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  • 08 Dec 2015

Brisbane Prices Still On the Rise

House prices are still rising in the Queensland capital of Brisbane, according to the REIQ's September quarter data.

The Brisbane LGA median house price has pushed to a new high of $615,000 as consistent steady growth continues throughout the south-east corner.

Confidence continues to grow in the residential house market as increased house sales activity is revealed over the quarter across all South East Queensland regions, except for the Noosa council area.

While predictions have been prolific that the slowing conditions in Sydney would flow through to other major capital cities, Brisbane has clearly defied that trend.

Over the September quarter, Brisbane preliminary house sales reached levels not seen in more than five years.

House listing numbers across the southeast and the tourism centres were also up, with Ipswich the stand-out performer. House sales over the quarter were up 12 per cent in Ipswich, while the annual trend in house listings were up 3.6 per cent.

Ipswich also recorded the highest quarterly increase for the Greater Brisbane region with the median house price lifting 1.6 per cent to $320,000.

The tourism centres also continued to see their house markets strengthen with Gold Coast recording the highest quarterly increase of all major regions.

Up 3.8 per cent compared to the previous quarter, the Gold Coast also recorded a new median house price record of $545,000.

The Sunshine Coast recorded a steady increase in its median house price, however Noosa saw its median drop 3.7 per cent on the back of fewer prestige sales compared to the previous quarter.

Cairns also performed well over the quarter, also recording a new median house price of $400,000 up 2.6 per cent. With both house sales activity and listings up, the state’s far north tourism destination has evidently moved into stronger market conditions.

Along with Toowoomba, Cairns also recorded the shortest average days on market over the year to August.

After easing sales activity over the first half of 2015, Toowoomba has seen a bounce back in house sales activity, up 13 per cent over the quarter.

While its median house price remained relatively stable over the quarter, Toowoomba continues to record the lowest average vendor discounting rate of 5.3 per cent and the highest percentage of profit making sales.

On the Fraser Coast, sales market conditions remained steady with little change in market indicators. Average days on market and average vendor discounting remain relatively unchanged, while listings increased slightly heading into spring.