BRISBANE’S median house price has hit a new high, with market growth up 30 per cent in the past five years.
The latest Real Estate Institute of Queensland Market Monitor, to be released today, reveals Brisbane’s median house price increased 2.5 per cent in the past year to hit 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 per cent in the past year and 1 per cent in the June quarter to $524,000.
Within Brisbane itself, the median house price increased by 0.9 per cent in the quarter.
“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.
The REIQ figures revealed that cheap and cheerful Caboolture South was the top performing suburb within Greater Brisbane during the June quarter with a massive 30.4 per cent increase in its median house price to a still affordable $327,500.
LJ Hooker Morayfield/Caboolture agent Greg Meiers said Caboolture South market was popular with investors.
“It is close to the train, the shops, schools, and houses in the area get good rental yields,” he said. “I think a lot of people will look back in 20 years and wonder why they didn’t buy up here.”
Holland Park West was the best performer in the Brisbane LGA during the June quarter with its median house price up by 24.5 per cent to $842,000.
The new data was welcomed by Tash and Andrew Reid, who are selling their house at 7 Pickthorne St in Holland Park West.
“We had been living in a smaller house at Mount Gravatt East and upgraded to this house in 2006,” Mrs Reid said.
“It is such a lovely area – 50m to the bus, you can walk to the shops, the school, there is a park across the road and it’s a great family area. But we are upgrading again, back to Mount Gravatt East. We have both thought that maybe we are mad leaving because it is just so convenient.”
The REIQ report also reveals buyers were keen to get as much land as they could, with the median house price skyrocketing 24.9 per cent to $1.28 million for houses on more than 2500sq m of land during the June quarter.
Coastal markets were still strong performers with the state’s highest median house price increase for the quarter at Hope Island on the Gold Coast. The median increased by 38.2 per cent $950,000.
Sunshine Coast was not far behind with the median house price in Noosa Heads up by 32.2 per cent to $1.19 million.
The unit market did not do as well as the housing market, although there were some standout performers with the median unit price in Rochedale increasing 51.6 per cent to $705,000 and in Marsden by 22.5 per cent to $343,900 in the past 12 months.
Ms Mercorella said supply continued to outstrip demand in the unit market in parts of Brisbane, and more broadly across Greater Brisbane.
“However, with strong net internal migration to the southeast corner of Queensland and strong overseas migration coming to the southern parts of the state, we are optimistic that unit supply will be absorbed,’’ she said.
The Greater Brisbane unit market grew by 1.3 per cent, to a median of $405,000 in the June quarter and by 1.4 per cent in the past 12 months.
Ms Mercorella said the only local government area to experience a drop in unit prices in the June quarter was Logan, where it fell 1.3 per cent.
Toowong was the strongest performer in the unit market for the quarter. Its median up 31.1 per cent to $540,000.
Statewide, that was followed by Kings Beach on the Sunshine Coast where the median unit price increased by 27.4 per cent to $500,000.
In terms of vacant land, the latest Oliver Hume Quarterly Market Insights national land market report shows median land prices across southeast Queensland have reached $240,013, up about $7000 from the same period last year. Brisbane and the Gold Coast recorded the highest median land prices, $356,750 and $334,300 respectively.
“Interstate migration continues to highlight the Queensland market … with many of our southern counterparts seeking greener pastures,” Oliver Hume national head of research George Bougias said.