IT may have tread water for a while, but latest data shows Brisbane’s median house price has hit a new high, propelled by million-dollar sales.
Brisbane’s median house price broke through to $610,000 in the June quarter, according to the Real Estate Institute of Queensland. The reason was the top end of the market went up a gear – with over 300 million-dollar plus sales occurring in Brisbane over the June quarter.
REIQ’s latest Queensland Market Monitor found the Brisbane local government area median, which hovered around $600,000 for several quarters, made the jump because of strength in the prestige market.
REIQ chief executive Antonia Mercorella said it was a sign of wider recovery in the market. “We know that historically the premium end of the market tends to lead the market into a recovery,” she said. “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.”
It’s at that mid section that REIQ expects we will see prices begin to rise now. “This bracket is likely to be the first that will see real price increases,” Ms Mercorella said.
About 60 per cent of sales in the June quarter were properties in the $500,000 to million dollar price tag range.