Queensland's residential property market has regained most of the ground lost over the past year,
according to the latest Real Estate Institute of Queensland (REIQ) median house sales data.

The REIQ's September quarter median prices show property price growth in most major regions of the
State as well as sales numbers holding relatively steady.

"While demand has decreased slightly from the June quarter and there have been some solid quarterly
results across the State, this really just takes prices back to where they were about 12 months ago,"
REIQ chair Pamela Bennett said.

"These results are also probably buoyed by the thousands of first home buyers getting into the market
before the First Home Owners Boost was reduced on 1 October."

First home buyer numbers are expected to reduce over coming months, while there is already evidence
investors are stepping in to the breach with the value of investment loans up on the same period last
year.

"First home buyers and investors have certainly underpinned Queensland's property market over the
past year," Mrs Bennett said.

Queensland's population continues to grow by some 1,500 people per week, which when coupled with
the ongoing housing shortage means investors are likely to drive the market forward in the first part of
2010.

"We are simply not building enough homes for everyone that wants to live here," REIQ managing
director Dan Molloy said.

"Until more land is made available, and the development process is streamlined, there will continue to
be an upward impact on house prices."

Over the September quarter, the best performing major region was Rockhampton which posted a 5.5
per cent median house price increase to $306,000.

As the projected major slow-down in mining earlier this year didn't materialise, demand for property in
Rockhampton is now back on track .

For the year ending September, the top performer was Toowoomba which bucked the state-wide trend
by posting a healthy 4.6 per cent median price rise to $272,000.

The region is continuing to benefit from its affordability and proximity to the Surat Energy Province.
REIQ figures show about 75 per cent of house sales across Queensland were for properties under
$500,000 in the September quarter, down from 78 per cent the previous quarter.

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