -3.2% 17

Charters Towers (R) $195 $165 $215 10.3% 30.3% 18

Goondiwindi (R) $180 $190 $180 0.0% -5.3% 35

Table 9 - 2 BEDROOM FLATS/UNITS

Regional rental prices (quarterly)




Note that LGAs w ith less than 10 rental bonds have not been show n.


Mar qrt 2014

Centrelink, Australian Government 20 March 2014-20 Sep 2014

FAMILY

SITUATION

Maximum

payment

per fortnight

No payment if

fortnightly rent

is less than

Maximum

payment if

fortnightly rent

is more than

Single, no dependent children $126.40 $112.00 $280.53

Single, sharer, no dependent children $84.27 $112.00 $224.36

Couple, no dependent children $118.80 $182.40 $340.80

One of a couple who are separated due to illness, no $126.40 $112.00 $280.53

One of a couple who are temporarily separated, no $118.80 $112.00 $270.40

Single, 1 or 2 children $147.98 $147.56 $344.87

Single, 3 or more children $167.30 $147.56 $370.63

Couple, 1 or 2 children $147.98 $218.40 $415.71

Couple, 3 or more children $167.30 $218.40 $441.47

Source: 'A guide to Australian Government payments', Centrelink

Special rules apply if you are single sharer, pay board and lodging or live in a retirement village.

* Includes respite care and partner in prison.

Table 10 - RENT ASSISTANCE RATES

No dependents

With dependents

em em



Home ownership tables


March qtr

2013

Dec qtr

2013

Median

$sales

Median

$sales

Median

$sales

% Change

over year

% Change

over qtr

No. of

Sales

Queensland $415,000 $430,000 $435,000 4.8% 1.2% 15,440

Gympie (R) $287,500 $290,000 $293,000 1.9% 1.0% 201

Tablelands (R) $308,500 $345,500 $325,000 5.3% -5.9% 144

Scenic Rim (R) $350,000 $374,000 $400,000 14.3% 7.0% 127

Lockyer Valley (R) $280,000 $293,750 $315,000 12.5% 7.2% 123

Southern Downs (R) $260,000 $274,500 $272,500 4.8% -0.7% 106

Whitsunday (R) $390,000 $420,000 $420,000 7.7% 0.0% 79

South Burnett (R) $236,250 $208,000 $224,000 -5.2% 7.7% 98

Western Downs (R) $315,000 $330,000 $280,000 -11.1% -15.2% 71

Central Highlands (R) $450,000 $382,000 $325,000 -27.8% -14.9% 41

Cassowary Coast (R) $260,000 $304,250 $256,500 -1.3% -15.7% 60

Somerset (R) $310,000 $320,000 $312,500 0.8% -2.3% 93

Isaac (R) $366,000 $315,000 $307,500 -16.0% -2.4% 24

Mount Isa (C) $379,000 $384,000 $360,000 -5.0% -6.3% 31

Burdekin (S) $230,000 $215,000 $230,000 0.0% 7.0% 44

Banana (S) $293,000 $282,000 $335,000 14.3% 18.8% 20

Maranoa (R) $325,000 $312,500 $328,000 0.9% 5.0% 36

Charters Towers (R) $242,500 $230,000 $242,500 0.0% 5.4% 23

Hinchinbrook (S) $227,500 $260,000 $242,500 6.6% -6.7% 16

Goondiwindi (R) $227,500 $245,000 $231,000 1.5% -5.7% 28

North Burnett (R) $175,000 $161,250 $180,000 2.9% 11.6% 27

Note that the number of sales for the corresponding quarter represent approximately 70% of total sales, as not all

sales records have been processed.


Table 11 - DETACHED HOUSES

Regional property prices (quarterly)

OTHER LARGE LGAs

(in order of population)

Mar qrt 2014



Records w ith insuff icient geographic detail have been excluded.


