Brisbane has a new record median house price but Queensland’s strongest performer was a surprise

first_imgBrisbane has a new median house price according to the latest REIQ Queensland Market Monitor.The Sunshine Coast (+4.8 per cent to $545,000), Townsville (+4.6 per cent to $345,000), the Gold Coast (+2.6 per cent to $590,000), Logan (+2.4 per cent to $384,500) and Moreton Bay (+1.8 per cent to $422,250) all also saw stronger quarterly rises than the Queensland capital city.REIQ chief executive Antonia Mercorella said Bundaberg had “an extraordinary quarter” bringing its market back close to where it was five years ago.“In 2011 the annual median house price in Bundaberg was $278,000, which is just 1.1 per cent higher than the annual median house price today of $275,000.”Brisbane saw its annual median house price grow 4.1 per cent over 2016. “This is the consistent, sustainable growth that the Brisbane house market has become known for and it is great that it’s such a solid performer.”But the capital city’s units took a major hit of -4 per cent in the December quarter as “with supply issues finally gaining traction that many had forecast”.“These supply issues have, as expected, had a small impact on prices, however, we know that the market is an excellent self-regulator and developers are already scaling back projects scheduled for this year and 2018.”Ms Mercorella said over the year, units had dropped 1.1 per cent, and over the past five years growth was 11.3 per cent. Houses have been the mainstay of the Queensland property market, with homes in Brisbane pulling a median price rise of 4.1 per cent in 2016.More from newsMould, age, not enough to stop 17 bidders fighting for this home1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor7 hours ago QUEENSLAND’S STRONGEST PERFORMERS (Quarterly median house price growth): Bundaberg +14.1 per cent $291,000Sunshine Coast +4.8 per cent $545,000Townsville +4.6 per cent $345,000 Gold Coast +2.6 per cent $590,000Logan +2.4 per cent $384,500Moreton Bay +1.8 per cent $422,250Brisbane +1.6 per cent $655,000Toowoomba +0.9 per cent $355,000Ipswich +0.8 per cent $332,700Redland 0 per cent $510,000Cairns 0 per cent $395,000Mackay -0.2 per cent $318,000 Fraser Coast -2.3 per cent $303,000Gladstone -3.2 per cent $290,000Rockhampton -5.9 per cent $273,000 (Source: REIQ Queensland Market Monitor) REIQ CEO Antonia Mercorella outside the new REIQ headquarters in Cannon Hill. Picture: Claudia BaxterBRISBANE’S median house price has hit a new record, but Queensland’s strongest performer was a major surprise.The latest Real Estate Institute of Queensland Market Monitor released today showed the Brisbane local government area median house price rose 1.6 per cent over the December quarter to hit a new high of $655,000. But it wasn’t the state’s strongest LGA with the rum and sugar town of Bundaberg pulling a massive double digit surge in the December quarter, with its median house price rising 14.1 per cent to $291,000.last_img

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