Brisbane’s median house price has smashed the $600,000 barrier for the first time as Queensland’s capital continues to lead the state's residential real estate recovery.
New data from the Real Estate Institute of Queensland (REIQ) show that stronger sales volumes in Brisbane’s prestige property sector are contributing to higher median prices.
Figures from the December 2014 quarter also show 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,” Ms Mercorella said, adding that 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.
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 during the year.
“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.
“Agents in Gladstone, Mackay and Rockhampton are also reporting signs of improvement since the start of the year.”