There has been no let-up in property price rises across Brisbane over recent months, as the city’s median value has reached a record high of $610,000. Data from the Real Estate Institute of Queensland (REIQ) shows during the three months to June, there was also a significant increase in the premium, $1 million-plus market.
Conveyancing lawyers in the Queensland capital could therefore find themselves dealing with more high-value transactions, as REIQ CEO Antonia Mercorella believes confidence is returning to the market. Throughout the quarter, it’s estimated around 60 per cent of transactions were completed in the $500,000 to $1 million sector.
“Agents are reporting that listings in this bracket are difficult to come by and this bracket is likely to be the first that will see real price increases,” noted Ms Mercorella.
However, there were more than 300 prestige property transactions in the three months to June, which is one of the reasons the median house price has escalated.
This follows the release of the August CoreLogic RP Data Hedonic Home Value Index, which also pointed to strong growth across the Brisbane market. Year-on-year, prices have risen 3.9 per cent, making it the third-highest result in the country, while quarterly gains stand at 2.2 per cent.
Investors in the city are currently enjoying total gross returns of 8.7 per cent, as CoreLogic RP Data places the median dwelling price in the city considerably below the REIQ at $451,000.
Regardless of what type of real estate you’re planning to buy, or its value, the services of a property lawyer can prove worthwhile. With years of experience in the sector, McCarthy Durie Lawyers are many people’s number one choice when it comes to the legalities of purchasing and selling property in Queensland.