Over the September quarter, the median house price in Brisbane increased 0.6 per cent to $530,000 and increased 3.4 per cent over the year ending September.
Although the median house price remained stable, preliminary numbers of house sales in Brisbane continued to grow, up 13 per cent between the June and September quarters. Sales volumes were also up on the September quarter last year, which was a particularly busy quarter with the reinstatement of the principal place of residence concession.
While sales numbers for the sub-$350,000 bracket fell over the quarter, all other price points recorded similar increases in activity, a sign that the improved market conditions is spreading for all segments of the house market.
This is further evident in the mix of suburbs to record the strongest growth in activity over the quarter, with the likes of Wooloowin, Chapel Hill, Eight Mile Plains and Wynnum West making the top four, with their respective median house prices ranging from about $445,000 to $659,000.
The unit and townhouse market similarly recorded an increase in sales activity over the quarter, up 13 per cent, while the median sale price for Brisbane remained steady at $400,000 for the quarter and for the 12 months ending September.
Top Brisbane performers to record an increase in sales activity included Paddington, Tennyson, Norman Park and Wynnum. Again, suburbs of varying median unit and townhouse sale price.
Listings statistics from RP Data are also pointing to continued improvement in the Brisbane property market with the average days on market for houses and units sitting at 78 and 89 days respectively, both markedly lower than the same time last year.
Vendor discounting is also not as prevalent, with Brisbane recording 6.5 and 5.5 per cent discounting for houses and units respectively. Discounting was almost 1.5 per cent greater a year ago. This an indication that vendors and buyers are beginning to more quickly meet on price.
With the increased activity in the sales market, the Brisbane rental market is conversely seeing an easing in its vacancy rate, up 0.2 percentage points to 2.3 per cent at the end of September.
REIQ accredited agents from the inner suburbs of Brisbane are reporting increased investor activity as well as tenants making the move to home ownership, which is resulting in an increase in rental supply. While agents of outer suburbs are also reporting increased investor activity, rental demand remains strong, seeing the outer Brisbane vacancy rate remain unchanged at 2.2 per cent.
The latest rental 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 returned to $395 per week after dipping over the previous quarter. The median rent for a three bedroom townhouse also remained steady at $405 per week over the three months to September. Meanwhile the number of bonds lodged over the quarter was up for all of these rental property types compared to the June quarter.