Sales are up, and property prices across much of the state are increasing.
Brisbane’s median house price has tipped over the $500,000 barrier again, rising 1.2 per cent during the quarter to hit $505,000.
The latest Real Estate Institute of Queensland median house price data has also revealed the number of homes selling during the quarter is 6 per cent higher than at the same time last year.
While many medians throughout the state are still down on 12 months ago, the quarterly results are the first signs the market is starting to recover, says REIQ chief Anton Kardash.
Bahrs Scrub at Logan broke all records, posting a massive median house price of $2,113,475 for the quarter.
Even blue-chip suburbs in Brisbane and on the Gold and Sunshine coasts have failed to reach those levels in the past.
The Bahrs Scrub figure, though, is likely to be a one-off.
There were not enough sales in the last quarter to attract a median for the suburb, and six of the sales during the March quarter were for homes on large tracts of land which were bought by a residential developer.
In Brisbane, Nundah experienced the biggest growth during the quarter with its median price up 33.7 per cent to $580,000.
Ascot was the worst performer during the quarter, with its median dropping 30.2 per cent to $628,000.
Flood-affected suburbs such as Chelmer, Rocklea, St Lucia and Westlake did not have enough sales during the quarter to record a median.
State-wide, mining towns still performed well, but tourism centres also made a comeback, with the Fraser Coast the top performer of all major regions. Its median house price grew 7.8 per cent over the March quarter, and the number of transactions was up 42 per cent.
Mr Kardash said the figures were all signs that the market was starting to turn around.
"Three months ago, when we analysed the December quarter data, it seemed to indicate we had reached the bottom of the market because prices were stabilising," he said.
"We predicted at the time that the March quarter data would be even more positive, and it certainly is that.
"My guess is that Brisbane on a whole is still being held back by a couple of things – expensive properties (not trading or selling at a discounted rate) and flood-affected properties."
By Michelle Hele; Courier Mail
