Brisbane’s median house price has smashed the $600,000 barrier for the first time, as the state capital continues to lead Queensland’s residential real estate recovery.
New statistics from the Real Estate Institute of Queensland (REIQ) reveal strengthening sales volumes in Brisbane’s prestige property sector are contributing to higher median prices.
Figures from the December 2014 quarter also show that Brisbane is continuing to enjoy a strong affordability edge over Sydney.
REIQ chief executive Antonia Mercorella said 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,” she said.
Ms Mercorella added that Brisbane residential real estate still represents 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.
Ms Mercorella 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,” she said.
“Local agents in Gladstone, Mackay and Rockhampton are also reporting early signs of improvement since the start of the year.”