New high for median house price
The Brisbane property market is the talk of backyard barbies and around the water cooler with the latest results taking the property values to a new high never before seen.
The median price has hit an impressive $655,000, with the latest figures from the December 2016 quarter from the Real Estate Institute of Queensland (REIQ).
According to REIQ chief executive Antonia Mercorella, the Brisbane residential house market is a dependable performer.
“This is consistent, sustainable growth that the Brisbane market has become known for and it is great that it’s such a solid performer,” she said.
This latest news is sure to keep all eyes looking north as Melbourne and Sydney investors scramble to enter a market that is both affordable and producing incredible results.
Not only do Brisbane properties offer value for money, but the city is prospering with a strong, growing local economy. The city’s $146 billion economy (source: Brisbane City Council – Key Economic Facts 2016) is predicted to grow to more than $217 billion by 2031, and is recognised as a key driver of the Australian economy as it enters its 26th year of continuous growth. (source: Austrade 2017)
Brisbane’s appeal is also driving families back to the city with couples wanting to start a family, or couples with young children leaving the rat race of the mega cities for a much easier lifestyle.
Of course, it’s not just lifestyle that has people turning to Brisbane, it’s financial common sense, especially for Sydney-siders. According to Uno Home Loans data analysis:
- Rents are up to $700 cheaper in Brisbane than Sydney
- Stamp duty is significantly lower
- Median house price is almost half of Sydney
Families are ditching Sydney for this reason, buying large spacious homes in great areas for the same price as a cramped, run down terrace in Sydney. Many are finding they have to choose between adding to their family or upgrading their home because, “financially it’s not doable.”
A couple like Andrew and Karen found that trying to upgrade their Sydney home was just too much of a challenge. Faced with the opportunity to sell their Sydney fixer upper for a four bedroom, two bathroom house with a pool on a 900 sqm block with $200,000 in change, it ended up a no-brainer for the family to move to Brisbane.
It’s certainly hard to disagree with CoreLogic research director Tim Lawless, “Brisbane’s market has everything going for it.”