House prices up almost $80,000 in three months

Median house prices on the Gold Coast surged by $79,350 in the last three months, with frenzied buyer activity and tight supply driving spikes of up to 30 per cent in some suburbs.

Property sales across the region were up 13.9 per cent since December, and a huge 31.4 per cent from a year ago, the latest market report from the Real Estate Institute of Queensland (REIQ) shows.

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REIQ CEO Antonia Mercorella said the results confirmed the Coast’s rising property market, with house prices up 7.7 per cent regionwide to a median of $700,000.

“The Gold Coast property market is really growing from strength to strength,” Ms Mercorella said.

“Its popularity has really skyrocketed since the latter half of 2020, with the market proving to be a hot favourite with interstate buyers as well as local Queenslanders.”

Overall, house prices saw annual growth of 6.1 per cent, reaching a median of $620,650. Source: realestate.com.au

Two in six Brisbane houses in ‘bargain’ suburbs snatched off market ahead of auction

Two out of six homes listed for auction tomorrow in bargain suburbs – where median prices are $350,000 or less – have been snatched off the market by eager buyers.

New data from the Real Estate Institute of Queensland showed there are 49 suburbs in Greater Brisbane where the median house price is $350,000 or less, where the vast majority of houses were listed for sale by private treaty, but with buyer demand surging, agents were bringing more to the auction block.

Agent Matt Ireland of Ireland & Co has 1 Mellor Place, Brassall, ready to go under the hammer at 10.30am Saturday. The large 1,053sq m property can expect to pull away above suburb median though given it’s a quality four bedroom, two bathroom home with a large four bay shed that has not just its own street access but also its own loo. Source: realestate.com.au