QLD Housing and Economy 2Q 2011

8/3/2019 QLD Housing and Economy 2Q 2011

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Queensland housingmarket reportJune quarter 2011

Department o Communities

air, cohesive and vibrant communities

Housing and Homelessness Services


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INTRODUCTION

The Department of Communities (Housing and Homelessness Services) produces the Queensland HousingMarket Report to provide a snapshot of key housing market indicators in Queensland for the relevant quarter.

The Queensland Housing Market Report provides a quarterly update on private rental and home ownershipmarkets for the states 15 most populated Local Government Areas (LGAs). Also included in the Report are aseries of Housing and Economic Statistics Tables that offer a range of easily referenced tables relating togeneral economic and Queensland housing market indicators.

The Report relies on data provided by government agencies such as the Residential Tenancies Authority,Queensland Treasury, Department of Environment and Resource Management and the Australian Bureau ofStatistics.

Disclaimer for release of this information to external partiesThe materials presented in this Queensland Housing Market Report are distributed by the Department ofCommunities as an information source only. The information is provided solely on the basis that readers willbe responsible for making their own assessment of the matters discussed herein and are advised to verify allrelevant representations, statements and information.

While information contained in this document is regarded as unclassied by the Department of Communities,external parties using this information nevertheless agree hereby to abide by the following terms and conditionsfor its use:

This document and its contents are copyright to Queensland Department of Communities. No part of this

publication is to be reproduced or transmitted in any form or by any means, electronic or manual, includingphotocopying, without the written permission of the Department of Communities.

Where material from this document is cited elsewhere, the reference should be sourced appropriately; citing theDepartment of Communities as author, and including the cited date of publication.

Information and data contained in this document are not to be cited out of the context in which they arepresented, or using terminology other than that used within this document.

While all care has been taken in the preparation of information and material in this publication, including theaccuracy of data, the Department of Communities gives no warranty that the information is free from errors, is

complete, has any particular quality, or is suitable for any particular purpose.

The Department of Communities accepts no responsibility for commercial decisions or changes in the personalcircumstances of individuals acting on the information contained in this document.

External parties who use information contained in this document thereby agree to indemnify the QueenslandGovernment (and its servants and agents) in respect of all liability for loss (including all legal costs) or liabilityfrom any claim, suit, action, demand or proceeding brought by any third party in connection with the use of thisinformation.

Contacts

All inquires should be addressed to Private Housing Programs, Department of Communities (Housing andHomelessness Services) on 07 3406 7588.


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Contents

June Quarter Highlights 1

Private Rental Market 2

Rental price update 23 Bedroom detached houses 22 Bedroom ats/units 3Rent across dwelling types and sizes 4

Residential vacancy rates 5Rental market size 5

Home Ownership 6

Home purchase prices 6

Detached house prices 7Flat/unit prices 7Vacant land prices 8

Housing fnance and planned residential construction 9New loans by dwelling type 9New loans by buyer type 9Dwelling approvals 10

Economic Update 10

Economic growth 10

Population growth 11Interest rates 11

Wages & Prices 12

Unemployment 13

Housing and Economic Statistics Tables 14

Private rental tables 14

Table 6 - 3 Bedroom detached houses 14Table 7 - 2 Bedroom ats/units 15Table 8 - Rent Assistance Rates 15

Home ownership tables 16Table 9 - Detached house prices 16Table 10 - Flat/unit prices 16Table 11 - Vacant land prices 17Table 12 - Average home loan sizes in Australia 17Table 13 - Average home loan sizes in Queensland 17Table 14 - Queensland residential dwelling approvals 18

Economic tables 18Table 15 - Interest rates 18Table 16 - Australian Consumer Price Index components 18Table 17 - Consumer Price Index for Australian capital cities 19

Table 18 - Rates of unemployment 19


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Explanatory NotesRent and Sales Statistics

The geographic areas for reporting rent and sales data

are based on the Australian Standard Geographical

Classication (ASGC) of the Australian Bureau of

Statistics (ABS).

Rent statistics in this Report are sourced from

information provided on the bond lodgement form

lodged with the Residential Tenancies Authority (RTA).

Sales statistics in this Report are sourced from

information provided on the Property information

(transfer) form that is lodged with Queensland Valuation

and Sales (QVAS) maintained by the Department of

Environment and Resource Management (DERM).

Unless otherwise specied, the rent and sales statistics

in this Report are derived from total records available for

the relevant quarter. No exclusions or limits have been

applied.

Median rent and sales values are used in this Report.

The median is the value that divides a set of ordered

data equally into a bottom half and a top half (i.e. the

middle value or 50th percentile). The median value is

not signicantly affected by unusually high or low values

(outliers) and therefore provides a better measure of

central tendency.

Local Government Areas (LGAs) with less than 10 rental

bonds or sales records are deemed to have too small a

sample size for the reporting of median rent and sales

statistics.

Total bonds held refers to those live bonds held at the

last date of the quarter by the RTA. The total number

of bonds held by the RTA does not equal the total

number of rental properties due to a proportion of rental

properties remaining vacant at any given time and the

occurrence of cases where bonds are not required by

the landlord (i.e. informal lettings).

The sales data for the most recent quarter is preliminary

and is reported two months after the end of quarterby which time the number of sales processed through

QVAS represent approximately 70% of the total sales

for that quarter. This arises because of the lapse in time

between the contract date and when the sale is notied.

The proportion of total sales available at the time of

reporting is considered sufcient for the analysis of

sales data in this Report.

Preliminary sales data reported for previous quarters is

not revised and as such comparison of data between

quarters provides a guide only.

Sales data reported for each quarter is based on the

contract date recorded rather than the settlement date,

which can occur up to three months later. Analysis

based on the contract date provides a more accurate

reection of market activity in the specied quarter.

It should be noted in interpreting quarterly changes in

sales values that the sample of properties transacted in

one quarter may be quite different compositionally to the

sample of properties transacted in previous quarters.

Housing Finance Data

The method for estimating the number of new loans

taken out in Queensland by investors was sourced

from BIS Shrapnel. This involves taking the total

value of loans in Queensland for the purchase of

residential property for rent or resale, and dividing

this by the average purchase price of non-rst home

buyers (investors are known to spend more than the

average rst home buyer). Both values are sourced

from the ABS. This estimate only covers loans taken

out in Queensland for property investment and may

include loans taken out in Queensland for propertyoutside of the state (properties interstate or overseas).

This estimate does not include investor purchases in

Queensland where loans are sourced outside of the

state (i.e. interstate or overseas buyers).

Data Series Type

Original series data from the ABS is used within the

Report except where Seasonally Adjusted series data

is deemed more appropriate. Seasonal adjustment is

the process of estimating and then removing from a

time series inuences that are systematic and calendar

related. Seasonal effects can conceal both the true

underlying movement in the series, as well as certain

non-seasonal characteristics.

Economic performance is depicted using trend series

data for Chain Volume Measure. Trend data is dened

as the long term movement in a time series without

calendar related and irregular effects, and is a reection

of the underlying level. It is the result of inuences

such as population growth, price ination and general

economic changes.

All data provided in the Report is the most recent

available at the time of extraction for this reporting

period, including revised estimates of previous data

released by the ABS.

Data is reported in terms of both absolute change and

percentage change. Absolute change represents the

numerical change in the value reported (i.e. an increase

of $140) while percentage change represents the

absolute change in the value reported as a percentage

of the base value (i.e. an increase of 40%).


www.housing.qld.gov.au Queensland housing market report - June Quarter 2011


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www.housing.qld.gov.au Queensland housing market report June Quarter 2011

June 2011 Quarter Highlights

Private rental market

Rents for Queensland overall have had little to no change to the June Quarter 2011.

0% change in the median weekly rent for 3 bedroom detached houses ($340).

3.1% decrease in the median weekly rent for 2 bedroom ats/units (from $320 to $310).

Of Queenslands 15 most populated LGAs, Gladstone once again recorded the largest absolute increase in median rent for 3

bedroom houses ($20) and Rockhampton and Redland also saw an increase of $10 over this quarter. Toowoomba and

Sunshine Coast recorded a decline in median rent of $5. Nine LGAs saw no change to rents for detached houses over the

quarter, including the LGA of Brisbane. Gladstone and Redland recorded the largest absolute increase in median rent for 2

bedroom ats/units (both $25). Townsville recorded the largest absolute decline in median rent for this dwelling type ($20).

The overall Queensland rental vacancy rate rose to 3.8% in the June Quarter 2011 compared to 3.6% for the previous quarter.

The rental vacancy rate for Inner Brisbane decreased further to 2.2% for the June 2011 quarter, down from 2.6% in the March

quarter. A notable shift in vacancy rates occurred once again in the Brisbane Surrounds market with the vacancy rate of 4.3%,

an increase from 3.3% in the March Quarter 2011.

Total rental bonds in Queensland for detached houses, ats/units and townhouses increased by 1.4% over the June Quarter

2011. The number ofnew bonds lodged in the June Quarter 2011 decreased by 11.7% from the previous quarter.

Home ownership

Queenslands property purchase prices decreased over the June Quarter 2011.

- Median house prices dropped by 3.0% ($407,500 compared to $420,000 for the previous quarter).

- Median at/unit prices had no change from the previous quarter remaining at $350,000.

Of Queenslands 15 most populated LGAs, ten recorded a decrease in median house price to the June Quarter 2011. Theargest decline in median house price was on the Gold Coast at $28,250, with Rockhampton and Fraser Coast both recording a

$20,000 shift. Gladstone and Toowoomba recorded the largest absolute increase in median house price ($23,500 and $6,750).

