Brisbane house prices grow strongly over the quarter
Increased activity in the premium market has helped drive a wider recovery across Brisbane.
The median house price in metropolitan Brisbane reached $610,000 at the end of the June quarter, according to new data from the Real Estate Institute of Queensland.
That was a jump of about four per cent on the March quarter result of $587,000.
The increase was largely due to strong activity in the premium market, with more than 300 transactions above $1 million during the quarter.
Since March 2013, sales activity above $1 million has increased by about 200 per cent.
REIQ chief executive Antonia Mercorella said increased activity in the premium market is a good sign that confidence is returning to the wider Brisbane market.
“We know that historically the premium end of the market tends to lead the market into a recovery,” she said.
About 60 per cent of June quarter sales were between $500,000 and $1 million.
Since March 2013, activity in this bracket has increased by about 120 per cent.
Ms Mercorella said this growth is great news for the majority of the 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,” she said.
This article originally appeared on www.rebonline.com.au