Brisbane’s housing prices have hit a record high with new figures revealing the median had now hit $670,000. While the property market continued to cool in southern states, new figures released by the Real Estate Institute of Queensland showed the median house price within the Brisbane local government area was 3.1 per cent higher in the March quarter.
REIQ CEO Antonia Mercorella said the growth demonstrated “admirable resilience’’ in the local market. She said the price rise was buoyed by steady population growth and strong demand and a lack of new listings. Stock on market was down to just 6.1 per cent — the lowest in the state.
As a result Ms Mercorella said buyers had to act fast if they wanted to snare a property with days on market now at just 32 days. Matt Lancashire of Ray White New Farm, said the past quarter had been a strong one for the Brisbane market.
“Our last quarter was the most positive quarter in this financial year for us,’’ he said.