The stand out increase in at/unit prices in June Quarter 2011 was a $100,000 increase in the median price for Gladstone

$442,500 up from $342,500 in March Quarter 2011). Rockhampton, Toowoomba and Cairns had the strongest declines for

median at/unit prices at $32,000, $28,000 and $22,000 respectively.

The number ofnew loans for dwelling purchase in Queensland recovered slightly after the fall in the March quarter,

ncreasing by 10.8% over the June Quarter 2011. The investor sector of the market also showed signs of recovery with an

ncrease in activity with the number of new loans increasing by 17.6% in the June Quarter 2011.

Queensland seasonally adjusted residential dwelling approvals for new houses in the June Quarter 2011 numbered 4111, up

rom 3,981 in the March Quarter 2011. There were 2,660 residential dwelling approvals for ats/units/townhouses in the June

Quarter 2011 which was an increase on the March Quarter 2011 approvals of 2,097.

Economic update

Queenslands economic growth gures declined by 1.4% over the March Quarter 2011.

The Reserve Bank of Australia (RBA) cash interest rate and bank home loan rates remained unchanged during the June

Quarter 2011 at 4.75% and 7.80% respectively. Non-bank lenders decreased their home loan rates to 7.20% from 7.30%.

The Queensland seasonally adjusted unemployment rate trended downwards slightly from the previous quarter to 5.3% in

June 2011.

June 2011 Quarter Highlights


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Housing and Homelessness Serviceswww.housing.qld.gov.au Queensland housing market report June Quarter 2011

Rental Price Update3 Bedroom detached houses

Chart 1 shows that the median rent in Queensland for a 3

bedroom detached house was $340 per week as at June

quarter 2011. Also shown in Chart 1 are median weekly rentsfor Queenslands 15 most populated Local Government

Areas (LGAs), listed in descending order of population.

The most expensive of these LGAs to rent a 3 bedroom

house were Gold Coast ($400 per week), Brisbane and

Mackay ($390), Gladstone ($380), Redland ($370) and

Sunshine Coast ($365). These medians were above that

recorded for Queensland over the quarter.

The median recorded for Townsville for this dwelling type

was once again on par with that of Queensland.

The most affordable of the LGAs shown for renting a 3

bedroom house, with little or no change from the June

quarter, were Fraser Coast ($255 per week), Bundaberg

($260), Toowoomba ($265) and Ipswich ($285).

Table 1 outlines the percentage change in median weekly

rents for 3 bedroom detached houses, for Queensland and

its 15 most populated LGAs, over the quarter and over the

year to June quarter 2011.

After remaining constant at $330 per week from the

December Quarter 2009 to December Quarter 2010, the

median rent for 3 bedroom houses in Queensland increased

by $10 to $340 over the March Quarter 2011 and has

remained at that rate over the June 2011 quarter. Of the

LGAs shown, Gladstone recorded the largest absolute

increase in median rent over the quarter ($20), with Redland

and Rockhampton both increasing by $10. The Sunshine

Coast and Toowoomba were the only two LGAs in this group

to record a decline in median rent over the quarter ($5).

The median weekly rent for nine of the 15 LGAs remained

unchanged over the quarter, including Brisbane ($390).

Of the LGAs shown, Gladstone recorded the highest

absolute growth in median rent for a 3 bedroom house over

the year ($80). The Sunshine Coast was the only LGA to

show a decline in the median rent for this dwelling type over

the year ($5). The median rent for 3 bedroom houses in

four of the top 15 LGAs, Gold Coast, Moreton Bay, Logan

and Bundaberg, remained unchanged over the year to June

Quarter 2011.

Private Rental Market


Median weekly rents for 3 bedroom detached houses(as at June quarter 2011)

$260

$255

$310

$265

$285

$310

$320

$400

$340

$370

$365

$380

$390

$320

$390

$340

$0 $50 $100 $150 $200 $250 $300 $350 $400 $450

Gladstone (R)

Bundaberg (R)

Fraser Coast (R)

Rockhampton (R)

Mackay (R)

Redland (C)

Toowoomba (R)

Ipswich (C)

Cairns (R)

Townsville (C)

Logan (C)

Sunshine Coast (R)

Moreton Bay (R)

Gold Coast (C)

Brisbane (C)

Queensland

LGAs

Median rent rate ($) weekly

Chart 1

Source: Residential Tenancies Authority

Jun Qtr2010

Mar Qtr2011

Median$rent

Median$rent

Median$rent

%Change

over year

%Changeover qtr

Newbonds

Brisbane (C) $375 $390 $390 4.0% 0.0% 2,687

Gold Coast (C) $400 $400 $400 0.0% 0.0% 1,005

Moreton Bay (R) $320 $320 $320 0.0% 0.0% 1,138Sunshine Coast (R) $370 $370 $365 -1.4% -1.4% 1,010

Logan (C) $320 $320 $320 0.0% 0.0% 910

Townsville (C) $330 $340 $340 3.0% 0.0% 648

Cairns (R) $300 $310 $310 3.3% 0.0% 489

Ipswich (C) $275 $285 $285 3.6% 0.0% 680

Toowoomba (R) $260 $270 $265 1.9% -1.9% 629

Redland (C) $360 $360 $370 2.8% 2.8% 326

Mackay (R) $380 $385 $390 2.6% 1.3% 321

Rockhampton (R) $290 $300 $310 6.9% 3.3% 393

Fraser Coast (R) $250 $255 $255 2.0% 0.0% 342

Bundaberg (R) $260 $260 $260 0.0% 0.0% 288

Gladstone (R) $300 $360 $380 26.7% 5.6% 227

Queensland $330 $340 $340 3.0% 0.0% 13,192


June Quarter 2011

Table 1 - 3 BEDROOM DETACHED HOUSES

15 LARGEST LGAs

in descending order

of population

Percentage change in median weekly rents


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2 Bedroom Flats/Units

Chart 2 shows that the median rent in Queensland for a 2

bedroom at/unit was $310 per week as at June quarter 2011,

$30 less than median rent recorded for a 3 bedroom detached

house in Queensland over the same quarter.

Also shown in Chart 2 are median weekly rents for

Queenslands 15 most populated LGAs, listed in descending

order of population. Brisbane and Gold Coast remain themost expensive locations to rent a 2 bedroom at/unit, with

medians signicantly above that recorded for Queensland

over the quarter ($380 and $350 per week respectively).

The most affordable of the LGAs shown for renting a 2

bedroom at/unit were Bundaberg ($205 per week), Fraser

Coast and Toowoomba ($210).

In comparing the rental market for 2 bedroom at/units

with that of 3 bedroom houses, there was a narrow price

differential between the median weekly rent for these

dwelling types in Brisbane. Comparatively, 2 bedroom at/

units were positioned as a considerably more affordable

rental alternative in the LGAs of Mackay, Gladstone, Logan,

Sunshine Coast and Townsville.

Table 2 includes the percentage change in median rents

for 2 bedroom ats/units, for Queensland and its 15 most

populated LGAs, over the quarter and over the year to June

quarter 2011.

The median rent for a 2 bedroom at/unit in Queensland

decreased by $10 to $310 per week over the June Quarter

2011. Of the LGAs shown, Redland and Gladstone recorded

the largest absolute increase in median rent over the quarter

(both $25). Townsville, Moreton Bay and Sunshine Coastrecorded declines in median rent over the quarter (down $20,

$3 and $5 respectively).

Compared to a year ago, the median rent for a 2 bedroom

at/unit has increased by $10 at the state level in the June

Quarter 2011. Gladstone ($70), Rockhampton, Mackay and

Brisbane (all $20) recorded the largest absolute increases in

median rent over the year for this dwelling type, consistent

with the strong growth noted in these areas for 3 bedroom

houses over the same period.

The Sunshine Coast and Townsville were the only LGAs

shown to experience a decline in the median rent for this

dwelling type over the year (both -$5), while Ipswich, Cairns

and Bundaberg recorded unchanged median rents over the

year to June Quarter 2011.

For the years to March and June quarters 2011, Bundaberg

was the only LGA shown to record no growth across both

dwelling types of 3 bedroom houses and 2 bedroom ats/

units over the year. The Sunshine Coast was the only LGA to

record a decline in overall median rents over the year to Junequarter 2011 (-1.4% for 3 bedroom houses and -1.7% for 2

bedroom ats/units).


