Thanks a million as median price rises
IT’S been treading water for a while, but latest data shows Brisbane’s median house price has hit a new high, propelled by million-dollar sales.
The median house price broke through to $610,000 in the June quarter, according to the Real Estate Institute of Queensland.
This was because the top end of the market went up a gear – with more than 300 million-dollar-plus sales in Brisbane over the June quarter.
REIQ’s latest Queensland Market Monitor found the Brisbane local government area median, which had 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.”
It is in that mid-section that REIQ expects to see prices begin to rise now.
About 60 per cent of sales in the June quarter were properties in the $500,000 to million dollar price tag range.
A five-bedroom home in DrewvaleD typifies the new median. It was listed at $599,000 but sold for $610,000 ono June 27.
Chris Gilmour of All Properties Group Browns Plains, who handled the sale, said the price rose “because of competition between buyers”. He said there was simply not enough mid-priced property on the market in Brisbane now.