Brisbane’s softer median mostly seasonal
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Brisbane’s softer median mostly seasonal
Posted on Wednesday, June 10 2015 at 4:39 PM
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.
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