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

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...

5 Smart-Home Upgrades You Should Invest In

Living in the 21st century has made our lives much easier, particularly in the sphere of home maintenance. From ovens with cooking timers to smart door locks, we’re now able...

Popular articles from Modern Australian

What 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 bodyThe Art Of Bell-RingingModern Snapback Hats trending in Australia6 Mistakes to Avoid When Moving Overseas5 Tips Designed to Help Accentuate Your Hourglass FigureRoyal Edinburgh Military TattooThe inaugural Bondi Ocean Lovers FestivalHow to Plan a Remodeling at Home: Tips and TricksAchieving Facial Symmetry with RhinoplastyHow to Choose the Best Colors for Your BedroomFind Here the 3 Best Online Pokies in AustraliaHair Loss and Transplant Solutions