Fashionable Paddington with its quintessential Queenslanders leading Brisbane property market recovery: REIQ

Fashionable Paddington with its quintessential Queenslanders leading Brisbane property market recovery: REIQ
Fashionable Paddington with its quintessential Queenslanders leading Brisbane property market recovery: REIQ

Brisbane metropolitan house prices rose 1.2% over the March quarter to a median of $505,000, with the fashionable inner-city suburb of Paddington among the strongest performers, according to the latest figures compiled by the Real Estate Institute of Queensland (REIQ).

Of the 132 suburbs that make up the Brisbane City LGA, the REIQ provides quarterly data on only 66 of them, with many medians statistically not reliable due to the varying quality of stock sold.

Among the reliable data, seven suburbs recorded house prices increases of 5% or greater over the quarter, led by Paddington, where the median house price increased by 8.1% to a median of $743,000.

House prices increased 8.3% in Wakerley ($622,500), 7.4% in Sunnybank ($503,500), 7.1% in Wynnum ($450,000), 5.8% in Kedron ($507,500) and 5.3% in MORNINGSIDE ($600,000).

For the 12 months to March 2012, Brisbane house prices remain down 4.7% from a March 2011 median of $535,000.

Over the past 12 months just 23 suburbs have recorded house price increases, including Auchenflower, where prices are up 6% to $819,000, and Hawthorn, where prices are up 7% to $826,250.

Some 20 suburbs have recorded double-digit house price falls, with the worst-performing suburb being Chelmer, seven kilometres west of Brisbane, where house prices are down 32% from a median of $881,000 to $603,000.

The REIQ data also shows that the number of homes selling during the quarter is 6% higher than at the same time last year.

In the greater Brisbane area (the statistical division that includes Ipswich City, Logan City and Moreton Bay) the median house price was unchanged at $425,000.

REIQ chief Anton Kardash says the quarterly results are the first sign the Brisbane market is starting to recover.

‘‘Three months ago when we analysed the December quarter data it seemed to indicate we had reached the bottom of the market because prices were stabilising,’’ Kardash says. 

‘‘We predicted at the time that the March quarter data would be even more positive and it certainly is that. Property prices have grown in most areas, and some regions have also experienced substantial increases in sales activity, which is a hugely welcome turnaround. 

‘‘And while the March quarter figures contain plenty of good news, perhaps the best piece of news is some very healthy results in our tourism centres, which have struggled more than most over the past two years,” he says.

Full list of localities on page 2.

 


 

 