Median weekly rents for 2 bedroom flats/units(as at June quarter 2011)

$205

$210

$250

$210

$240

$250

$270

$265

$380

$310

$323

$295

$300

$300

$250

$350

$0 $50 $100 $150 $200 $250 $300 $350 $400

Gladstone (R)

Bundaberg (R)

Fraser Coast (R)

Rockhampton (R)

Mackay (R)

Redland (C)

Toowoomba (R)

Ipswich (C)

Cairns (R)

Townsville (C)

Logan (C)

Sunshine Coast (R)

Moreton Bay (R)

Gold Coast (C)

Brisbane (C)

Queensland

LGAs

Median rent rate ($) weekly

Chart 2


Jun Qtr2010

Mar Qtr2011

Median$rent

Median$rent

Median$rent

%Change

over year

%Changeover qtr

Newbonds

Brisbane (C) $360 $375 $380 5.6% 1.3% 3,780

Gold Coast (C) $340 $350 $350 2.9% 0.0% 2,487

Moreton Bay (R) $260 $268 $265 1.9% -0.9% 411

Sunshine Coast (R) $300 $300 $295 -1.7% -1.7% 886

Logan (C) $240 $250 $250 4.2% 0.0% 215

Townsville (C) $275 $290 $270 -1.8% -6.9% 710

Cairns (R) $250 $250 $250 0.0% 0.0% 950

Ipswich (C) $240 $240 $240 0.0% 0.0% 141

Toowoomba (R) $200 $210 $210 5.0% 0.0% 332

Redland (C) $310 $298 $323 4.0% 8.4% 56

Mackay (R) $280 $300 $300 7.1% 0.0% 243

Rockhampton (R) $230 $235 $250 8.7% 6.4% 215

Fraser Coast (R) $200 $200 $210 5.0% 5.0% 207

Bundaberg (R) $205 $200 $205 0.0% 2.5% 105

Gladstone (R) $230 $275 $300 30.4% 9.1% 159

Queensland $300 $320 $310 3.3% -3.1% 11,843


Table 2 - 2 BEDROOM FLATS/UNITS

15 LARGEST LGAsin descending order

of population

June quarter 2011

Percentage change in median weekly rents


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Rent across dwelling types and sizes

Chart 3 illustrates Queensland median weekly rents by

dwelling type and number of bedrooms for the June quarter

2011. Table 3 shows this breakdown for Queenslands

15 most populated LGAs, listed in descending order of

population.

n most instances, median rents for all detached houses

shown are lower than for ats/units and townhouses withcorresponding number of bedrooms. The reason for this is

that ats/units and townhouses are predominantly located

n markets with higher property values, such as inner city

ocations and coastal regions.

The highest median rents for the June Quarter 2011 in

Queensland were for four bedroom townhouses ($440

per week), which is $40 and $55 higher than for both four

bedroom ats/units and four bedroom houses respectively in

Queensland.

The most notable difference in median weekly rents for

dwellings categorised by the number of bedrooms was the

ncrease from one bedroom houses to two bedroom houses,

and the increase from one bedroom townhouses to two

bedroom townhouses ($80 and $113 respectively). Rental

prices increase steadily with the number of bedrooms for the

at/unit dwelling type category.

The most notable disparity in median rents across dwelling

types occurs for one bedroom dwellings, where the median

rent for a one bedroom at/unit was higher than that for onebedroom houses and townhouses by a difference of $60 and

$63 respectively.


1 bed 2 bed 3 bed 4 bed 1 bed 2 bed 3 bed 4 bed 1 bed 2 bed 3 bed 4 bed

Brisbane (C) $280 $380 $430 $438 $200 $350 $390 $460 $215 $360 $400 $480

Gold Coast (C) $290 $350 $390 $450 $245 $348 $400 $450 $175 $320 $365 $495

Moreton Bay (R) $200 $265 $300 $315 $195 $265 $320 $365 $170 $280 $320 $355

Sunshine Coast (R) $240 $295 $350 $525 $250 $300 $365 $440 $258 $310 $360 $410Logan (C) $215 $250 $295 $370 $268 $270 $320 $380 $247 $268 $320 $380

Townsville (C) $230 $270 $390 $410 $245 $290 $340 $395 . $285 $350 $380

Cairns (R) $193 $250 $330 $250 $250 $266 $310 $365 $185 $230 $350 $750

Ipswich (C) $185 $240 $280 $319 $140 $255 $285 $340 . $265 $300 $350

Toowoomba (R) $165 $210 $280 $368 $155 $220 $265 $350 $125 $245 $290 $393

Redland (C) $207 $323 $370 $298 $235 $228 $370 $460 $215 $330 $365 $445

Mackay (R) $210 $300 $420 $415 $210 $325 $390 $480 $380 $360 $420 .

Rockhampton (R) $163 $250 $283 $360 $200 $250 $310 $370 . $290 $300 .

Fraser Coast (R) $134 $210 $265 $270 $190 $225 $255 $305 . $253 $300 $290

Bundaberg (R) $180 $205 $273 $320 $190 $225 $260 $310 . $235 $275 .

Gladstone (R) $220 $300 $370 . $225 $300 $380 $470 . $300 $450 $390

Queensland $260 $310 $360 $385 $200 $280 $340 $400 $197 $310 $365 $440Note that median prices have not been provided for LGAs with less than 10 rental bonds, for the given dwelling type and number of bedrooms.


Table 3 - MEDIAN WEEKLY RENTS ACROSS DWELLING TYPE AND NUMBER OF BEDROOMS

June quarter 2011

15 LARGEST LGAsin descending

order of population

Flat/unit House Townhouse

Queensland weekly median rents

by number of bedrooms and dwelling type(June quarter 2011)

$260

$310

$360

$280

$340

$400

$310

$365

$440

$385

$200

$197

$0

$100

$200

$300

$400

$500

1 bedroom 2 bedroom 3 bedroom 4 bedroom

Flat/unit House Townhouse

Chart 3



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Residential vacancy rates

A healthy residential rental market vacancy rate is considered

to be around 3.0%, with slight variations at the regional level.

Chart 4 illustrates the residential vacancy rates for Inner

Brisbane (suburbs wholly or mainly within 5km of Brisbane

GPO), Brisbane Remainder, Brisbane Surrounds (the

Moreton Bay, Logan, Redland and Ipswich LGAs), Gold

Coast and Rest of Queensland (i.e. areas outside of south-east Queensland), over the quarter and over the year to June

Quarter 2011.

The Queensland vacancy rate has been above the healthy

level since the March Quarter 2009 and was recorded at

3.8% for the June quarter 2011, up slightly from the previous

quarter (3.6%).

The impact of ooding in Brisbane and regional centres

throughout the state in December and January contributed to

an overall tightening of vacancy rates over the March Quarter2011 as a result of increased demand from displaced persons

seeking short term accommodation and a reduction in rental

stock in affected areas.

The Inner Brisbane region vacancy rate has dropped further

below the March 2011 Quarter down to 2.2%, for the June

Quarter 2011. The Remainder of Brisbane Region also saw a

reduction in vacancies reducing to 2.6% from 3.1% in March.

Brisbane Surrounds and Gold Coast regions both recovered

to record vacancy rates similar to June Quarter 2010, while

the Rest of Queensland remained unchanged from theMarch Quarter. All regions outside of Brisbane have recorded

vacancy rates above the healthy level for June Quarter 2011.

The Gold Coast recorded the highest vacancy rate for the

June Quarter 2011 (5.5%).

Rental market size

Chart 5 shows total quarterly rental bonds held in

Queensland for detached houses, townhouses and ats/units

over the year to June Quarter 2011.

Total rental bonds for Queensland numbered 433,937 for

the June Quarter 2011. This represents an increase of 1.4%

or 6,079 bonds over the quarter. Over the year to the June

Quarter 2011 total rental bonds increased by 6.4% or 26,553

bonds.

Queenslands rental bonds increased between 0.7% and

0.9% per quarter over the four quarters to June 2010.

Queenslands population growth increased by between 0.4%

and 1.0% over the same period.

The number of new bonds lodged within each quarter is also

shown in Chart 5 as an indicator of market churn. This is

inuenced by a number of factors, including new dwellings

constructed in an area, shifts between owner occupied versus

renter dwellings and length of tenancy. On average, over the

last year new bonds have accounted for 13% of total bondswithin each quarter.

New bonds for the June Quarter 2011 numbered 53,681,

accounting for 12.1% of total bonds for the quarter. This

number of new bonds is down 7,097 on March Quarter 2011

and up 2,113 on the June Quarter 2010.


Rental vacancy rates(June quarter 2010, March and June quarters 2011)

2.2%

2.6%

4.2%

2.8%

2.6%

4.9%

3.1%

4.3%

3.3%

4.2%

5.5% 5.5%

4.0% 4.0%

5.1%

3.8%3.6%

4.7%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Jun. qtr 2010 Mar. qtr 2011 Jun. qtr 2011

Inner Brisbane Remainder of Brisbane

Brisbane Surrounds Gold Coast

Rest of Queensland Queensland

Healthy vacancy rate

(around 3.0%)

Chart 4

Source: Office of Economic and Statistical Research, Queensland Treasury

Queensland rental bonds:

houses, flats/units and townhouses(June quarter 2010 - June quarter 2011)

365,816 367,193376,442 377,080

390,256

51,568 57,36353,259 60,778

53,681

240,000

280,000

320,000

360,000

400,000

440,000

480,000

Jun. qt r 2010 Sep. q tr 2010 Dec. qt r 2010 Mar. q tr 2011 Jun. q tr 2011

Numberofrentalbonds

Existing bonds New bonds for the quarter

Chart 5


417,360

443,937437,778429,679

424,514


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Home purchase prices

Detached house prices

Chart 6 shows the median detached house price in

Queensland was $407,500 as at June Quarter 2011. Alsoshown in Chart 6 are median house prices for Queenslands

15 most populated LGAs, listed in descending order of

population.

Brisbane and the Gold Coast recorded the highest median

house prices, at $514,000 and $488,000 respectively.

Sunshine Coast, Redland, Gladstone and Mackay were

also above the Queensland median, at $460,000, $445,000,

$444,500 and $418,000 respectively. Note that these four

LGAs also recorded median rents above the Queensland

median for 3 bedroom detached houses.

Those in the second tier of LGAs by median detached house

price were all below the Queensland median, including

Moreton Bay ($390,000), Townsville ($379,400), and Logan

($370,000).

Over the quarter, Fraser Coast was the least expensive of

the states 15 most populated LGAs to purchase a house

($290,000), followed closely by Bundaberg ($293,000).

Other more affordable LGAs as at the March Quarter 2011

were Ipswich ($314,500), Toowoomba ($311,700) andRockhampton ($320,000).

Table 4 includes the percentage change in median detached

house prices for Queensland and its 15 most populated LGAs,

over the quarter and over the year to June Quarter 2011.

