- 1 DAY AGO JULY 02, 2014 12:00AM
- Source: news.com.au
BRISBANE house prices have soared $30,000 for the average home.
Latest figures reveal values for the city have gone up by 7 per cent during the past year and 1.3 per cent during June.
With Brisbane’s median dwelling price at $455,000, that means the average home is worth $31,850 more than last year.
Nationally in the RP Data-Rismark June Hedonic Home Value Index results, property prices have gone up 10.1 per cent in the past year. Adelaide and Darwin were the only capital cities to experience a drop in values during the past month.
One couple who have benefited from the growth are Chris and Jessica Moore who bought their Oxley home for $310,000 and, after renovating, sold it for $655,000.
“We picked up the home when no one was buying. I’m a carpenter by trade so I renovated it to a high standard,” Chris said. “Our neighbours sold for a great price recently so we decided to put ours on the market and had a strong offer within a week.
Place Graceville director Peter May said some suburbs were experiencing more growth than others.
“It seems to be area-specific increases and the demand through our core suburbs is very strong,” he said.
“If a suburb has good amenities and infrastructure buyers will flock to it because they feel their asset is going up. Stock is also tight in our region with an average of about 17 days on the market.”
Mr May said investor confidence had grown in suburbs with changing demographics, such as Oxley.
RP Data research director Tim Lawless said Brisbane’s housing market was starting to gather pace with homes in the middle price range doing well across all states. He did not predict any significant drop in housing values for as long as interest rates remained low.
“Dwelling values at the most affordable end of the capital city housing markets have moved 8.8 per cent higher during the past year compared with a 10.3 per cent capital gain across the most expensive suburbs and a 10.6 per cent increase across the broad middle of the capital city market,’’ he said.
It comes as the Reserve Bank announced the cash rate would not change, saying the economy was improving but it would be some time before unemployment dropped consistently.
The cash rate remains at 2.5 per cent, where it has been since a quarter of a percentage point cut in August.