Locality Median Sale Mar12 Qtrly change Median Sale 12mths Mar12 Median Sale 12mths Mar11 1yr change
BRISBANE
BRISBANE CITY (LGA) $     505,000 1.2% $     510,000 $     535,000 -4.7%
ACACIA RIDGE $     305,000 -1.6% $     313,500 $     325,000 -3.5%
ALDERLEY ~ $     636,000 24.7% $     585,000 $     649,250 -9.9%
ALGESTER $     397,500 -0.6% $     397,000 $     416,000 -4.6%
ANNERLEY $     535,000 -3.2% $     535,000 $     595,000 -10.1%
ASCOT ~ $     628,000 -30.2% $     920,000 $  1,200,000 -23.3%
ASHGROVE ~ $     690,800 12.8% $     671,000 $     690,000 -2.8%
ASPLEY $     470,000 -5.1% $     475,000 $     465,000 2.2%
Auchenflower N/A N/A $     818,750 $     768,500 6.5%
BALD HILLS $     372,500 4.9% $     356,000 $     390,000 -8.7%
BALMORAL ~ $     639,000 -14.9% $     720,750 $     798,000 -9.7%
BANYO $     379,500 -2.3% $     408,500 $     426,000 -4.1%
BARDON $     775,000 4.0% $     737,900 $     747,500 -1.3%
BELLBOWRIE N/A N/A $     465,000 $     475,000 -2.1%
BELMONT ~ N/A N/A $     540,000 $     630,000 -14.3%
BOONDALL $     406,000 3.2% $     403,000 $     420,000 -4.0%
BRACKEN RIDGE ~ $     433,500 15.6% $     399,000 $     415,000 -3.9%
BRIDGEMAN DOWNS $     610,500 4.4% $     675,000 $     686,000 -1.6%
BRIGHTON $     377,000 -0.4% $     395,000 $     398,000 -0.8%
BULIMBA ~ $     800,000 N/A $     795,500 $     915,000 -13.1%
CALAMVALE $     475,000 -2.1% $     485,000 $     500,900 -3.2%
CAMP HILL $     583,750 -4.7% $     600,000 $     643,000 -6.7%
Cannon Hill $     565,000 N/A $     585,000 $     570,000 2.6%
CARINA $     485,000 7.8% $     480,000 $     515,000 -6.8%
CARINA HEIGHTS N/A N/A $     485,000 $     509,000 -4.7%
CARINDALE $     570,750 0.3% $     650,000 $     695,000 -6.5%
CARSELDINE ~ $     470,000 -6.7% $     495,000 $     497,500 -0.5%
CHAPEL HILL $     605,300 -2.4% $     610,000 $     650,000 -6.2%
CHELMER ~ N/A N/A $     603,250 $     881,000 -31.5%
CHERMSIDE $     439,000 N/A $     460,000 $     457,500 0.5%
CHERMSIDE WEST $     432,500 0.1% $     445,000 $     475,000 -6.3%
CLAYFIELD ~ $     880,500 -7.3% $     875,000 $     935,000 -6.4%
COOPERS PLAINS N/A N/A $     410,000 $     440,000 -6.8%
COORPAROO ~ $     622,500 -13.5% $     617,500 $     663,000 -6.9%
CORINDA ~ N/A N/A $     600,000 $     590,000 1.7%
DARRA N/A N/A $     367,500 $     355,000 3.5%
DEAGON ~ N/A N/A $     340,250 $     421,250 -19.2%
DOOLANDELLA * ~ N/A N/A $     363,250 $     440,000 -17.4%
DREWVALE $     480,500 N/A $     455,000 $     487,000 -6.6%
DURACK ~ N/A N/A $     325,000 $     389,000 -16.5%
East Brisbane N/A N/A $     623,000 $     658,000 -5.3%
EIGHT MILE PLAINS $     560,000 -4.4% $     577,000 $     600,000 -3.8%
ENOGGERA N/A N/A $     542,500 $     582,500 -6.9%
EVERTON PARK $     438,000 -3.7% $     460,000 $     505,000 -8.9%
FERNY GROVE N/A N/A $     505,000 $     495,000 2.0%
FIG TREE POCKET $     692,500 N/A $     730,000 $     787,500 -7.3%
FITZGIBBON N/A N/A $     389,000 $     416,000 -6.5%
FOREST LAKE $     365,000 0.4% $     376,000 $     397,000 -5.3%
GAYTHORNE N/A N/A $     525,000 N/A N/A
GEEBUNG ~ $     410,000 2.5% $     402,629 $     455,000 -11.5%
GORDON PARK N/A N/A $     607,000 $     582,550 4.2%
GRACEVILLE $     505,000 N/A $     655,000 $     705,000 -7.1%
GRANGE N/A N/A $     680,000 $     650,000 4.6%
GREENSLOPES ~ $     550,000 -13.9% $     565,000 $     567,500 -0.4%
HAMILTON ~ N/A N/A $     880,000 $  1,012,500 -13.1%
HAWTHORNE ~ $     735,000 -17.6% $     826,250 $     772,000 7.0%
HEMMANT ~ N/A N/A $     378,500 $     427,500 -11.5%
HENDRA ~ N/A N/A $     778,750 $     800,000 -2.7%
HOLLAND PARK ~ $     499,999 9.3% $     500,000 $     531,000 -5.8%
HOLLAND PARK WEST ~ $     544,500 N/A $     520,000 $     580,000 -10.3%
INALA $     271,500 -3.0% $     280,000 $     290,000 -3.4%
INDOOROOPILLY $     700,000 4.5% $     742,000 $     703,750 5.4%
JAMBOREE HEIGHTS N/A N/A $     405,000 $     415,500 -2.5%
JINDALEE $     472,500 -1.5% $     474,000 $     515,750 -8.1%
KARANA DOWNS ^ N/A N/A $     447,500 N/A N/A
KEDRON $     507,500 5.8% $     525,000 $     546,175 -3.9%
KELVIN GROVE N/A N/A $     591,500 $     650,000 -9.0%
