See the June Quarter 2008 median house prices.
Queensland's residential property market may have finished 2007 on a high but more modest growth is expected this year, according to the Real Estate Institute of Queensland (REIQ).
The latest REIQ figures show that in the 12 months to the end of December 2007, most areas of the State experienced strong median house price increases.
But while 2007 is likely to be remembered as a stellar year in future editions of Queensland property history books, the economic conditions that underpinned last year's market are now somewhat changed.
"Last year's very strong results were driven by consumer confidence, population growth and a robust economy," REIQ chairman Peter McGrath said.
Most areas of the State experienced strong increases."While Queensland's economy is still in great shape, and there doesn't seem to be any downturn in the number of people migrating to the Sunshine State from overseas and interstate, the series of interest rate rises since November last year has started to have an impact on the market."
REIQ figures show that the number of house sales across the State was down by about 20% in the December quarter.
"Sales numbers did decline in the month of December. This was partly driven by the interest rate rise in November, the Federal Election and Christmas which is a historically slower period," Mr McGrath said.
The market also continues to be characterised by an undersupply of stock - particularly in the affordable range - with buyers also being more selective.
According to the REIQ, the fundamentals of the Queensland property market remain the same with population growth and a strong economy likely to continue to underpin moderate house price growth into the future.
Queensland has historically recorded annual house price growth of between five to 10%, which is a more sustainable level.
"There is no doubt that last year's results were spectacular but a return to more sustainable levels of growth is not only likely this year, it is the preferable outcome," Mr McGrath said.
In the 12 months to the end of December, REIQ figures show Brisbane's median house price increased 16.3% to $445,000.
REIQ figures show that the star Brisbane performers for 2007 were the more affordable suburbs located near the water; suburbs benefiting from prestigious acreage properties nearby; and suburbs within 10km of the city.
Fig Tree Pocket - located 9km from Brisbane's CBD and partially on the Brisbane River - not only benefits from its leafy environs and riverside location but also from a number of prestigious properties in the area. Its median house price has increased 43.1% in the 12 months to the end of December to $772,500.
Located within five kilometres of the city are Wilston and Auchenflower, which have both experienced very strong median house price growth over the 12 months to the end of December. Wilston's median house price is up 41.5% to $750,000 and Auchenflower's is up 41.1% to $760,000. Both increases can be partly attributed to varying quality of stock sold.
Belmont - up 37% to $542,500 - has benefited from its proximity to prestigious acreage homes in the area, while Lota has continued to perform well due to its relative affordability and location close to Moreton Bay. With a number of new residential developments, Murarrie also continues to show strong growth in median house price. Lota's median is up 30.4% to $485,000 and Murarrie's is up 32.4% to $460,000 in the 12 months to the end of December.
"These figures show that the middle ring suburbs - between 5km to 13km from Brisbane's CBD - continue to perform very strongly with people looking for an easy commute to work and other facilities," Mr McGrath said.
In greater Brisbane, median house prices in the 12 months to the end of December are up 17% in Logan to $310,000; up 12.9% in Beaudesert to $360,000; and up 13.9% in Pine Rivers to $360,000.
The median house price in Ipswich increased 17.2% to $281,250 over the same period.
"Ipswich has been one of the stellar performers of the Greater Brisbane market during 2007. This is likely to continue due to the region's affordable median house price and the recent State Government announcement that its city heart is to revitalised with a combined transport, business and residential precinct," Mr McGrath said.
In Redland and Redcliffe, the median house price increased by 11.6% to $405,000 and 15% to $345,000 respectively in the 12 months to the end of December.