Queenslands median house price declined 3.0% ($12,500)

over the quarter to $407,500 and declined 5.2% ($22,500)

over the year to June 2011.

Over the quarter, ten of the states 15 most populated

LGAs recorded a decline in median detached house prices,with the most signicant declines occurring in Gold Coast,

Rockhampton and Fraser Coast ($28,250, $20,000 and

$20,000 or 5.6%, 5.9% and 6.5% respectively). Of those

LGAs recording an increase in the median detached house

prices over the quarter, the most notable increase was in

Gladstone (up $23,500 or 5.6%), followed by Toowoomba (up

$6,700 or 2.2%).

Over the year, 11 of the 15 LGAs shown recorded a decline

in median house prices with the following recording the most

signicant declines; Redland (down $45,000 or 9.2%), GoldCoast (down $39,200 or 7.5%), Brisbane (down $36,000

or 6.5%) and Sunshine Coast (down $33,500 or 6.8%).

The three LGAs recording the highest increases in median

house prices over the year to June 2011 were Gladstone

(up $64,000 or 17.0%) and Bundaberg and Mackay (both up

$8,000).

Home Ownership

HOME OWNERSHIP

Median detached house price(as at June quarter 2011)

$293,000

$320,000

$418,000

$311,750

$314,500

$355,000

$379,375

$370,000

$390,000

$514,000

$407,499

$480,750

$444,500

$290,000

$460,000

$445,000

$0 $200,000 $400,000 $600,000

Gladstone (R)

Bundaberg (R)

Fraser Coast (R)

Rockhampton (R)

Mackay (R)

Redland (C)

Toowoomba (R)

Ipswich (C)

Cairns (R)

Townsville (C)

Logan (C)

Sunshine Coast (R)

Moreton Bay (R)

Gold Coast (C)

Brisbane (C)

Queensland

LGAs

Median house price ($)

Source: Department of Environment and Resource Management

Chart 6

Jun Qtr2010

Mar Qtr2011

Median$sales

Median$sales

Median$sales

% Changeover year

% Changeover qtr

No.sales

Brisbane (C) $550,000 $525,000 $514,000 -6.5% -2.1% 2,387

Gold Coast (C) $520,000 $509,000 $480,750 -7.5% -5.6% 898

Moreton Bay (R) $420,000 $400,000 $390,000 -7.1% -2.5% 1,072

Sunshine Coast (R) $493,500 $470,000 $460,000 -6.8% -2.1% 735

Logan (C) $390,000 $375,000 $370,000 -5.1% -1.3% 637

Townsville (C) $385,000 $375,000 $379,375 -1.5% 1.2% 532

Cairns (R) $370,000 $370,000 $355,000 -4.1% -4.1% 346

Ipswich (C) $335,000 $324,000 $314,500 -6.1% -2.9% 390

Toowoomba (R) $305,000 $305,000 $311,750 2.2% 2.2% 454

Redland (C) $490,000 $451,000 $445,000 -9.2% -1.3% 428

Mackay (R) $410,000 $412,000 $418,000 2.0% 1.5% 381

Rockhampton (R) $335,000 $340,000 $320,000 -4.5% -5.9% 325

Fraser Coast (R) $315,000 $310,000 $290,000 -7.9% -6.5% 274

Bundaberg (R) $285,000 $290,000 $293,000 2.8% 1.0% 263

Gladstone (R) $380,000 $421,000 $444,500 17.0% 5.6% 252

Queensland $430,000 $420,000 $407,499 -5.2% -3.0% 10,649


Table 4 - DETACHED HOUSES

June Quarter 201115 LARGEST LGAsin order of population

Note that the number of sales for the June quarter 2011 represent approximately 70% of total

sales, as not all sales records have been processed.

Percentage change in median sales prices

Records with insufficient geographic detail have been excluded.


11/23

7


Flat/unit prices

Chart 7 shows the median at/unit price in Queensland had

not changed from the previous quarter and was recorded as

$350,000 as at June Quarter 2011. Also shown in Chart 7 are

median at/unit prices for Queenslands 15 most populated

LGAs, listed in descending order of population.

Gladstone recorded the highest median at/unit price at

$442,500. Brisbane, Gold Coast, Redland and Sunshine

Coast also recorded median at/unit prices above or equal

to the median price for Queensland ($395,000, $365,000,

$352,500 and $350,000 respectively). There was a signicant

difference to the next highest LGA with Moreton Bay recording

a median at/unit price of $315,000, $35,000 below the

Queensland median.

Cairns and Toowoomba recorded the most affordable median

at/unit prices for the June Quarter 2011 at $205,000 and

$227,000 respectively.

Table 5 includes the percentage change in median at/unit

prices for Queensland and its 15 most populated LGAs, over

the quarter and over the year to June Quarter 2011. Given

the relatively small sales volumes for some of these LGAs,

percentage change over time may reect variances in the type

of ats/units sold in each quarter.

Queenslands median at/unit price was $350,000 over the

June Quarter representing no change from the March Quarter

2011. Over the year to June 2011, the Queensland median

price for this dwelling type recorded a decline of $15,000 or-4.1%.

Over the quarter, there was a signicant increase in median

at/unit prices for Gladstone, with an increase of 29% or

$100,000, rising from $342,500 in the March Quarter 2011 to

$442,500 in the June Quarter 2011.

Other changes of note over the June quarter include: another

increase in median at/unit price recorded for the Fraser

Coast, up 5.8% or $15,000 after a 16.7% increase to the

March Quarter 2011, though still $10,000 below the median

price for this LGA in June 2010; decreases in median prices

for Toowoomba and Rockhampton, both down 11% ($28,000

and $32,000 respectively); no change for the Gold Coast; and

a $22,000 decrease for Cairns.

Similar to the year to March quarter 2011, twelve out of the

states 15 most populated LGAs recorded a decrease in

median at/unit prices over the year to June Quarter 2011. In

contrast to the year to March Quarter 2011 where Gladstone

recorded the most signicant decrease in median price

(down $50,000 or 13.5%), for the year to June Quarter 2011

Gladstone recorded the largest increase rising 24.5% or

$84,000 to a median price of $442,500. The only other two

increases recorded for the year to June Quarter 2011 were

for Ipswich (up 9.6% or $25,000) and Bundaberg (up 5.4%

or $13,000). The most signicant of the decreases were

recorded for Cairns (down $80,000 or 28.1%) and Sunshine

Coast (down 9.1% or $35,000).

Home Ownership

Median flat/unit price(as at June quarter 2011)

$255,000

$260,000

$305,000

$227,000

$285,000

$205,000

$300,000

$261,500

$315,000

$350,000

$352,500

$350,000

$272,500

$442,500

$365,000

$395,000

$0 $200,000 $400,000 $600,000

Gladstone (R)

Bundaberg (R)

Fraser Coast (R)

Rockhampton (R)

Mackay (R)

Redland (C)

Toowoomba (R)

Ipswich (C)

Cairns (R)

Townsville (C)

Logan (C)

Sunshine Coast (R)

Moreton Bay (R)

Gold Coast (C)

Brisbane (C)

Queensland

LGAs

Median flat/unit price ($)


Chart 7

Jun Qtr2010

Mar Qtr2011

Median$sales

Median$sales

Median$sales

% Changeover year

% Changeover qtr

No.sales

Brisbane (C) $411,000 $392,750 $395,000 -3.9% 0.6% 1,179

Gold Coast (C) $374,000 $365,000 $365,000 -2.4% 0.0% 1,035

Moreton Bay (R) $339,925 $320,000 $315,000 -7.3% -1.6% 193

Sunshine Coast (R) $385,000 $355,000 $350,000 -9.1% -1.4% 397

Logan (C) $262,500 $268,250 $261,500 -0.4% -2.5% 102

Townsville (C) $326,000 $317,500 $300,000 -8.0% -5.5% 101

Cairns (R) $285,000 $227,000 $205,000 -28.1% -9.7% 173

Ipswich (C) $260,000 $292,500 $285,000 9.6% -2.6% 40

Toowoomba (R) $241,165 $255,000 $227,000 -5.9% -11.0% 61

Redland (C) $363,750 $345,000 $352,500 -3.1% 2.2% 54

Mackay (R) $317,500 $303,750 $305,000 -3.9% 0.4% 53

Rockhampton (R) $270,000 $292,000 $260,000 -3.7% -11.0% 35

Fraser Coast (R) $282,500 $257,500 $272,500 -3.5% 5.8% 31

Bundaberg (R) $242,000 $248,500 $255,000 5.4% 2.6% 27

Gladstone (R) $355,500 $342,500 $442,500 24.5% 29.2% 61

Queensland $365,000 $350,000 $350,000 -4.1% 0.0% 3,642




Records with insufficient geographic detail have been exc luded.

Table 5 - FLATS/UNITS


15 LARGEST LGAsin order of population

June Quarter 2011


12/23

8


Vacant land prices

Chart 8 shows the median vacant land price in Queensland

was $185,000 as at June Quarter 2011. Also shown in Chart

8 are median vacant land prices for Queenslands 15 most

populated LGAs, listed in descending order of population.

Brisbane and the Sunshine Coast recorded the highest

median vacant land prices at $285,000 and $260,000

respectively, signicantly higher than the Queensland median.Gold Coast, Gladstone, Logan and Moreton Bay form the

next tier of LGAs with median prices above the state average,

followed by Ipswich, Mackay Cairns and Townsville.

