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



NewsServices.com

Content & Technology Connecting Global Audiences

More Information - Less Opinion













LIFE STYLE

Why Is My Toilet Not Flushing?

No one factor is responsible for toilets not flushing normally. Additionally, the reason behind this plumbing issue can also differ. The location, whether it is in a residential property or...

Tips on choosing a cleaning company

Living in a house that is dirty and disorganized is one thing that can give you a lot of headaches. You can try to maintain cleanliness through DIY techniques, but...

The scents that a trending this summer

After what feels like the longest winter, we are finally ready for the summer months and all the joys that follow the warmer seasons. Summer can be a time of...

Where To Lay Down Cork Flooring At Home

Apart from giving your house an impressive appearance, cork is also an excellent insulator. Since cork is an all-natural product, it's perfect for people with active lifestyles. It is environmentally...

How to find the perfect sofa: 7 buying tips for you

Imagine yourself at home, perhaps plopped down on your Hampton sofa with a book in hand. It's very comfortable, but that doesn't stop you from thinking about how much better...

5 Ways To Spruce Up Your Home Interiors On A Budget

Most homeowners put off decorating as they fear spending a lot of money to achieve a certain look or theme. With jaw-dropping images of interior designs often posted online, many...