Cashed up buyers gobbling up Brisbane's million dollar luxury homes have driven up the city's median house price to a record $600,000.
The Real Estate Institute of Queensland (REIQ) says the latest statistics show a significant rise in $1 million-plus home sales in Brisbane in the three months to December 31.
More than 300 luxury homes were sold in Brisbane during the December quarter, up from 274 sales made in the previous quarter, REIQ’s chief executive Antonia Mercorella said.
“It’s this increase in $1 million-plus sales that’s driving up Brisbane’s median house price,” she said. As a result, Brisbane’s median house price has risen to $600,000 for the first time, up $20,000 from the September quarter’s median.
This is still well below Sydney’s median of $800,000, Ms Mercorella added.
Brisbane’s unit and townhouse sales were also performing well, rising 16 per cent with the median sale price lifting 3.6 per cent.
Median house prices on the Gold Coast, Sunshine Coast, Townsville and Bundaberg also edged up in the December quarter.
Ms Mercorella said despite the mining investment downturn and the ongoing drought in parts of Queensland, there were encouraging signs with local agents in Gladstone, Mackay and Rockhampton reporting early signs of improvement since the start of the year.