House sales on the rise in Queensland

The demand for mortgages in Queensland appeared to rise sharply in the September quarter of 2012, as house sales reached their highest point for nearly two years.

According to data published by Real Estate Institute of Queensland (REIQ), there was a five per cent increase in property transactions during the three-month period when compared with the corresponding quarter in 2011.

Chief executive officer at the organisation Anton Kardash said people have been biding their time until buying conditions improved.

Many house hunters waited until stamp duty concessions were reintroduced in July, while others were hanging on to see if interest rates would fall.

"Brisbane's market continues to improve as buyers turn their attention to our affordable capital city property prices, as well as the continued strong demand for rental properties which is attracting investors," Mr Kardash remarked.

Last week, the Daily Telegraph reported that Aussies are willing to purchase new properties, but only if the price is right.

RP Data suggested that almost four out of five homes sold in the last 12 months went for less than $600,000.

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