Toowoomba tops Queensland's 2015 property market recovery

Toowoomba vendors secured a profit in 98% of all houses sales in the year ending March 2015, according to the latest REIQ release.

And Cairns has been a standout performer over the past 12 months, with profit-making sales rising from 78% of transactions making a profit to 90%.

REIQ CEO Antonia Mercorella said the data confirmed the REIQ’s position that Queensland was in "the grip of steady, sustainable growth."

But those areas that are struggling to recover from the resources downturn are still endeavouring to stabilise, she said.

Brisbane (LGA) median house values have risen by 1.6% over the quarter, and, along with Toowoomba, this was the highest quarterly increase.

Brisbane (LGA) proportion of profit-making sales increased three percentage points to 96%, compared with a year ago.

Toowoomba is the fastest selling region, with days on market at 63 days, and what they call the Garden City continues to hold the lowest vendor discounting rate of 4.7%.

Five of the major regions throughout Queensland are experiencing steady improvements in median house values.

Brisbane, the Gold Coast, the Sunshine Coast, Toowoomba and Cairns, all showed rising annual median house values of approximately 1.5 to 1.9% on average each quarter over the past year.

Gladstone’s median house values increased by 0.8%, which, although small, is significant because it is the city’s first move into positive territory in five quarters.

The rate of decline in Mackay’s median values appears to be slowing, with a drop of just one per cent to its annual median value in the March quarter.

Townsville’s median house values rose 0.7%, which reflects the small improvements that that have been seen in other economic indicators.

Townsville’s proportion of profit-making sales continues to remain stable at 74% since August last year.