The average house price for dwellings in Brisbane and the Gold Coast has officially returned to pre-GFC levels, new data has found.
According to figures from the Queensland Department of Natural Resources and Water, the average house price for properties in the Gold Coast lifted by7.6 per cent to $575, 739.
Meanwhile, Brisbane’s average house price also recovered in the December 2009 half year to $560,000 – 10 per cent higher than the average of $511,223 recorded in the June 2009 half year.
Bill Morris, author of the Midwood Queensland Investment Report, said the latest data was a positive sign that average Gold Coast and Brisbane house prices have recovered from the fall experienced during 2008 and into early 2009.
“The previous Gold Coast property high of $580,670 was recorded in the December 2007 half year and with the average now at $575,739, average prices have all but returned to their previous levels experienced in 2007,” Mr Morris said.
“But this is not so with sales volumes, which continue to wallow around the record low volumes experienced in the 1982-83 recession.
“Low sales volumes reflect a general difficulty in purchasers being able to obtain finance, even with the Federal government’s first home buyer’s subsidy.”