Brisbane house prices top new milestone

by Adam Smith11 Mar 2015
The median house price in Brisbane has hit a new milestone as the city continues to drive housing recovery in Queensland.

New statistics from the Real Estate Institute of Queensland show the median house price in Brisbane topped the $600,000 mark for the first time in the December quarter of 2014. REIQ chief executive Antonia Mercorella said the record was largely driven by growing strength in the $1m-plus market.

“Brisbane’s prestige housing sector is firing on all cylinders, with 332 sales recorded in the December quarter - up from 274 sales the previous quarter,” she said. “It’s this increase in $1 million-plus sales that’s driving up Brisbane’s median house price. And while there was a drop in sales in the sub-$350,000 price bracket, there were increased transactions at all other price points in the Brisbane LGA,” Mercorella said.

Mercirella said Cairns and Toowoomba also performed well, driving hope of an upturn for the state's other key markets.

“Despite the downturn in the mining sector and the ongoing drought in parts of Queensland, there are also encouraging signs in other parts of the state. Local agents in Gladstone, Mackay and Rockhampton are reporting early signs of improvement since the start of the year. Median house prices in Townsville and Bundaberg also edged up in the December quarter, with sales volumes up on the Fraser Coast. The Gold and Sunshine Coast markets are going from strength to strength, amid increased transactions and rising median house prices,” she said.