This article is from the Australian Property Journal archive
BRISBANE’s median house price has broken the $600,000 ceiling and jumped to $610,000, according to the REIQ.
REIQ CEO Antonia Mercorella said the increased activity occurring in the premium bracket was a good sign that confidence was returning to the market and this price point was typically the first to respond.
“We know that historically the premium end of the market tends to lead the market into a recovery.
“But we are also seeing sharp increases in activity across the $500,000 to sub-$1 million bracket, which is great news for the majority of the market,” she added.
In the June quarter, the majority of transactions occurred in the $500,000 – sub-$1 million market, representing about 60 per cent of the market.
Since March 2013 (the most recent dip), activity in the $500,000 – sub-$1 million bracket has grown around 120%. In comparison, the prestige end of the market – the million dollar plus end – has trebled the number of transactions since the March quarter of 2013. Over the June quarter 2015, prestige sales numbers reached in excess of 300 transactions.
Australian Property Journal
