Modern Australian

Brisbane median house price hits new high

  • Written by Felicity Moore

The median house price in metropolitan Brisbane has jumped to $610,000, according to fresh data from the REIQ.

In its Queensland Market Monitor for the June 2015 quarter, the REIQ reported that the median – which has been hovering around $600,000 for several quarters – has increased, largely due to strong activity in the premium million-dollar plus market.

REIQ CEO Antonia Mercorella said the increased activity occurring in the premium bracket was a good sign that confidence was returning to the market and this price point was typically the first to respond.
“We know that historically the premium end of the market tends to lead the market into a recovery.

“But we are also seeing sharp increases in activity across the $500,000 to sub-$1 million bracket, which is great news for the majority of the market,” she said.

In the June quarter, the majority of transactions occurred in the $500,000 – sub-$1 million market, representing about 60 per cent of the market.

“Agents are reporting that listings in this bracket are difficult to come by and this bracket is likely to be the first that will see real price increases,” Ms Mercorella said.

Since March 2013 (the most recent dip), activity in the $500,000 – sub-$1 million bracket has grown around 120 per cent.

In comparison, the prestige end of the market – the million-dollar-plus end – has trebled the number of transactions since the March quarter of 2013.

Over the June quarter 2015, prestige sales numbers reached in excess of 300 transactions.

One of Queensland’s leading auctioneers, Phil Parker, has reported consistent, significantly higher clearance rates at auction, up around 90-95 per cent.

Even with the rise in median house price, Brisbane still remains relatively affordable compared with the southern capital cities. Depending on whose data you follow, Sydney’s median house price has now hit the million dollar mark. This makes metropolitan Brisbane $400,000 cheaper than Sydney – the equivalent of another house in Greater Brisbane.

The REIQ Market Monitor report will be released September 11.

MV - Another article published in collaboration with MultiViw

LIFE STYLE

What are the disadvantages of renovating your home

Sometimes you think it's time to make a move, after living in your home for a long time. But it might also be helpful to remodel your existing home if...

Tips to Brighten Your Home

We all love bright and perfectly lit homes when we see them on the TV. However, usually, our homes do not look anything like that and tend to look duller...

Pros and Cons of Waterproof Flooring

Ever dropped a glass of water on your floor and later noticed swelling or a bump on the floor at the exact same spot a few hours later. That swelling...

Showers vs tubs- Which is better?

We all are living in a time where we all are working to make our life comfortable. When the word comfortable is this includes many little things that are a...

Too Many Assignments Are Bad for Students

It’s no secret that students face a lot of assignments both on the campus and at home. Many students criticize the number of academic tasks and duties assigned every day...

Tips To Transform Your Bedroom With An Ecstatic View

A bedroom is the most important part of a house. Whenever someone plans a transformation for his house, he always gives bedroom some extra attention. Since it is considered as...

Popular articles from Modern Australian

Pros and Cons of Waterproof FlooringThings to Avoid When Applying MascaraBEST BAGS FOR MEN TO HIT THE DAY WITH SWAGShowers vs tubs- Which is better?The 10 Unique Restaurant ConceptsELEGANT DRESSES TO CONSIDER IN 2020King Beats FitnessToo Many Assignments Are Bad for StudentsA reminder to celebrate our Aussie makers and growers this Australia DayBasic Clothing Items Found in Almost Everyone’s ClosetTips to Help You Walk with ConfidenceEmbarrassed of your teeth? Here's what you can doWant to become a ballerina? Here's what you should know10 Signs You Are Obsessed with ShoppingArchitects and interior designers reveal what will shape the homes of a new decade