The Courier-Mail

Thanks a million as median price rises

- SOPHIE FOSTER

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.

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SOLD:SOLD ThisThi DrewvaleD house typifies the new median price.
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