Newsletter Articles

Housing prices hit record high

Queensland now seems to be the place to live. Recent figures from the Real Estate Institute of Queensland (REIQ) have confirmed housing prices are still on the rise. Continuing property price rises might be exciting for existing property owners because they benefit from the increased equity. Conversely, it's getting hard for first home buyers to beat the rental trap.

Maintaining the state’s price hike is the recent job boom, attracting house hunting migrants to the region. Population growth, low unemployment, a strong economy and increasing infrastructure have all combined to draw the masses into Queensland.

The search for a house under $300,000 is becoming an increasingly difficult process. The median house price in Brisbane has risen 9.5 percent in the year to June driving it up to $405,000. Of the capital’s 151 suburbs only five remain under the $300,000 price bracket (Archerfield, Bald Hills, Darra, Durack and Zillmere).

Mount Isa leads the way throughout the rest of Queensland, where the median house price has exploded a massive 47.1 percent from $187,000 to $275,000 over the year. Strong growth also continued in Rockhampton, boosted by the abundance of employment opportunities in the area. Townsville has in addition, witnessed rocketing house prices with its median jumping up 20 percent in 12 months.

The price hike has left Ipswich and Toowoomba the only southeast Queensland regions remaining below the $300,000 mark. With housing prices headed the way they are, and no reprieve in sight, average Queenslander’s are left with no choice but to battle their way into the residential property market.