This is a Press Release from the REIQ from Tuesday 1 April 2014:
Brisbane house price growth outstripped Sydney and Melbourne in March, but the city has retained its affordability edge over the southern capitals.
Real Estate Institute of Queensland CEO Anton Kardash said the RP Data – Rismark Home Value Index released today was another sign of the growing confidence in Brisbane’s real estate market.
“Brisbane outperformed Sydney and Melbourne in March, with house values rising 2.9 per cent,” he said.
“This was the second biggest monthly increase of any State or Territory capital, after Darwin.
“It shows that investors and owner-occupiers see a lot of upside in Brisbane real estate, which remains considerably more affordable than both Sydney and Melbourne.”
The RP Data – Rismark Home Value Index for March shows house prices in Brisbane have risen 4.8 per cent over the last year.
The median dwelling price in Brisbane as at March 31 was $435,000, compared to $515,000 in Melbourne and $630,000 in Sydney.
Mr Kardash said the solid price growth in Brisbane real estate was a result of historically low interest rates and strong market fundamentals.
“The low interest rate environment is also fuelling growth in new housing construction,” he said.
“New home sales were up 17.5 per cent in Queensland in February, according to the latest Housing Industry Association figures released this week.
“That’s a welcome boost for the local construction industry and investors who are taking advantage of more favourable market conditions.”
