The median prices for Queensland’s December Quarter for 2015 have just released and most Queensland property investors should be feeling happy with the results, with positive results in most suburbs.
A new median house price for Brisbane has been set
Big things are happening in the Brisbane property market as it hits a new median house price. The December quarter of 2015 reached the new median of $632,000. This was Brisbane’s 14th consecutive quarter of growth.
This new median house price for the December quarter has been a 1.6% increase over the previous quarter, an increase of 6.1% over the same time in 2014 and up 14.2% over December 2010.
“Our market has avoided the pitfalls of a boom and bust cycle, performing consistently over the past 14 quarters, which is more than three years of sustained growth,” says REIQ CEO Antonia Mercorella.
This is good news for property owners in Brisbane with a consistently strong market; Brisbane remains the most stable capital city. “I know some property owners in Sydney and Melbourne who envy that record,” she said.
The rest of the Queensland property market
The December quarter was a reasonably positive period for eight out of nine suburbs in the southeast corner, with median house prices increasing or remaining static, compared to the previous quarter.
State-wide, the housing market was also fairly positive in most markets with the exception of the Fraser Coast which dropped -7.3%. The Mackey market also continues to struggle, sliding -3.7% compared to the previous quarter (September 2015).
Ms Mercorella said “We are watching Mackay very closely and our hope is that the government infrastructure projects will create jobs and lead to more vigour in the local economy”
Regional Queensland median house price increases
The most surprising regional centres who increased their median house prices were Gladstone and Townsville lifting their median house prices 3.2% (to $359,500) and 2.1% (to $350,000) respectively. These were surprising given that December is usually a quiet time for house sales.
Queensland Apartment Market
Overall, there were fewer apartment sales in Queensland last quarter. Even apartment hotspots like the Gold Coast were down -9% in sales during this period. As a result of these fewer sales, the median apartment price went up by 2.6% up to $374,500.
Other locations with increased apartment median prices in Queensland include; Sunshine Coast up 1.0% to $365,000 and Townsville with a surprising 5.1% increase bringing their median to $290,000.
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