Brisbane house prices reach record high: APM

Brisbane's median house price increased by 6.9% in the year to June 2014, according to new data from Australian Property Monitors.

On a quarterly basis, Brisbane's median house price rose by 1.5% - the eighth consecutive quarter of price growth for the city. The city exhibited the third highest quarterly and yearly rate of growth of any capital cities (behind Melbourne and Sydney).

The median house price of $477,352 is a record high for Brisbane, eclipsing its June 2010 peak. However, the figure is still below the national median of $627,940. Australian Property Monitors' results show that Brisbane's house market is the third cheapest in the country, with only Hobart and Adelaide having lower median house prices of $329,186 and $462,129 respectively.

Andrew Wilson, senior economist for Australian Property Monitors and the Domain Group, said the Brisbane housing market is "gathering momentum".

"Over the June quarter, the Brisbane median house price increased by +1.5% - a similar result to the +1.8% growth recorded over the March quarter," said Wilson.

"Having finally recovered from its previous price peak recorded in June 2010, the Brisbane median house price is now at a new record level of $477,352. Brisbane house prices increased by +6.9% over the year ending June which was the highest annual result for the city in four years."

Those considering a unit or house in Brisbane will note that rather than increasing, Brisbane unit prices actually decreased on a yearly basis, by 0.7%. The median price of a unit in Brisbane is now $364,641. In the quarter to June, the median unit price increased by 0.8%.

Source: Australian Property Monitors