New statistics show the state capital continues to lead Queensland’s residential real estate recovery.

Brisbane’s median house price has smashed the $600,000 barrier for the first time. Statistics from the Real Estate Institute of Queensland (REIQ) reveal strengthening sales volumes in Brisbane’s prestige property sector are contributing to these higher median prices.

 REIQ’s CEO Antonia Mercorella said Brisbane’s record median house price was largely the result of the city’s strengthening $1 million-plus house market.

“Brisbane’s prestige housing sector is firing on all cylinders, with 332 sales recorded in the December quarter – up from 274 sales the previous quarter,” she said.

“It’s this increase in $1 million-plus sales that’s driving up Brisbane’s median house price.”

The statistics also show that Brisbane is still enjoying an affordability edge over Sydney. Brisbane’s median house price is still comparable to Sydney’s $800,000 median.

“Astute buyers understand there are still relative bargains to be had in Brisbane and they’re deciding now’s the right time to buy,” Ms Mercorella said.

Encouraging signs for the market are being seen all over Queensland. From Cairns and Toowoomba to the Gold and Sunshine Coasts, markets are going from strength to strength fuelling hopes of a revival of Queensland’s remaining key real estate markets in 2015.