Over the June quarter, the median house price in Brisbane increased 1.6 per cent to $527,250 and increased 3 per cent over the year ending June.
The preliminary numbers of house sales in Brisbane grew more than 30 per cent between the March and June quarters. More impressive yet was the numbers of sales over the year, which was up about 44 per cent.
Sales in the $500,000 to $1 million, and the $1 million-plus, price brackets have been growing at the strongest rate, which is a good indication that confidence is returning to the market.
Solid performers over the June quarter and the year in the upgrader category included Bulimba, Carina Heights, Coorparoo, Holland Park, Manly and Yeronga.
In Brisbane, the numbers of unit and townhouse sales increased 26 per cent compared to the June quarter last year and were up 21 per cent compared to the March quarter this year.
Median prices across most regions fluctuated over the June quarter due to the composition or types of properties sold over that period of time.
In Brisbane, the median price dipped by 1.3 per cent to $395,000, which is a result that can be classed as steady. Over the year ending June, its median price was down by 0.8 per cent.
Top Brisbane performers which posted median price growth over the quarter and the year included Kangaroo Point, Nundah and West End.
In Kangaroo Point, the median unit and townhouse price increased 5.4 per cent over the quarter to $470,000; Nundah’s improved 9.3 per cent to $392,000; and West End’s increased 17.1 per cent to $480,000 however this was impacted by the sale of new and waterfront properties.
In Brisbane, the vacancy rate remained unchanged at 2.1 per cent as at the end of June. The inner city area of Brisbane recorded a vacancy rate of 2.0 per cent, also unchanged from March 2013. This is despite reports that vacancy levels are normally higher for this time of the year, with the overseas component of student rental demand somewhat limited. However rental competition and vacancy levels are both expected to increase, as some REIQ accredited agents have observed that a substantial number of new apartments are coming on to the market.
Within the middle to outer Brisbane suburbs, rental market conditions remained at tight levels, having again recorded a vacancy of 2.2 per cent. Survey responses were mixed however – after a typical slowdown post-March, the month of June saw rental demand starting to pick up again. One agent noted that some tenants generally seemed content to renew leases rather than move, thus reducing the amount of stock available to rent. Another interesting observation made was of an increase in owners listing and selling houses given the sales market is showing signs of improvement, again reducing the number of available stock to rent.
The latest June quarter data from the Residential Tenancies Authority (RTA) shows that median rents for three bedroom houses remained unchanged at $410 per week, while median rents for two bed units fell by $5 to $390 per week. The median rent for a four bedroom house decreased by $10 to $490 per week over the three months to June.
Brought to you by the REIQ’s Queensland Market Monitor