Brisbane median house price soars to $600,000

Brisbane’s median house price has cracked the $600,000 barrier for the first time, with strong sales from the prestige property sector pushing up prices.

New figures from REIQ’s Queensland Market Monitor for the December quarter 2014 reveal Brisbane’s record median house price was largely 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,” said REIQ CEO Antonia Mercorella.

“And 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.”

Ms Mercorella said Brisbane residential real estate still represented exceptional value for money.

“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.

Cairns and Toowoomba were the state’s other star performers, fuelling hopes of a revival in Queensland’s remaining key real estate markets in 2015.

“Despite the downturn in the mining sector and the ongoing drought in parts of Queensland, there are also encouraging signs in other parts of the state,” Ms Mercorella said.

“Local agents in Gladstone, Mackay and Rockhampton are reporting early signs of improvement since the start of the year.

“Median house prices in Townsville and Bundaberg also edged up in the December quarter, with sales volumes up on the Fraser Coast.

“The Gold and Sunshine Coast markets are going from strength to strength, amid increased transactions and rising median house prices.”

Ms Mercorella said Brisbane’s unit and townhouse sales market was also performing well.

“Unit and townhouse sales were up 16 per cent in Brisbane in 2014, with the median sale price rising a healthy 3.6 per cent,” she said.

“Throughout Southeast Queensland and in Cairns and Toowoomba, unit sales were up significantly compared to the previous year.

“The majority of unit markets across the state saw sales volumes ease over the December quarter, except for the Fraser Coast, Bundaberg and Gladstone where sales volumes remained steady.

“There are also encouraging signs at the top end of the unit and townhouse market, with sales numbers in the $1 million-plus price point beginning to improve.

“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.”