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

ClickClack Pantry Range | Helping Australians save time & money

A well-organised pantry can help Australians make healthy food choices, build time-efficient habits, save money and limit food waste, according to ClickClack, an iconic New Zealand company dedicated to producing...

Downsizing: What Is Too Small?

Downsizing where we live is becoming more and more common these days in a bid to reduce living costs, have less cleaning and maintenance to take care, and because a...

How to Plan a Remodeling at Home: Tips and Tricks

A remodeling in our home requires a thorough analysis to determine the changes that you want to make, the elements that will be used and above all the budget allocated...

How to Choose the Best Colors for Your Bedroom

When decorating your home, your goal should always be your own comfort. You want your living space to reflect your personality and to feel relaxed and happy when you’re there...

Tips for Relocating Your House in Australia

Relocation Guide: Top 10 Tips for Relocating: Every year thousands of people move their homes to relocate to other cities, to new houses and apartments. Moving can be a big challenge...

Get the Best Out of Garden Reticulation: Perth Expert Advice

When they think about garden reticulation, Perth based gardeners will often have valid concerns about their lawn. Keeping a lawn healthy in WA can be a real challenge if you...

Popular articles from Modern Australian

Should you get a hair transplant in Turkey if your hair is grey?Do You Need a Tummy Tuck or Just Liposuction?Best 4 Sassicaia Wine with Soothing Taste and AromaMarvelous Makeover - 5 Tips to Revitalize Your Look This SummerWhat to Expect When Recovering from Gynecomastia SurgeryClickClack Pantry Range | Helping Australians save time & moneyThe Gentleman’s Guide to Wearing Custom TiesGynecomastia – Understanding the Facts and Treatment OptionsIs Coffee Good for you10 Foods Which Reduce Blood Sugar Levels4 Unexpected Reasons Why You Could Be Losing Your HairWhat to Do When Traveling From Australia to USAWhat we should know about ‘nitric oxide’ and why we need more of itDownsizing: What Is Too Small?5 unique ways to extract toxins from your body