Due to its 30% market growth seen in the past five years, Brisbane’s median house price has hit a new high.
The most recent Real Estate Institute of Queensland Market Monitor reveals that Brisbane’s median house price has increased by 2.5% in the past year resulting in a record-breaking $673,000.
REIQ chief executive Antonia Mercorella said the market in the Brisbane local government area (LGA) had grown almost 30 per cent over the past five years, thanks to “steady, sustainable growth’’ giving buyers confidence.
House prices in the Greater Brisbane market, which includes Brisbane, Ipswich, Logan, Moreton Bay and Redland, rose 2.8% in the past year and 1% in the June quarter to see the median house price of $524,000.
West End and Highgate Hill's median house prices have both seen decreases over the past year while showing strong growth over the past 5 years overall.
“Over the medium term, the Greater Brisbane house market grew 20.1 per cent or the equivalent to nearly $88,000 for the past five years,’’ Ms Mercorella said.
“Overall, Queensland’s property market continues to operate at two speeds. The southeast corner is performing well, with Sunshine Coast, Gold Coast, Brisbane and Toowoomba growing consistently,” she said.