GOLD Coast house prices have increased for the first time in four years.
In a glimmer of hope that the city's battered housing market may finally be turning around, median house prices in the June quarter increased 2.8 per cent to $467,000.
The positive result came despite a drop in the volume of homes sold as buyers waited for the return of stamp duty concessions.
"I do think this is a sign that finally the Gold Coast housing market has bottomed out and we are seeing a move in the right direction," John Newlands, Real Estate Institute of Queensland Gold Coast chairman, said.
"This is the first positive move in house prices in four years, which is significant.
"Most of the activity was in the $400,000 to $500,000 sector and that area was competitive, despite people waiting for stamp duty concessions to kick in from July 1.
"First homebuyers have also been reasonably active over the quarter in certain price ranges. The $400,000 bracket is considered good value by buyers in the entry-level market."
The return of the principal place of residence concession on stamp duty meant homebuyers who were not first-timers or investors could save up to $7000 from July 1.
Mr Newlands said there were signs that interstate investors were returning to the Gold Coast market.
"I think they have been waiting for signs that the market really was at the bottom before they finally committed," he said.
"But affordability and increased confidence in the market are meaning we are definitely seeing a lot more sold signs around the suburbs."
The standout suburbs were Burleigh Heads, where the median price increased 19.8 per cent to $545,000, and Paradise Point, up 17.8 per cent to $795,000.
Clear Island Waters, up 15.4 per cent to $756,000, Tallai, up 13.5 per cent to $735,000, and Highland Park, up 12.4 per cent to $449,500, also performed well.
In Brisbane, the median house price fell 1 per cent to $500,000 during the June quarter.
The top performing region was Moreton Bay with median house price growth of 5.3 per cent to $379,000. Townsville recorded growth of 4.2 per cent to $375,000, while Ipswich had the state's biggest drop, down 3.3 per cent to $290,000.
State-wide, house sales activity decreased but prices remained steady.
Australian Bureau of Statistics figures showed the number of homes financed to non-first homebuyers in Queensland decreased 12.9 per cent between May and June.
"Even though sales activity was lower in the month of June in particular, our June quarter data found no significant variations on median prices which means our market is still holding up well," said REIQ CEO Anton Kardash.
.