With the exception of Redland, whose median vacant land

price was driven down by a signicantly higher number of

island sales, the following LGAs had the most affordable

median vacant land price of the LGAs shown: Fraser

Coast ($132,500), Toowoomba ($141,000) and Bundaberg

($141,250).

Rockhampton ($157,500), Townsville ($168,950) and Cairns

($169,500) median vacant land prices were also under the

Queensland median for the quarter.

Table 6 includes the percentage change in median vacant

land prices for Queensland and its 15 most populated LGAs,

over the quarter and over the year to June Quarter 2011.

In line with the trend recorded for detached houses for

the same period, Queenslands median vacant land price

decreased by 2.6% (or $5,000) over the quarter to $185,000.

Over the year to June Quarter 2011 Queenslands median

vacant land price declined 2.5% (or $4,750) which was in line

with recorded declines for detached houses and ats/units

over the year.

Over the quarter, Gladstone recorded the largest increase in

median vacant land price (up $25,000 or 12.8%), followed

by Rockhampton (up $8,000 or 5.4%) and Townsville (up

2.5% or $4,200). Twelve of the fteen LGAs shown recorded

declines in median vacant land price over the June Quarter

2011 with the Gold Coast recording the largest decline (down

$25,000 or 9.8%). Redland ($24,500 or 28.0%), Cairns

($20,500 or 10.8%), Toowoomba ($19,000 or 11.9%), Logan

($15,250 or 6.8%) and the Sunshine Coast ($15,000 or 5.5%)

also recorded declines in median vacant land price over the

quarter.

Over the year to June 2011 the strongest increase in median

vacant land prices occurred in Gladstone (up $35,700 or

19.4%), Bundaberg, Rockhampton and Cairns also showed

strong growth over the year. Excluding Redland, the sharpest

decline in median vacant land prices over the year to June

Quarter 2011 occurred in the Gold Coast (down $25,000 or

9.8%). Declines over the year in median vacant land prices

also occurred in Brisbane, Logan, Moreton Bay, Sunshine

Coast, Fraser Coast, Toowoomba, Townsville and Mackay.

Home Ownership

Median vacant land price(as at June quarter 2011)

$141,250

$157,500

$141,000

$179,000

$168,950

$185,000

$285,000

$228,999

$220,000

$132,500

$260,000

$63,000

$178,500

$205,000

$209,750

$169,500

$0 $200,000 $400,000

Gladstone (R)

Bundaberg (R)

Fraser Coast (R)

Rockhampton (R)

Mackay (R)

Redland (C) *

Toowoomba (R)

Ipswich (C)

Cairns (R)

Townsville (C)

Logan (C)

Sunshine Coast (R)

Moreton Bay (R)

Gold Coast (C)

Brisbane (C)

Queensland

LGAs

Median land price ($)

Source: QVAS, Department of Environment and Natural Resources

Chart 8

*The significantly lower March quarter 2011 median sales price for Redland (C) is a result of a higherproportion of land sales attributed to the islands located within this Local Government Area.


Jun Qtr2010

Mar Qtr2011

Median$sales

Median$sales

Median$sales

% Changeover year

% Changeover qtr

No.sales

Brisbane (C) $300,000 $296,000 $285,000 -5.0% -3.7% 135

Gold Coast (C) $254,000 $254,000 $228,999 -9.8% -9.8% 94

Moreton Bay (R) $210,000 $211,000 $205,000 -2.4% -2.8% 212

Sunshine Coast (R) $263,000 $275,000 $260,000 -1.1% -5.5% 120

Logan (C) $224,950 $225,000 $209,750 -6.8% -6.8% 98

Townsville (C) $170,995 $164,750 $168,950 -1.2% 2.5% 96

Cairns (R) $165,000 $190,000 $169,500 2.7% -10.8% 84

Ipswich (C) $178,050 $183,000 $179,000 0.5% -2.2% 141

Toowoomba (R) $145,000 $160,000 $141,000 -2.8% -11.9% 99

Redland (C) * $193,750 $87,500 $63,000 -67.5% -28.0% 71

Mackay (R) $183,000 $187,500 $178,500 -2.5% -4.8% 92

Rockhampton (R) $152,000 $149,500 $157,500 3.6% 5.4% 102

Fraser Coast (R) $144,500 $145,000 $132,500 -8.3% -8.6% 82

Bundaberg (R) $135,000 $142,500 $141,250 4.6% -0.9% 58

Gladstone (R) $184,300 $195,000 $220,000 19.4% 12.8% 111

Queensland $189,750 $190,000 $185,000 -2.5% -2.6% 2,038


*The significantly lower June quarter 2011 median sales price for Redland (C) is a result of a

higher proportion of land sales attributed to the islands located within this Local Government

Area.

15 LARGEST LGAsin order of population

June Quarter 2011

Table 6 - VACANT LAND






13/23

9


Housing fnance and planned

residential construction

New loans by dwelling type

New loans (excluding renancing) taken out in Queensland

by owner occupiers for home purchase are shown in Chart

9 for the year to June Quarter 2011. This is broken down

further into type of purchase, including the purchase of new

dwellings, established dwellings and the construction of new

dwellings.

The 17,309 loans taken out by owner occupiers for the June

Quarter 2011 represents an increase of 1,031 loans (6.3%)

on the March Quarter 2011 gure. New loans taken out in the

June Quarter 2011 are down 1,762 loans or 9.24% over the

year.

This decline in new loans over the year has occurred across

all dwelling types: loans for purchases of new dwellings have

declined by 9.6% (or 89 loans); loans for construction of new

dwellings have declined by 19.2% (or 603 loans); and loans

for purchase of established dwellings have declined by 7.1%

(or 1,070 loans).

New loans by buyer type

New loans for dwelling purchase in Queensland over the year

to June Quarter 2011 are shown in Chart 10. New loans for

dwelling purchase are broken down by rst home buyers,

investors and non-rst home buyers.

A total of 3,902 Queensland homebuyers bought their rst

property in June quarter 2011, reecting a slight increase in

new loans across the June Quarter 2011. This gure is up

7.3% over the quarter.

On average, over the year to June 2011 there were 3,929 rst

homebuyers per quarter, signicantly less than the average

of 6,706 per quarter for the previous year (to June 2010) who

took advantage of the First Home Owners Grant Boost (ap-

plicable to contracts made between 14 October 2008 and 31

December 2009 inclusive).

The number of estimated new loans taken out by investors

increased by 1,541 loans (17.6%) over June Quarter 2011,

though this gure is down 2,149 loans (-17.3%) on the JuneQuarter 2010 gure.

Home Ownership

Queensland new loans for dwelling purchase

by buyer type(Quarterly, June 2010 - June 2011)

23,496 23,513 24,940

19,827 21,505

12,425 10,62311,285

8,735

10,276

3,7163,873

4,335

3,6363,902

0

10,000

20,000

30,000

40,000

50,000

Jun. qtr 2010 Sep. qtr 2010 Dec. qtr 2010 Mar. qtr 2011 Jun. qtr 2011

Numberofloans

First home buyers

Investors*

Non-first home buyers

38,00939,637 35,68332,19840,560

* The number of investors is an estimate based on the total value of

investor loans in Queensland, divided by non-first home buyeraverage loan size (BIS Shrapnel method). Note investor estimates

have been revised from those shown in previous reports.

Chart 9

Source: Australian Bureau of Statistics, Department of Communities

Breakdown of new loans in Queensland for home purchase by

owner occupiers*

(Quarterly, June 2010 - June 2011)

15,002 15,02616,349

13,351 13,932

3,146 3,164

2,937

2,2322,543

923851

893

695834

0

5,000

10,000

15,000

20,000

25,000

Jun. qtr 2010 Sep. qtr 2010 Dec. qtr 2010 Mar. qtr 2011 Jun. qtr 2011

Numberofloans

Purchase of established dwellings Construction of dwellings Purchase of new dwellings

20,17919,04119,071

17,30916,278

Chart10

Source: Australian Bureau of Statistics * Excluding refinancing loans


14/23

10


Economic Update

Dwelling approvals

Seasonally adjusted residential dwelling approvals for the

private sector in Queensland are shown in Chart 11. Monthly

gures from June 2009 through to June 2011 are outlined for

new houses and other new residential dwellings (ats/units/

townhouses).

There has been a notable decline in dwelling approvals for

the construction of new houses since January 2010, reaching

a low point in early 2011 and showing signs of improvement

over the June Quarter 2011. Over the year to June Quarter

2011 there were 6619 fewer approvals for the construction

of new houses than there was for the year to June 2010. On

average, there were 1,349 new house approvals per month

over the six months to June 2011, notably lower than the

monthly average of 1,565 approvals over the preceding six

months.

Dwelling approvals for all other residential dwellings for the

quarter to June 2011 increased by 573 and totalled 2660,

representing an improvement of 21.17% on the March Quarter

2011. There was an 8.7% increase in approvals between the

year to June 2010 and the year to June 2011.

The Queensland Government announced a $10,000 Building

Boost Grant (applicable to contracts made between 1 August

2011 and 31st of January 2012).

Queensland Treasury notes that dwelling investment is

likely to remain subdued for the second half of 2011. This

outlook reects a number of factors including a moderationin population growth, higher interest rates and tight credit

conditions 1.

1 Queensland Economic Review August 2011, pg 1.

This update provides an overview of how the Queensland

economy is performing in terms of economic growth,

unemployment and interest rates.

Economic growthQueenslands economic performance, measured by

percentage growth in Gross State Product (GSP), is shown in

Chart 12, over the March Quarter and over the year to March

Quarter, for 2010 and 2011. Note the March Quarter 2011

data represents the most recent quarterly statistics available

from OESR.

