Brisbane’s median house price reaches new high

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As Queensland’s property market returns to positive territory after last quarter’s contraction, the median house price in Brisbane also increased by 1.3%, posting a new historical high of $635,000 in the June quarter, according to the latest data from the Real Estate Institute Queensland Market Monitor.

Unit prices fell by 0.2% to $440,000. However, its annual median sale price grew 0.3% compared with June 2015 at $441,300.

The Gold Coast emerged as one of the best performers of the state with a quarterly growth of 3.6%. The Townsville market also registered a growth of almost 3%, while the Toowoomba market fell by 2% - a continuation of the growth and contraction experienced by these two suburbs in the past quarter. Meanwhile, Bundaberg’s median unit price became more expensive than its median house price.

REIQ CEO Antonia Mercorella described the June quarter as a “challenging” one for the Queensland property market, with the lengthy federal election campaign and extensive uncertainty around the negative gearing debate taking its toll.

“Most of Queensland has struggled through this uncertainty and we have seen more markets contract than grow, which, of course, is disappointing,” said Mercorella.

However, Queensland’s affordability is once again drawing investors to the market.

“The Queensland housing market is doing what it does best – growing in a steady, sustainable way, consistently over the long term,” said Mercorella.

“It is a very good thing that we have not followed the peaks and troughs that occupy the graphs of other property markets.”

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