Brisbane median house price jumps as 15 suburbs hit million-dollar mark
Median house price in the Brisbane City Council region jumped
THE median house price in the Brisbane City Council region jumped 27.5 per cent in the last five years as 15 suburbs hit million-dollar medians, latest industry data found.
The Real Estate Institute of Queensland Market Monitor found the Brisbane local government area’s annual median price hit $650,000, while the March quarter figure was $642,000.
It said Brisbane was the third-largest capital city house market in the country with about 35,400 sales per year yet was “more affordable than Perth, Canberra and Darwin where the markets are significantly smaller”.
The standout suburb, Teneriffe, which hit $2.075m median in the March quarter, saw massive growth of 40 per cent in the past 12 months and 93 per cent in five years.
New Farm ($1.615m), Ascot ($1.4125m), a strong performance by university suburb St Lucia ($1.185m), and Hamilton ($1.165m) rounded out the top five median prices for the Queensland capital city.
REIQ CEO Antonia Mercorella outside the new REIQ headquarters in Cannon Hill. Picture: Claudia Baxter
REIQ chief executive Antonia Mercorella said the Queensland capital city was a consistent performer for property owners.
“Brisbane now has its first $2 million suburb with Teneriffe, but compare this with Sydney, which has more than a dozen, possibly up to 14 suburbs with a median house price of $2 million or more.”
Highgate Hill ($1.1625m), Hawthorne ($1,2m), Bulimba ($1.15m), Wilston ($1.15m) and West End ($1.08m made up the rest of Brisbane’s top 10 median prices.
The other five million-dollar suburbs were Robertson ($1.077m), Chelmer ($1.053m), Clayfield ($1.05m), Fig Tree Pocket ($1.05m) and Paddington ($1.005m).
REIQ found modest results across the state in the March quarter, with the Queensland median house price increasing slightly from $467,000 to $469,500 quarterly and up 3.3 per cent to $465,000 annually.