March qtr

2013

Dec qtr

2013

Median

$sales

Median

$sales

Median

$sales

% Change

over year

% Change

over qtr

No. of

Sales

Queensland $354,000 $357,500 $355,500 0.4% -0.6% 6,591

Whitsunday (R) $312,500 $360,000 $305,000 -2.4% -15.3% 41

Western Downs (R) $370,000 $365,000 $387,500 4.7% 6.2% 18

Table 12 - FLATS/UNITS/TOWNHOUSES




Regional property prices (quarterly)


OTHER LARGE LGAs


Mar qrt 2014



em em




March qtr

2013

Dec qtr

2013

Median

$sales

Median

$sales

Median

$sales

% Change

over year

% Change

over qtr

No. of

Sales

Queensland $191,700 $198,000 $195,000 1.7% -1.5% 2,255

Gympie (R) $116,000 $122,500 $110,000 -5.2% -10.2% 15

Tablelands (R) $99,500 $87,000 $86,000 -13.6% -1.1% 15

Lockyer Valley (R) $100,000 $99,000 $99,000 -1.0% 0.0% 16

Whitsunday (R) $150,000 $158,500 $147,500 -1.7% -6.9% 28

Western Downs (R) $152,000 $145,000 $147,500 -3.0% 1.7% 16

Central Highlands (R) $166,500 $158,000 $160,000 -3.9% 1.3% 20

Cassowary Coast (R) $98,500 $125,000 $96,500 -2.0% -22.8% 20


Regional land prices (quarterly)




OTHER LARGE LGAs


Mar qrt 2014



Table 13 - VACANT LAND

NSW VIC QLD SA WA TAS NT ACT

Mar 2013 $328,900 $296,200 $286,900 $246,800 $301,600 $215,600 $329,800 $341,700

Jun 2013 $341,800 $300,000 $283,200 $247,000 $300,800 $204,000 $338,500 $341,000

Sep 2013 $343,800 $296,600 $287,700 $244,500 $307,300 $212,500 $356,000 $327,000

Dec 2013 $363,800 $323,600 $294,900 $258,300 $305,700 $214,600 $323,700 $344,000

Mar 2014 $355,500 $314,200 $299,100 $261,000 $316,700 $223,600 $365,100 $334,300

Annual % Change 8.1% 6.1% 4.3% 5.8% 5.0% 3.7% 10.7% -2.2%

Source: Australian Bureau of Statistics, cat 5609

Table 14 - AVERAGE HOME LOAN SIZES IN AUSTRALIA

For all dwellings, by state (monthly)

Table 15- AVERAGE HOME LOAN SIZES IN QUEENSLAND

By dwelling and buyer type (monthly)

Construction

of dwellings

Purchase of

new

dwellings

Purchase of

established

dwellings

All dwellings

(excl.

refinancing)

Refinancing

of dwellings

First home

buyers

Non-first

home

buyers

Mar 13 $295,200 $288,500 $285,700 $286,900 $250,700 $277,200 $288,000

Jun 13 $289,600 $294,700 $281,600 $283,200 $254,400 $270,800 $284,800

Sep 13 $292,800 $315,800 $285,400 $287,700 $263,000 $273,000 $289,600

Dec 13 $292,900 $316,700 $294,000 $294,900 $261,800 $284,500 $296,400

Mar 14 $289,800 $321,900 $299,000 $299,100 $265,500 $288,800 $300,400

Annual % Change -1.8% 11.6% 4.7% 4.3% 5.9% 4.2% 4.3%

*Note that 'Purchase of established dwellings' includes refinancing across lending institutions.

