Queensland home sales reach five year high: REIQ

Last year, $51 billion worth of residential property changed hands, according to the Real Estate Institute of Queensland (REIQ).

REIQ chief executive Antonia Mercorella said Queensland's home transaction values peaked at $73 billion in 2007, but that "there's a very encouraging upward trend which is great news for home owners".

2014's result is the highest since 2010.

Sales volumes are also "clearly heading in the right direction," said Mercorella, with 114,000 transactions recorded last year. The highest ever year for number of transactions is 2003.

"And in another encouraging sign, there's been a significant rise in the number of suburbs where every vendor made a profit on sale," she said.

"In 2014, there were 49 Queensland suburbs where every property sold at a profit, up from just 22 suburbs in 2013."

The majority of suburbs with 100% profit-making sales were in Brisbane, with the eastern suburb of Gumdale having the greatest increase in profit making sales of any Brisbane suburb. There, transactions were up 33% over the year.

"Tara on the Western Darling Downs recorded the biggest increase in profit-making sales anywhere in the State, with an impressive rise of 36%," said Mercorella.

"Other strong performers included Goombungee, north of Toowoomba (up 27% and Caravonica, north of Cairns (up 26%).

"Meanwhile on the Gold Coast, 100% of vendors in Mermaid Beach made a profit on sale in 2014, as the city's prestige real estate market continues to bounce back."

She also noted increased momentum in the prestige $1 million-plus market.

"Around 2,600 properties across 320 suburbs changed hands for more than $1 million in 2014, predominantly in the Southeast," she said. According to the REIQ, properties worth $1 million or more made up the strongest performing segment of the market in the December quarter.

The $1 million-plus price point was Queensland's strongest performer in the December 2014 quarter, with a 17% increase in sales volumes.