Data reveal Brisbane house price slump that never was
May figures which showed that Brisbane's house prices fell in the March 2004 quarter have turned out to be wrong. The Real Estate Institute of Queensland's revised data now reveal that prices in fact rose in the quarter.
The Institute said in May the median Brisbane house price had fallen 2 per cent from $352,000 to $345,000. But last week it released a revised figure showing the median house price increased to $355,000 in the March quarter.
The REIQ also released June quarter figures for Brisbane last week – earlier than other property market analysts. These show the median Brisbane house price has now dropped to $346,000.
REIQ denied it produced incorrect data, saying it published preliminary figures “at the behest of the Reserve Bank”. The institute added that other companies such as Residex and Australian Property Monitors also revise their data.