Source: Australian Bureau of Statistics, cat. 5609 (figures revised by ABS)

em



Economic tables


Cash rate and mortgage lender rates (monthly)

RBA cash

rate

Change in

RBA cash

rate

Standard non-

bank* variable

home loan rate

Change in

variable non-

bank* rate

Standard

bank variable

home loan

rate

Change in

variable bank

rate

Mar 2013 3.00% 0.00% 6.00% 0.00% 6.45% 0.00%

Jun 2013 2.75% -0.25% 5.80% -0.20% 6.20% -0.25%

Sep 2013 2.50% -0.25% 5.55% -0.25% 5.95% -0.25%

Dec 2013 2.50% 0.00% 5.55% 0.00% 5.95% 0.00%

March 2014 2.50% 0.00% 5.55% 0.00% 5.95% 0.00%

Table 17 - INTEREST RATES

* Non-Bank lenders refer to non-banking financial institutions that sell home loans, e.g. Aussie Home

Loans.

Source: Reserve Bank of Australia

March qtr 2013 June qtr 2013 Sep qrt 2013 Dec qtr 2013 Mar qrt 2014% Change

over year

% Change

over qtr

Food and non-alcoholic beverages 100.0 100.1 100.3 101.9 102.2 2.2% 0.3%

Alcohol and tobacco 104.4 105.8 106.7 108.4 111.5 6.8% 2.9%

Clothing and footwear 97.1 99.7 100.8 99.7 97.6 0.5% -2.1%

Housing 105.4 106.0 108.1 108.6 109.2 3.6% 0.6%

Household contents and services 99.7 100.7 101.7 102.1 100.6 0.9% -1.5%

Health 107.7 109.8 109.8 109.2 112.0 4.0% 2.6%

Transportation 101.7 100.8 103.2 103.1 104.2 2.5% 1.1%

Communication 101.9 102.3 102.4 103.6 103.8 1.9% 0.2%

Recreation and culture 99.0 98.2 100.1 102.2 101.7 2.7% -0.5%

Education 108.9 108.8 108.8 108.8 114.4 5.1% 5.1%

Insurance and financial services 103.4 103.7 104.1 104.3 104.7 1.3% 0.4%

Overall CPI* 102.4 102.8 104.0 104.8 105.4 2.9% 0.6%

* Note that the overall CPI is a weighted average of all groups of all the capital cities in Australia, base of index=2011-12 (figures revised by ABS)


Table 18 - AUSTRALIAN CONSUMER PRICE INDEX COMPONENTS

Breakdown of all groups (quarterly)

Private and public sector (monthly)

Mar 13 Jun 13 Sep 13 Dec 13 Mar 14% Change

over year

% Change over

3 months

Private Sector, new houses 1,363 1,494 1,612 1,192 1,667 22.3% 39.8%

Public Sector, new houses 1 53 42 14 27 >100% 92.9%

Total Dwelling Approvals for New Houses 1,364 1,547 1,654 1,206 1,694 24.2% 40.5%

Private Sector, new other residential 1,363 1,093 1,650 1,935 1,060 -22.2% -45.2%

Public Sector, new other residential 0 18 4 0 25 . .

Total Dwelling Approvals for New Other

Residential Buildings1,363 1,111 1,654 1,935 1,085 -20.4% -43.9%

Private Sector, total new dwelling approvals 2,726 2,587 3,262 3,127 2,727 0.0% -12.8%

Public Sector, total new dwelling approvals 1 71 46 14 52 >100% 100%

Total New Dwelling Approvals* 2,727 2,658 3,308 3,141 2,779 1.9% -11.5%

Source: Australian Bureau of Statistics, cat. 8731 (figures revised)

Table 16 - QUEENSLAND RESIDENTIAL DWELLING APPROVALS

Note that Total Dwelling Approvals excludes approvals for alterations, additions and conversions.