The Queensland economy had negative growth of -1.4% over

the March Quarter 2011, compared to growth of 1.1% for the

March Quarter 2010. Queenslands economic performance

dropped to -2.1% over the year to March Quarter 2011.

ECONOMIC UPDATE

Queensland residential dwelling approvals(Seasonally adjusted, private sector, monthly, June 2009 to June 2011)

1,486

1,9461,461

1,320

771

352

565

709

0

500

1,000

1,500

2,000

2,500

Jun2009

Sep2009

Dec2009

Mar2010

Jun2010

Sep2010

Dec2010

Mar2011

Jun2011

Numberofdwellings

New houses

Other new residential dwellings

Chart 11

Source: Australian Bureau of Statistics

Queensland's economic performance

(Gross State Product)(% change, CVM*, trend**, December 2009 and 2010)

1.1%

1.6%

-2.1%

-1.4%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

% change over qtr % change over

year

% change over qtr % change over

year

Mar quarter 2010 Mar quarter 2011

Chart 12

* CVM refers to Chain Volume Measure, which removes the impacts of price changes over time. The CMV

reference year is 2008-09. ** Trend figures are also used, as opposed to original or seasonally adjusted.

Source: Office of Economic and Statistical Research, Queensland Treasury


15/23

11


Economic Update

Population growth or 3 bedroomChart 13 illustrates the total quarterly population change

in Queensland over the year to December Quarter 2010,

the most recent quarterly statistics available from the ABS.

The components driving population change in Queensland,

including natural increase, net overseas migration (NOM)

and net interstate migration, are also shown.

Queenslands estimated population at 31 December 2010

was 4,548,661 persons, accounting for 20.2% of the

Australian population. Queenslands population increased

by an estimated 76,040 persons over the 12 months to 31

December 2010. This represented a growth rate of 1.7%,

the third highest rate of population growth of all states and

territories, and higher than for Australia (1.5%).

The absolute increase in Queenslands population for the

December Quarter 2010 was an estimated 16,392 persons

and represents a slight decrease on the gures recorded

for the previous quarter (18,419). However, the previous

quarters gures showed the smallest quarterly growth in

population recorded since June Quarter 2001.

Natural increase contributed to a gain of 8,296 persons

in the December Quarter 2010 down 10.25% or 947

persons on the September Quarter 2010. Natural increase

represented 51% of the population change for the quarter.

Net overseas migration has contributed signicantly to

Queenslands population growth in recent years, however

the 6,288 persons gained through NOM in the DecemberQuarter 2010 was the lowest recorded since the June

Quarter 2006. Queensland Treasury notes that Changes to

migration rules and improvements in economic conditions

in some key source countries has slowed net overseas

migration ows since March 2009.2 Additionally, BIS

Shrapnel has noted that the poor economic environment in

Queensland has weakened its pulling power as an attractive

migration destination 3.

Persons migrating to Queensland from interstate numbered

1,808 persons in the December Quarter 2010, down 1,156

persons or 39% over the year. On average, 2,394 persons

migrated to Queensland per quarter in 2010, signicantly

lower than the average of 4,597 per quarter in 2009.Whilst net interstate migration to Queensland has been

gradually declining since 2002/03, Queensland Treasury

notes the easing recorded in 2009/10 can be attributed to

weaker economic growth nationally, impacting on interstate

migratory ows.

Interest ratesThe Reserve Bank of Australias (RBA) cash rate along with

variable and 3 year xed home loan interest rates for banks

and non-banking nancial institutions is shown in Chart

14, for June 2009 to June 2011. The last cash rate rise

was in November 2010 from 4.50% to 4.75%. The banks

and non-bank lenders followed suit, raising their home loan

rates beyond the ofcial cash rate increase to 7.80% and

7.35% respectively. The non-bank lenders rate has since

decreased to 7.30% in February and 7.20% in April 2011.

On August 2, 2011 at the RBA Boards Monetary Policy

Meeting it was stated that the Board judged that it was

prudent to maintain the current setting of monetary policy,

particularly in view of the acute sense of uncertainty in

global nancial markets over recent weeks. 4

2 Queensland Economic Review January 2011 pg 2.3 Building Industry Prospects January 2011, pg 2.4 Statement on Monetary Policy Decision, August 2011.

Components of Queensland population change

(Quarterly, December 2009 - December 2010)

11,055 11,462

8,2019,243

8,296

8,520

10,876

6,943

7,488

6,288

2,964

1,430

2,317

1,688

1,808

0

5,000

10,000

15,000

20,000

25,000

Dec. qtr 2009 Mar . q tr 2 01 0 J un . q tr 2 01 0 Sep . q tr 2 01 0 Dec . q tr 2 01 0

Numberofpersons

Natural increase Net overseas migration Net interstate migration

22,539

18,41917,461

Chart 13


23,768

*

* Approximately 1,800 births registered in December quarter 2009 occurred in

2008 and earlier as a result of the Queensland registry finalising birth

registrations which were previously incomplete (i.e. r etrospective birth

registrations).

16,392

Recent changes in home loan rates and the

RBA target cash rate(Monthly, June 2009 - June 2011)

4.75%

3.00%

4.00%

7.80%

5.80%

6.90%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

Jun-2009

Sep-2009

Dec-2009

Mar-2010

Jun-2010

Sep-2010

Dec-2010

Mar-2011

3 year fixed home loan rate

Variable non-bank home loan rate

RBA target cash rate

Variable bank home loan rate

Chart 14

Source: Reserve Bank of Australia


16/23

12


Wages & Prices

By examining trends in wages growth and consumer prices

over time, a perspective can be formed on how changes in

these indicators impact the ability of Queensland households

to afford costs associated with housing.

Chart 15 shows the quarterly seasonally adjusted

percentage changes in Average Weekly Earnings (AWE) forQueensland over the year to May Quarter 2011. Note that

AWE data is reported on a different quarterly basis to other

ABS data provided in this Report. There was a recovery in

AWE growth for the May Quarter 2011 with an increase of

1.4% since February Quarter 2011.

Chart 7 shows median prices forats/units as at December 2004 andDecember 2009. Observable trendsinclude:

Chart 16 shows the quarterly percentage changes for Bris-

bane in the overall Consumer Price Index (CPI) as well as

the Housing component of the CPI which measures the price

changes of items such as rents, utilities, housing purchases,

rates, repairs and maintenance. Note that CPI data is avail-

able at the national level and capital city level only.

Percentage growth in the overall CPI for Brisbane rose to

1.0% over the June Quarter 2011, compared to 1.3% in the

previous quarter. Queensland Treasury notes the rise in CPIis largely reecting the ow-on effect of the natural disasters

on food prices .

The RBA has notes that year-ended CPI ination has been

high, affected by the extreme weather events earlier in the

year. As these effects reverse over the next couple of quar-

ters, CPI ination should decline.5

5 Statement on Monetary Policy Decision, August 2011.

Economic Update

Queensland average weekly earnings

(Full-time adult ordinary time earnings)(% quarterly change, seasonally adjusted, May 2010 to May 2011)

2.1%

1.4%

0.1%

0.8%

-0.1%

-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

May qtr. 2010 Aug. qtr 2010 Nov. qtr 2010 Feb. qtr 2011 May. qtr 2011

Chart 15

Source: Australian Bureau of Statisitics

Brisbane's price level changes(% quarterly change, June 2010 to June 2011)

0.5%

1.0%

2.8%

0.4%0.5%

0.7%

1.0%

1.3%

0.5%0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Jun. qtr 2010 Sep. qtr 2010 Dec. q tr 2010 Mar. q tr 2011 Jun. qtr 2011

Brisbane CPI

Brisbane CPI housing

component

Chart 16

Source: Australian Bureau of Statisitics


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13


Unemployment

Chart 17 shows the monthly seasonally adjusted

unemployment rate for Queensland and Australia for the

year to June 2011. The unemployment rate is measured as

the percentage of the labour force which is unemployed and

looking for part or full time work.

The Queensland unemployment rate had been trendingupwards since September 2010 reaching 6.0% in December

2010. From January 2011 onwards unemployment has

declined dropping to 5.5% for the March Quarter 2011 5.3%

in the June Quarter 2011. Queenslands unemployment

rate continues to track above the rate for Australian

unemployment (4.9%).

In looking forward, Queensland Treasury notes that While

recent heightened nancial market volatility may weight on

business condence and short term hiring intentions, leading

indicators such as ABS job vacancies, suggested jobs growthwill strengthen later in 2011. This should be supported by

a recovery in agricultural employment following the oods

and continued momentum in resources-related business

investment.6

6 Queensland Economic Review August 2011, pg 2.

Economic Update

Queensland's rate of unemployment(Monthly, seasonally adjusted, June 2010 to June

2011)

5.4%5.3%

6.0%

6.0%

5.5%

4.9%4.9%4.9%

5.1%5.1%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

Jun-2010

Jul-2010

Aug-2010

Sep-2010

Oct-2010

Nov-2010

Dec-2010

Jan-2011

Feb-2011

Mar-2011

Apr-2011

May-2011

Jun-2011

Unemploymentra

te

Queensland unemployment rate

Australian unemployment rate

Chart 17



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Private rental tables

HOUSING AND ECONOMIC STATISTICS TABLES

Housing and Economic Statistics Tables

Housing and Economic Statistics Tables provide a further private rental and home ownership data and other indicators such

as the consumer price index by capital city, average loan by states sizes and rates of unemployment by states.

