Median house prices in Brisbane are creeping up to the $500,000 mark, a new study shows.
Domain Group’s latest quarterly house price report shows the average house price rose by 1.6 per cent in the last year, with the median now sitting at $490,855.
It was a different story for units, where the median was now $371,508 after a 3.2 per cent price drop.
Give or take a few thousand dollars, the median house price could buy you a 3-bedroom house at The Gap, a renovated property in Mount Gravatt East, or a huge family home with a pool in Springfield.
Domain senior economist Dr Andrew Wilson said price growth in Brisbane was less than anticipated.
“Underperformance by the local economy and fragile buyer sentiment continues to impede buyer activity and prices growth in Brisbane,” he said.
“Buyer activity in the inner and middle zone of city remain solid, while the budget markets to the west and north of the city are showing early signs of a sustained revival.
“Significant recent inner-city apartment construction will likely continue to push supply well ahead of demand in this market sector and impede prices growth”.
Price growth for homes was through the roof in Sydney where the median has now cracked the $1 million mark – an increase of 22.9 per cent on last year. The unit price median is $656,076
“The main catalyst has been low mortgage rates — the lowest since the mid-1960s. It’s a perfect storm of local supply and demand factors generating the price growth,” Dr Wilson said.
House prices have also increased in Melbourne where the median house price is $668,030, with the median unit at $443,059.
The national median house price was $701,827, while the unit price was $516,723.
Author: Kristian Silva | http://news.domain.com.au/