Table 19 - CONSUMER PRICE INDEX

March qtr

2013

June qtr

2013

Sep qrt

2013

Dec qtr

2013

Mar qrt

2014

% Change

over year

% Change

over qtr

Housing (all cities) 105.4 106.0 108.1 108.6 109.2 3.6% 0.6%

Sydney 105.9 106.6 108.5 109.2 109.7 3.6% 0.5%

Melbourne 105.2 105.7 108.1 108.3 108.5 3.1% 0.2%

Brisbane 104.0 105.1 107.6 108.4 109.3 5.1% 0.8%

Adelaide 105.8 104.9 106.5 107.0 108.6 2.6% 1.5%

Perth 105.8 107.2 109.3 110.2 111.0 4.9% 0.7%

Hobart 101.7 102.0 102.8 102.8 101.9 0.2% -0.9%

Darwin 107.5 109.0 110.2 110.9 112.2 4.4% 1.2%

Canberra 104.5 104.8 105.6 105.7 105.5 1.0% -0.2%

Overall CPI (all cities) 102.4 102.8 104.0 104.8 105.4 2.9% 0.6%

Sydney 102.7 103.1 104.3 105.0 105.6 2.8% 0.6%

Melbourne 102.4 102.6 104.0 104.8 105.3 2.8% 0.5%

Brisbane 102.0 102.5 103.8 104.6 105.2 3.1% 0.6%

Adelaide 102.1 102.3 103.7 104.4 105.1 2.9% 0.7%

Perth 102.4 103.0 104.2 104.9 105.6 3.1% 0.7%

Hobart 101.3 101.7 102.6 103.6 104.1 2.8% 0.5%

Darwin 103.7 104.6 105.5 106.5 107.4 3.6% 0.8%

Canberra 101.9 102.5 103.1 104.1 104.6 2.6% 0.5%

Source: Australian Bureau of Statistics, cat. 6401 base of index=2011-2012 (figures revised by ABS)

Australian capital cities (quarterly)

Table 20 - RATES OF UNEMPLOYMENT (12-month moving average)

March qtr

2013

June qtr

2013

Sep qrt

2013

Dec qtr

2013

Mar qrt

2014

Percentage

point change

over year

Percentage

point change

over qtr

New South Wales 5.1% 5.2% 5.4% 5.6% 5.7% 0.5% 0.1%

Sydney 4.9% 4.9% 5.1% 5.4% 5.4% 0.5% 0.0%

Balance of New South Wales 5.7% 5.9% 5.9% 6.0% 6.2% 0.5% 0.2%

Victoria 5.6% 5.7% 5.7% 5.9% 6.1% 0.5% 0.2%

Melbourne 5.5% 5.6% 5.7% 6.0% 6.3% 0.7% 0.3%

Balance of Victoria 5.7% 5.8% 5.6% 5.4% 5.4% -0.3% -0.1%

Queensland 5.8% 5.9% 5.9% 5.8% 5.9% 0.1% 0.1%

Brisbane 5.7% 5.7% 5.6% 5.7% 5.8% 0.2% 0.2%

Balance of Queensland 5.9% 6.1% 6.1% 6.0% 6.0% 0.1% 0.0%

South Australia 5.7% 5.8% 6.0% 6.3% 6.5% 0.9% 0.2%

Adelaide 5.7% 5.8% 6.0% 6.3% 6.5% 0.8% 0.2%

Balance of South Australia 5.6% 5.7% 6.2% 6.3% 6.6% 1.0% 0.4%

Western Australia 4.1% 4.4% 4.6% 4.6% 4.8% 0.7% 0.2%

Perth 4.0% 4.3% 4.4% 4.3% 4.6% 0.5% 0.2%

Balance of Western Australia 4.4% 4.8% 5.3% 5.6% 5.8% 1.4% 0.2%

Tasmania 7.0% 7.2% 7.5% 7.7% 7.8% 0.8% 0.1%

Hobart 5.9% 6.1% 6.2% 6.6% 6.8% 1.0% 0.3%

Balance of Tasmania 7.9% 8.1% 8.5% 8.6% 8.5% 0.6% -0.1%

Northern Territory 4.3% 4.6% 5.1% 5.1% 4.9% 0.6% -0.2%

Australian Capital Territory 4.1% 4.2% 4.2% 4.2% 3.9% -0.2% -0.3%

Australia 5.3% 5.4% 5.5% 5.7% 5.8% 0.5% 0.1%


Across Australian capital cities and rural balances (monthly)

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