KENMORE ~ $     570,100 25.3% $     516,250 $     545,000 -5.3%
KENMORE HILLS N/A N/A $     660,000 N/A N/A
KEPERRA $     405,000 3.8% $     417,582 $     435,250 -4.1%
KURABY ~ $     548,125 10.7% $     545,000 $     539,000 1.1%
LOTA ~ N/A N/A $     502,500 $     469,000 7.1%
MACGREGOR N/A N/A $     538,000 $     535,000 0.6%
MANLY ~ N/A N/A $     555,000 $     655,500 -15.3%
MANLY WEST $     447,000 -2.8% $     468,000 $     506,000 -7.5%
MANSFIELD $     442,500 -2.7% $     458,000 $     508,000 -9.8%
MCDOWALL N/A N/A $     542,000 $     580,000 -6.6%
MIDDLE PARK $     460,000 7.3% $     498,000 $     529,500 -5.9%
MITCHELTON $     460,000 -6.8% $     485,000 $     528,500 -8.2%
MOGGILL N/A N/A $     464,500 $     481,000 -3.4%
MOOROOKA $     482,500 4.7% $     460,500 $     499,000 -7.7%
MORNINGSIDE $     600,000 5.3% $     560,000 $     608,600 -8.0%
MOUNT GRAVATT N/A N/A $     480,000 $     485,000 -1.0%
MOUNT GRAVATT EAST $     439,000 -3.6% $     460,000 $     475,000 -3.2%
MURARRIE $     537,000 N/A $     471,250 $     495,000 -4.8%
NEW FARM N/A N/A $  1,160,000 $  1,185,000 -2.1%
NEWMARKET $     615,000 N/A $     647,750 $     715,000 -9.4%
Norman Park $     620,000 -4.6% $     640,000 $     698,750 -8.4%
NORTHGATE $     430,000 -0.3% $     437,500 $     480,000 -8.9%
NUDGEE $     462,000 N/A $     495,000 $     487,000 1.6%
NUNDAH ~ $     580,000 33.7% $     527,000 $     577,500 -8.7%
OXLEY $     400,000 -5.2% $     425,000 $     450,000 -5.6%
PADDINGTON $     743,500 8.5% $     757,000 $     790,000 -4.2%
PARKINSON $     501,500 1.6% $     493,000 $     527,500 -6.5%
PULLENVALE ^ N/A N/A $  1,040,000 $  1,112,500 -6.5%
RED HILL N/A N/A $     685,000 $     665,000 3.0%
RIVERHILLS N/A N/A $     405,300 $     446,500 -9.2%
ROBERTSON N/A N/A $     640,000 $     680,000 -5.9%
ROCKLEA ~ N/A N/A $     270,000 $     352,500 -23.4%
RUNCORN $     410,000 -0.4% $     422,500 $     430,000 -1.7%
SALISBURY $     430,000 N/A $     415,000 $     450,000 -7.8%
SANDGATE N/A N/A $     523,250 $     527,500 -0.8%
SEVEN HILLS N/A N/A $     592,000 $     585,000 1.2%
SEVENTEEN MILE ROCKS N/A N/A $     600,000 $     575,000 4.3%
SHERWOOD N/A N/A $     710,000 $     718,000 -1.1%
SINNAMON PARK ~ $     607,000 13.7% $     580,000 $     625,000 -7.2%
ST LUCIA ~ N/A N/A $     943,000 $  1,095,000 -13.9%
STAFFORD ~ $     435,000 N/A $     435,000 $     494,250 -12.0%
STAFFORD HEIGHTS $     425,000 -1.2% $     432,000 $     466,500 -7.4%
STRETTON ~ N/A N/A $     675,000 $     618,750 9.1%
SUNNYBANK $     503,500 7.4% $     500,000 $     535,170 -6.6%
SUNNYBANK HILLS ~ $     418,000 -13.8% $     480,000 $     485,000 -1.0%
TAIGUM N/A N/A $     403,750 $     444,000 -9.1%
Taringa ~ N/A N/A $     670,000 $     745,000 -10.1%
TARRAGINDI $     519,838 0.0% $     545,000 $     576,000 -5.4%
THE GAP $     511,250 -3.6% $     535,500 $     551,500 -2.9%
TINGALPA $     410,000 -3.0% $     416,000 $     430,000 -3.3%
TOOWONG N/A N/A $     660,000 $     691,000 -4.5%
UPPER KEDRON N/A N/A $     532,250 $     540,000 -1.4%
UPPER MOUNT GRAVATT $     449,750 -4.6% $     475,000 $     471,750 0.7%
VIRGINIA N/A N/A $     449,500 $     436,500 3.0%
WAKERLEY $     622,500 8.3% $     625,500 $     615,000 1.7%
WAVELL HEIGHTS $     500,000 4.7% $     513,500 $     546,500 -6.0%
WEST END ~ N/A N/A $     703,000 $     792,500 -11.3%
WESTLAKE N/A N/A $     604,000 $     630,000 -4.1%
WILSTON ~ N/A N/A $     718,250 $     855,625 -16.1%
WINDSOR ~ $     614,500 14.1% $     615,000 $     685,000 -10.2%
WISHART ~ $     509,500 -11.1% $     548,000 $     523,500 4.7%
Woolloongabba ~ N/A N/A $     563,500 $     669,000 -15.8%
Wooloowin ~ N/A N/A $     666,000 $     749,000 -11.1%
WYNNUM $     450,000 7.1% $     475,000 $     520,000 -8.7%
Wynnum West ~ $     408,500 11.9% $     410,000 $     439,500 -6.7%
YERONGA ~ N/A N/A $     560,000 $     673,000 -16.8%
ZILLMERE N/A N/A $     366,000 $     385,000 -4.9%
GREATER BRISBANE
BRISBANE (SD) $     425,000 0.0% $     430,000 $     455,000 -5.5%

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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