Surging transactions push Brisbane median higher
When it comes to capital gains, Melbourne and Sydney tend to hog the spotlight. But of course, outstanding capital growth isn't solely taking place in those two cities. Plenty of fantastic value rises are occurring in Brisbane, too, and at a much lower price entry point.
According to figures from the Real Estate Institute of Queensland's (REIQ) latest Queensland Market Monitor, the median house price in Brisbane is now $610,000 for the June 2015 quarter. This news follows many months of the median sitting at just under or over $600,000, and will likely pique the interest of anyone thinking to sell property in Burpengary East, Deception Bay and nearby areas.
Much of this jump can be chalked up to increased activity in the $1million-plus market, which saw more than 300 transactions in the June 2015 quarter. In addition, since the March 2013 quarter, the number of transactions in this part of the market has tripled.
According to REIQ CEO Antonia Mercorella, this bodes well for the overall real estate sector.
"We know that historically the premium end of the market tends to lead the market into a recovery," she said.
However, it's not only the prestige market that's doing well. The quarter also saw a notable rise in transactions in the $500,000 to sub-$1 million bracket, which makes up around two-thirds of the total Brisbane market.
"Agents are reporting that listings in this bracket are difficult to come by and this bracket is likely to be the first that will see real price increases," Ms Mercorella.
It's something for investors to keep in mind, particularly as Brisbane has a much lower price entry point than other cities that are seeing strong gains. To buy a property in Burpengary at a median price of $610,000 is still a more than $300,000 saving over a house in Sydney, according to the CoreLogic RP Data Home Value Index figure.