Brisbane’s softer median mostly seasonal
2015-06-16
A 3.3 per cent fall in Brisbane’s median house value was seasonal and expected according to the Real Estate Institute of Queensland’s (REIQ).
The group’s Queensland Market Monitor reveals the median house price fell to $580,000 in March Quarter 2015.
Antonia Mercorella, CEO of the REIQ, says this result reflects a quieter quarter in prestige property rather than a general fall in the overall market.
Mercorella says that the seasonally strong December Quarter 2014, which saw the median reach $600,000, has also played a part in the results.
“March is historically the quietest quarter of the year, and after such robust trading in December 2014 this dip was not unexpected.”
The report says data for the year ending March 2015 should boost confidence, with house prices up 7.2 per cent compared to last year.
“Looking at the 12-month trend to March 2015, the median house price is at $587,000 and this is an even more accurate reflection of what sales prices are doing.”
The soft quarterly result was also countered by rising sales activity, particularly for attached housing in outer suburbs with new infrastructure.
“The Moreton Bay suburbs of Griffin, Petrie and Kallangur are benefiting from the new rail line which will improve transport options for those residents,
“The relative affordability of units and townhouses in the Redcliffe region, with a median price of around $305,000, is a good entry point for investors and owner occupiers who can’t afford to buy closer in,” Mercorella says.
The group’s Queensland Market Monitor reveals the median house price fell to $580,000 in March Quarter 2015.
Antonia Mercorella, CEO of the REIQ, says this result reflects a quieter quarter in prestige property rather than a general fall in the overall market.
Mercorella says that the seasonally strong December Quarter 2014, which saw the median reach $600,000, has also played a part in the results.
“March is historically the quietest quarter of the year, and after such robust trading in December 2014 this dip was not unexpected.”
The report says data for the year ending March 2015 should boost confidence, with house prices up 7.2 per cent compared to last year.
“Looking at the 12-month trend to March 2015, the median house price is at $587,000 and this is an even more accurate reflection of what sales prices are doing.”
The soft quarterly result was also countered by rising sales activity, particularly for attached housing in outer suburbs with new infrastructure.
“The Moreton Bay suburbs of Griffin, Petrie and Kallangur are benefiting from the new rail line which will improve transport options for those residents,
“The relative affordability of units and townhouses in the Redcliffe region, with a median price of around $305,000, is a good entry point for investors and owner occupiers who can’t afford to buy closer in,” Mercorella says.
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