Jun Qtr2010

Mar Qtr2011

Median$rent

Median$rent

Median$rent

% Changeover year

% Changeover qtr

New bonds

Gympie (R) $245 $250 $250 2.0% 0.0% 174

Tablelands (R) $263 $270 $270 2.9% 0.0% 150

Scenic Rim (R) $305 $295 $300 -1.6% 1.7% 107Lockyer Valley (R) $263 $260 $275 4.8% 5.8% 117

Southern Downs (R) $235 $230 $240 2.1% 4.3% 152

Whitsunday (R) $350 $330 $320 -8.6% -3.0% 190

South Burnett (R) $220 $230 $235 6.8% 2.2% 163

Western Downs (R) $270 $260 $270 0.0% 3.8% 136

Cassowary Coast (R) $260 $278 $283 8.7% 1.8% 92

Central Highlands (R) $400 $400 $490 22.5% 22.5% 94

Isaac (R) $550 $600 $440 -20.0% -26.7% 119

Mount Isa (C) $450 $465 $500 11.1% 7.5% 68

Somerset (R) $275 $270 $260 -5.5% -3.7% 62

Burdekin (S) $250 $260 $243 -3.0% -6.7% 68

Banana (S) $300 $260 $300 0.0% 15.4% 78

Maranoa (R) $300 $330 $345 15.0% 4.5% 55

Charters Towers (R) $240 $260 $245 2.1% -5.8% 52

Hinchinbrook (S) $235 $230 $260 10.6% 13.0% 40

Goondiwindi (R) $230 $240 $260 13.0% 8.3% 41

North Burnett (R) $180 $200 $190 5.6% -5.0% 37

Murweh (S) $198 $210 $193 -2.5% -8.3% 12

Longreach (R) $255 $253 $270 5.9% 6.9% 15Cloncurry (S) $320 $350 $300 -6.3% -14.3% 8

Queensland $330 $340 $340 3.0% 0.0% 13,192


Table 7 - 3 BEDROOM DETACHED HOUSES

Regional rental prices (quarterly)

OTHER LARGE LGAs(in order of population)

June quarter 2011

LGAs with populations between 20,000 to less than 50,000



Note that LGAs with less than 10 rental bonds have not been shown.


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Jun Qtr2010

Mar Qtr2011

Median$rent

Median$rent

Median$rent

% Changeover year

% Changeover qtr

New bonds

Gympie (R) $185 $186 $175 -5.4% -5.8% 46

Tablelands (R) $190 $190 $200 5.3% 5.3% 54

Scenic Rim (R) $210 $200 $200 -4.8% 0.0% 25

Lockyer Valley (R) $215 $228 $230 7.0% 1.1% 23

Southern Downs (R) $160 $190 $185 15.6% -2.6% 61

Whitsunday (R) $260 $250 $250 -3.8% 0.0% 194

South Burnett (R) $178 $180 $180 1.4% 0.0% 50

Western Downs (R) $210 $230 $210 0.0% -8.7% 39

Cassowary Coast (R) $180 $210 $208 15.3% -1.2% 94

Central Highlands (R) $285 $250 $320 12.3% 28.0% 41

Isaac (R) $225 $250 $225 0.0% -10.0% 13

Mount Isa (C) $310 $320 $350 12.9% 9.4% 95

Burdekin (S) $180 $180 $180 0.0% 0.0% 53

Banana (S) $210 $205 $200 -4.8% -2.4% 15

Maranoa (R) $183 $220 $245 34.2% 11.4% 10

Charters Towers (R) $183 $185 $163 -11.0% -12.2% 10

Hinchinbrook (S) $163 $178 $185 13.8% 3.7% 27

Goondiwindi (R) $170 $170 $165 -2.9% -2.9% 37

Queensland $100 $100 $130 30.0% 30.0% 7




Note that LGAs with less than 10 rental bonds have not been shown.

Table 8 - 2 BEDROOM FLATS/UNITS

Regional rental prices (quarterly)


June Quarter 2011

Centrelink, Australian Government July 2011

FAMILY SITUATIONMaximum payment

per fortnight

No payment if your

fortnightly rent is

less than

Maximum payment

if your fortnightly

rent is more than

Single, no dependent children $116.40 $103.60 $258.80

Single, sharer, no dependent children $77.60 $103.60 $207.07Couple, no dependent children $109.80 $168.60 $315.00

One of a couple who are separated due to illness, nochildren*

$116.40 $103.60 $258.80

One of a couple who are temporaily separated, no

children$109.80 $103.60 $250.00

Single, 1 or 2 children $136.78 $136.36 $318.73

Single, 3 or more children $154.56 $136.36 $342.44

Couple, 1 or 2 children $136.78 $201.74 $384.11

Couple, 3 or more children $154.56 $201.74 $407.82

Source: http://www.centrelink.gov.au/internet/internet.nsf/payments/rent_assistance.htm

Special rules apply if you are single sharer, pay board and lodging or live in a retirement village.

* Includes respite care and partner in prison.

Table 9 - RENT ASSISTANCE RATES

No dependents

With dependents


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Home ownership tables


Jun Qtr 2010 Mar Qtr 2011

Median $sales Median $sales Median $sales% Changeover year

% Changeover qtr

No.sales

Gympie (R) $320,000 $296,250 $309,000 -3.4% 4.3% 112Tablelands (R) $322,000 $320,000 $315,000 -2.2% -1.6% 92

Scenic Rim (R) $400,000 $413,750 $387,000 -3.3% -6.5% 72

Lockyer Valley (R) $320,000 $315,000 $292,500 -8.6% -7.1% 74

Southern Downs (R) $257,500 $275,000 $275,000 6.8% 0.0% 81

Whitsunday (R) $385,000 $380,000 $342,500 -11.0% -9.9% 68

South Burnett (R) $259,000 $256,750 $240,000 -7.3% -6.5% 79

Western Downs (R) $274,500 $275,000 $269,000 -2.0% -2.2% 79

Cassowary Coast (R) $300,000 $281,000 $228,000 -24.0% -18.9% 33

Central Highlands (R) $345,000 $367,500 $378,000 9.6% 2.9% 123

Isaac (R) $420,000 $430,000 $470,000 11.9% 9.3% 88

Mount Isa (C) $370,000 $345,000 $352,500 -4.7% 2.2% 68Somerset (R) $325,000 $310,000 $310,000 -4.6% 0.0% 37

Burdekin (S) $250,000 $265,000 $225,000 -10.0% -15.1% 30

Banana (S) $252,500 $305,000 $249,500 -1.2% -18.2% 34

Maranoa (R) $285,000 $343,000 $275,000 -3.5% -19.8% 46

Charters Towers (R) $250,000 $260,000 $216,500 -13.4% -16.7% 24

Hinchinbrook (S) $245,000 $260,000 $216,250 -11.7% -16.8% 18

Goondiwindi (R) $245,000 $160,000 $226,250 -7.7% 41.4% 18

North Burnett (R) $163,500 $175,000 $159,000 -2.8% -9.1% 20

Murweh (S) $162,500 $110,000 $155,000 -4.6% 40.9% 11Longreach (R) $235,000 $240,000 $205,000 -12.8% -14.6% 13

Queensland $430,000 $420,000 $407,499 -5.2% -3.0% 10,649


Table 10 - DETACHED HOUSES

Regional property prices (quarterly)


June Quarter 2011




Note that the number of sales for the March quarter 2011 represent approximately 70% of total sales, as not all sales records have been

processed. LGAs with less than 10 sales records have not been shown.




% Changeover qtr

No.sales

Scenic Rim (R) $200,000 $265,000 $299,000 49.5% 12.8% 8

Whitsunday (R) $345,000 $287,500 $230,000 -33.3% -20.0% 23

Central Highlands (R) $280,000 $280,000 $316,000 12.9% 12.9% 10

Queensland $365,000 $350,000 $350,000 -4.1% 0.0% 3,642






Table 11 - FLATS/UNITS

Regional property prices (quarterly)


June Quarter 2011


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% Changeover qtr

No.sales

Gympie (R) $132,000 $131,000 $124,000 -6.1% -5.3% 53

Tablelands (R) $118,000 $123,500 $147,000 24.6% 19.0% 26

Scenic Rim (R) $190,000 $206,500 $205,000 7.9% -0.7% 19

Lockyer Valley (R) $129,000 $135,000 $130,000 0.8% -3.7% 37

Whitsunday (R) $170,000 $148,000 $130,000 -23.5% -12.2% 48

South Burnett (R) $105,000 $105,000 $90,500 -13.8% -13.8% 34

Western Downs (R) $110,000 $117,500 $134,000 21.8% 14.0% 31

Cassowary Coast (R) $140,000 $185,000 $128,000 -8.6% -30.8% 14

Central Highlands (R) $137,500 $142,000 $105,000 -23.6% -26.1% 21

Somerset (R) $138,500 $143,000 $147,000 6.1% 2.8% 23Queensland $189,750 $190,000 $185,000 -2.5% -2.6% 2,038

Table 12 - VACANT LAND

Regional land prices (quarterly)


June Quarter 2011






NSW VIC QLD SA WA TAS NT ACT

June 2010 $314,200 $290,500 $279,400 $221,900 $286,700 $189,500 $264,600 $257,400

September 2010 $313,000 $286,500 $280,900 $224,000 $283,200 $188,200 $296,500 $275,400

December 2010 $320,000 $288,800 $272,500 $229,400 $277,500 $180,200 $279,900 $272,400

March 2011 $315,000 $285,600 $276,100 $224,500 $278,100 $186,400 $299,900 $274,200

June 2011 $325,300 $289,500 $275,400 $226,200 $264,700 $195,900 $273,300 $272,400

Annual % Change 3.5% -0.3% -1.4% 1.9% -7.7% 3.4% 3.3% 5.8%

Source: Australian Bureau of Statistics, Cat. No. 5609.0, Table 10c.

