Whether you are looking for a home in Brisbane area or not, we have a news for you! THE median price for houses in the Brisbane City Council area is at a historic high, breaking the $600,000 barrier for the first time.
REIQ chief executive Antonia Mercorella said the improving prestige property market had pushed up the city’s house values.
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“Brisbane’s prestige housing sector is firing on all cylinders, with 332 sales recorded in the December quarter, up from 274 sales the previous quarter,” she said
For Bellbowrie’s Jo Fairburn and Steve Kennedy, $600,000 now represented the middle of the market.
The registered nurse and operations manager, both 54, hope to sell their four-bedroom house on a 1314sq m block for about $600,000 and downsize in the same suburb.
“You can definitely get good quality out here for $600,000,” Ms Fairburn said.
“We’re hoping our house will sell for about $660,000 and that we can buy something smaller, such as a four-bedroom, single-level home with half the yard size, for about $550,000.”
The Real Estate Institute of Queensland data shows the median price for the Greater Brisbane region is $482,000, a rise of 3.5 per cent over the previous quarter.
BIS Shrapnel associate director of building forecasting Dr Kim Hawtrey said
housing demand would continue to drive solid price growth.
“There’s a shortage in freestanding houses, about 20,000, and it’s not expected to fall over the next couple of years,” he said.
“That stock deficit is driving the recovery in Queensland.
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Please click here to continue. Sydney’s east sets the trend Sydney’s east sets the trendThis video is no longer available “Detached houses have been a little bit of a late bloomer in this recovery and will now be the next growth driver for the next two years.”
But Mr Hawtrey said there was a big risk of an oversupply for apartments in Brisbane’s inner-city suburbs.
“We’re going to have built all the apartments we’re going to need in two years but we will still need free-standing homes,” he said.
“The whole story of the great Australian dream is changing and this isn’t the housing recovery your father or your grandfather would have imagined.
“We’re now building two apartments for every five detached houses in Australia and, historically, it used to be one for every five.”