In their latest Market Monitor, the Real Estate Institute of Queensland has reported on the Queensland real estate market saying that the “number of sales have increased significantly compared to the previous quarter and compared to last year”.
According to the report, house sales across Queensland increased 22 per cent in the June quarter compared to the March quarter.
The report also shows median house prices in Brisbane increasing by 1.6 per cent to $527,250 in the June quarter and increasing by 3 per cent over the year ending June 2013. House sales numbers in Brisbane also increased significantly – up 32 percent in the quarter and 44 percent over the year.
It should be noted that while median house prices offer a useful guide to market movements, the real measure of price growth can only be obtained from comparing resales of the same properties. This calculation should take into account any spending on renovation. This topic is canvassed in detail in Michael Matusik’s latest Missive.