Table 13 - AVERAGE HOME LOAN SIZES IN AUSTRALIA

For all dwellings, by state (monthly)

Table 14- AVERAGE HOME LOAN SIZES IN QUEENSLAND

By dwelling and buyer type (monthly)

Constructionof dwellings

Purchase ofnew dwellings

Purchase ofestablisheddwellings

Refinancingof dwellings

All dwellingsFirst home

buyersNon-first

home buyers

June 2010 $299,800 $305,000 $275,600 $235,700 $279,400 $279,800 $279,300

September 2010 $287,200 $311,000 $279,100 $240,400 $280,900 $282,200 $280,700

December 2010 $275,000 $316,600 $270,600 $227,500 $272,500 $283,400 $270,600

March 2011 $288,000 $336,100 $272,800 $241,500 $276,100 $275,500 $276,200

June 2011 $275,000 $334,000 $273,100 $249,400 $275,400 $272,700 $275,900

Annual % Change -8.3% 9.5% -0.9% 5.8% -1.4% -2.5% -1.2%

*Note that 'Purchase of established dwellings' includes refinancing across lending institutions.

Source: Australian Bureau of Statistics, Catalogue 5609.0, Tables 9b and 10c


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Economic tablesHousing and Economic Statistics Tables

Private and public sector (monthly)

Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011% Changeover year

% Changeover qtr

Private Sector, new houses 1,671 1,791 1,299 1,539 1,446 -13.5% -6.0%

Public Sector, new houses 36 11 6 47 15 -58.3% -68.1%

Total Dwelling Approvals for New Houses 1,707 1,802 1,305 1,586 1,461 -14.4% -7.9%

Private Sector, other residential 914 801 974 374 779 -14.8% 108.3%

Public Sector, other residential 357 80 38 10 39 -89.1% 290.0%

Total Dwelling Approvals for Other

Residential Buildings1,271 881 1,012 384 818 -35.6% 113.0%

Private Sector, total dwelling approvals 2,585 2,592 2,273 1,913 2,225 -13.9% 16.3%

Public Sector, total dwelling approvals 393 91 44 57 54 -86.3% -5.3%

Total Dwelling Approvals* 2,978 2,683 2,317 1,970 2,279 -23.5% 15.7%

* Note that Total Dwelling Approvals excludes approvals for alterations and additions, and conversions, which represent a very small number.

Source: Australian Bureau of Statistics, Catalogue 8731.0, Table 14

Table 15 - QUEENSLAND RESIDENTIAL DWELLING APPROVALS

Cash rate and mortgage lender rates (monthly)

RBA cash rateChange in RBA

cash rate

Standard non-bank* variable

home loan rate

Change invariable non-

bank* rate

Standard bankvariable home

loan rate

Change invariable bank

rate

June 2010 4.50% 0.50% 6.95% 0.45% 7.40% 0.50%

September 2010 4.50% 0.00% 6.95% 0.00% 7.40% 0.00%

December 2010 4.75% 0.25% 7.35% 0.40% 7.80% 0.40%

March 2011 4.75% 0.00% 7.30% -0.05% 7.80% 0.00%June 2011 4.75% 0.00% 7.20% -0.10% 7.80% 0.00%

Table 16 - INTEREST RATES

* Non-Bank lenders refer to non-banking financial institutions that sell home loans, e.g. Aussie Home Loans.

Source: Reserve Bank of Australia, Statistical Tables: A02 and F05.

Jun. qtr

2010

Sep. qtr

2010

Dec. qtr

2010

Mar. qtr

2011

Jun. qtr

2011

% Change

over year

% Change

over qtr

Food 190.7 189.8 194.0 199.6 202.4 6.1% 1.4%

Alcohol and tobacco 290.6 299.5 301.8 305.0 307.0 5.6% 0.7%Clothing and footwear 107.5 109.0 106.9 106.1 108.7 1.1% 2.5%

Housing 159.7 163.3 164.3 166.4 167.1 4.6% 0.4%

Household contents and services 128.0 129.0 128.2 126.2 128.1 0.1% 1.5%

Health 266.8 264.8 261.7 271.9 277.4 4.0% 2.0%

Transportation 166.5 165.5 165.9 170.3 172.4 3.5% 1.2%

Communication 112.3 112.0 112.1 112.2 112.7 0.4% 0.4%

Recreation 135.6 136.5 136.8 136.0 135.2 -0.3% -0.6%

Education 313.8 314.2 314.2 332.2 332.2 5.9% 0.0%

Finance and Insurance services 110.7 111.2 110.7 113.6 115.4 4.2% 1.6%

Overall CPI* 172.1 173.3 174.0 176.7 178.3 3.6% 0.9%

* Note that the overall CPI is a weighted average of all groups of all the capital cities in Australia

Source: Australian Bureau of Statistics, Catalogue 6401.0, Tables 3 and 4

Table 17 - AUSTRALIAN CONSUMER PRICE INDEX COMPONENTS

Breakdown of all groups (quarterly)


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Table 18 - CONSUMER PRICE INDEX

Jun. qtr

2010

Sep. qtr

2010

Dec. qtr

2010

Mar. qtr

2011

Jun. qtr

2011

% Change

over year

% Change

over qtr

Housing (all cities) 159.7 163.3 164.3 166.4 167.1 4.6% 0.4%

Sydney 165.0 168.8 170.1 171.9 173.4 5.1% 0.9%Melbourne 142.1 144.8 145.8 149.2 149.4 5.1% 0.1%

Brisbane 177.5 182.5 183.4 184.2 185.2 4.3% 0.5%

Adelaide 151.8 155.4 156.2 160.4 159.1 4.8% -0.8%

Perth 166.7 170.0 170.5 170.8 171.6 2.9% 0.5%

Hobart 159.7 164.1 164.4 167.4 167.9 5.1% 0.3%

Darwin 194.1 197.9 199.4 200.3 200.5 3.3% 0.1%

Canberra 168.1 170.6 171.3 172.7 173.1 3.0% 0.2%

Overall CPI (all cities) 172.1 173.3 174.0 176.7 178.3 3.6% 0.9%

Sydney 171.1 172.5 173.1 175.9 177.6 3.8% 1.0%

Melbourne 169.5 170.5 171.5 174.4 175.6 3.6% 0.7%

Brisbane 177.3 179.1 180.0 182.3 184.1 3.8% 1.0%Adelaide 175.0 176.6 177.1 180.0 181.8 3.9% 1.0%

Perth 173.2 174.0 174.1 176.1 178.4 3.0% 1.3%

Hobart 170.7 172.4 172.6 174.9 176.5 3.4% 0.9%

Darwin 170.1 171.9 171.8 173.7 175.4 3.1% 1.0%

Canberra 172.3 173.4 174.2 176.8 178.7 3.7% 1.1%

Source: Australian Bureau of Statistics, Catalogue 6401.0, Table 5

Australian capital cities (quarterly)

Table 19 - RATES OF UNEMPLOYMENT (not seasonally adjusted)

Jun. qtr2010

Sep. qtr2010

Dec. qtr2010

Mar. qtr2011

Jun. qtr2011

% Changeover year

% Changeover qtr

New South Wales 5.2% 5.1% 4.5% 5.4% 5.2% 0.0% -0.2%

Sydney 5.0% 4.9% 4.1% 5.1% 5.0% 0.0% -0.1%

Balance of New South Wales 5.5% 5.4% 5.3% 5.9% 5.5% 0.0% -0.4%

Victoria 5.3% 5.3% 4.7% 4.7% 4.5% -0.8% -0.3%

Melbourne 4.9% 4.7% 4.5% 4.5% 4.4% -0.5% 0.0%

Balance of Victoria 6.3% 6.8% 5.4% 5.5% 4.6% -1.7% -0.8%

Queensland 5.2% 5.3% 5.7% 6.2% 5.1% -0.1% -1.0%

Brisbane 4.5% 4.9% 5.7% 5.6% 3.7% -0.8% -1.8%Balance of Queensland 5.8% 5.6% 5.6% 6.7% 6.3% 0.5% -0.4%

South Australia 5.0% 5.5% 5.5% 5.7% 4.7% -0.3% -1.0%

Adelaide 4.9% 5.7% 5.9% 5.8% 4.6% -0.3% -1.2%

Balance of South Australia 5.3% 4.9% 4.3% 5.5% 5.0% -0.3% -0.5%

Western Australia 4.1% 4.7% 3.9% 4.7% 4.2% 0.2% -0.5%

Perth 4.3% 4.7% 3.9% 4.4% 4.1% -0.2% -0.3%

Balance of Western Australia 3.4% 4.7% 3.7% 5.6% 4.7% 1.3% -0.9%

Tasmania 6.0% 5.2% 5.3% 5.6% 5.0% -1.0% -0.5%

Hobart 4.0% 4.8% 4.7% 4.5% 4.2% 0.2% -0.3%

Balance of Tasmania 7.5% 5.5% 5.7% 6.3% 5.7% -1.8% -0.7%

Northern Territory 2.9% 2.8% 2.0% 3.0% 3.4% 0.5% 0.4%

Australian Capital Territory 3.2% 2.6% 3.2% 3.2% 4.0% 0.9% 0.8%Australia 5.0% 5.1% 4.8% 5.3% 4.8% -0.2% -0.5%

Source: Australian Bureau of Statistics, Catalogue 6291.0 Table 2

Across Australian capital cities and rural balances (monthly)

QLD Housing and Economy 2Q 2011

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