Statistics released by the Real Estate institute of Queensland (REIQ) showed Brisbane’s median sales price jumped 3.4% over the last quarter, largely due to strengthening sales volumes in the prestige property sector.
REIQ chief executive officer Antonia Mercorella said Brisbane’s record median house price was the result of the city’s strengthening $1 million-plus house 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.
“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.”
While Brisbane has shown considerable growth, the city still represented exceptional value for money, especially when compared to the Sydney market.
“The Brisbane median house price of $600,000 is well below Sydney’s median of $800,000 and you can still pick up a house in the Queensland capital for under $400,000,” she said.
“Astute buyers understand there are still relative bargains to be had in Brisbane and they’re deciding now’s the right time to buy.”
Regional areas have also been witness to significant growth with tourism centres showing flaring house prices.
The Gold Coast median house price rose 5.1% in the December 2014 quarter with Cairns close behind on 2.9%.
“Median house prices in Townsville and Bundaberg also edged up in the December quarter, with sales volumes up on the Fraser Coast,” she said.
Units and townhouses are also showing a positive outlook right across the board rising 16% in Brisbane over 2014.
“Throughout Southeast Queensland and in Cairns and Toowoomba, unit sales were up significantly compared to the previous year,” she said.
“In Townsville, the median unit price was up 15.2 per cent in the December quarter, driven by a healthy spike in $350,000-plus sector of the market.”