A new record high for Brisbane’s Local Government Area (LGA) median house price shows the growing level of confidence in south east Queensland’s real estate market.
According to figures from the Real Estate Institute of Queensland (REIQ), Brisbane’s median house price grew by 0.8% to $615,000 over the September quarter, passing the previous price record of $610,000 it set in the three months to June.
The median unit price in Brisbane LGA grew 1.2% to $430,000 over the quarter.
“It’s been difficult for areas of the state that were heavily reliant on mining to find their feet, but we’re starting to see indicators that suggest we are heading towards firmer ground,” REIQ chief executive officer Antonia Mercorella said.
“Confidence in the residential house market is growing with sales activity up over the quarter across almost all southeast Queensland regions,” Mercorella said.
According to REIQ, sales activity for houses in the Brisbane LGA increased 5% over the September quarter to the highest level seen since 2012, while unit sales increased 13%.
Across individual areas of the greater Brisbane region, Ipswich
was the best performer for houses, with the median price increasing 1.6% to $320,000.
For units, Redland was the top performer, with the median price increasing 6.1% to $390,000.
In terms of sales, Ipswich saw the highest increase for houses and units, with sale levels increasing 12% and 15% respectively.
Outside of Brisbane’s reaches, but still in the state’s south east, the Gold Coast also saw some steady improvements over the quarter.
Sale activity for houses rose 6%, with the median house price increasing 3.8% to $545,000.
Units in Noosa performed strongly, with the median price increasing 3.2% to $434,000, with sales activity up 23%.
With many considering south east Queensland the next investment hotspot, the REIQ figures would seem to support that, but one property expert believes people shouldn’t let the hype carry them away.
“People need to be considering if it’s the right financial time for them to invest and work out what will best suit them,” Paul Wilson, founder of Gold Coast based buyers' agency We Find Houses, said.
“I don’t put a lot of attention on the micro-analysis. That’s the sort of thing that can mislead people, it might make for a good headline, but you need to be looking at the macro side of things to ensure you’re buying in the areas that have sound fundamentals and will serve you in the long term,” he said.
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