Brisbane closes the gap
The ratio of Sydney to Brisbane house prices recently came off a record high of 2.2, depending upon your preferred data source.
As this cycle progresses it wouldn't be surprising to see that ratio close back towards 1½.
The REIQ reported today that Brisbane's median house increased by 0.9 per cent over the quarter and 2½ per cent over the past year to $673,000.
That's the highest ever figure for Brisbane.
Brisbane's median house price has increased by just over 20 per cent over the past five years.
The figure for the Brisbane LGA was closer to 30 per cent.
The median unit price increased by a somewhat slower 1.4 per cent over the most recent 12-month period to $405,000.
The only area to record a decline in unit prices over the past year was Logan, with a moderate decline of 1.3 per cent recorded.
The REIQ noted that strong internal migration to south-east Queensland would absorb the new unit supply.
The quarterly median house prices at the suburb level were all over the place due to the relatively small sample sizes.
Over the past five years the strongest price growth was generally recorded in the blue chip suburbs such as Teneriffe, New Farm, and Ascot.
Sunnybank was also one of the strongest performers, driven by a different dynamic - a huge surge in Chinese migrants and capital.
A whole range of inner- and middle-ring suburbs saw price growth of 40 to 50 per cent over 5 years, especially on the north side, as well as some suburbs to the south with sought-after state high schools.