Brisbane house prices have hit a record high

Brisbane house prices are continuing to grow with new figures revealing they have hit a record high median of $670,000.

While the property market continued to cool in southern states, new figures released by the Real Estate Institute of Queensland showed the median house price within the Brisbane local government area was 3.1 per cent higher in the March quarter.

REIQ CEO Antonia Mercorella said the growth demonstrated “admirable resilience’’ in the local market.

She said the price rise was buoyed by steady population growth and strong demand and a lack of new listings.

Stock on market was down to just 6.1 per cent — the lowest in the state.

As a result Ms Mercorella said buyers had to act fast if they wanted to snare a property with days on market now at just 32 days.

Matt Lancashire of Ray White New Farm, said the past quarter had been a strong one for the Brisbane market

“Our last quarter was the most positive quarter in this financial year for us,’’ he said.

Mr Lancashire said the unit market in the inner city was starting to fire again and importantly Brisbane’s property market including the luxury end, was seen as really good value.

He said in the past couple of months there had been a huge amount of interstate interest in the market.

Other council areas outside of the Brisbane area also performed well during the quarter. The Logan local government area delivered one of the strongest performances during the quarter with its median house price up 4 per cent to $395,000.

The report found the “lifestyle markets’’ of the Gold Coast and Sunshine Coast had continued to drive the growth of sales and rentals.

The Gold Coast median house price was down by 0.3 per cent in the quarter, but grew by 6 per cent in the past 12 months to $620,000, the highest growth in the state, while on the Sunshine Coast the median house price rose by 2.3 per cent for the quarter and 5.2 per cent for the past 12 months to $576,250. Source: news.com.au