Median price up
IN positive news for the property scene, the latest research by PRD Nationwide shows the median house price in Warwick returned positive annual growth of 7% in the 12 months to September 2011.
PRD Nationwide Property Watch says although relatively volatile, Warwick's median house price demonstrated greater long-term average annual growth rates than Toowoomba.
The report shows that while sales activity and sales volumes have been mixed in the Warwick region, in recent times quality real estate is holding its value well, with prices "bouncing back" after a slump during the comparable period in 2010.
The median house price recorded for Warwick for the March 2011 half-year period was $257,000, which softened slightly to $252,000 by September.
Two recent interest rate cuts and an expected third this month or next are anticipated to induce higher house sales volumes in the first quarter of 2012.
The PRD Nationwide report also shows that Warwick's vacant land market has also demonstrated generally solid median price growth over the past five years, recording an average annual growth rate of 6.1% for that period. The final median price to September 2011 for a vacant house block was $100,000.