Gold Coast median house prices rise more than 5pc says Real Estate Institute of Queensland

The REIQ said the real estate market was showing strong signs of recovery, with median house values increasing by more than 5 per cent.

GOLD Coast zone chairman John Newlands said low interest rates had played a major part in the turnaround.

"It means properties are more affordable for people to enter into the marketplace and obviously the cost of borrowing the money is so much less," he said.

"It also has a reflection then on returns because obviously if you're borrowing the money at a lesser rate, your return is going to increase on the property, so interest rates are very positive for the real estate industry.

"Through the years of the GFC [global financial crisis] we saw the market retract, so we've been starting to see some healthy signs of the GOLDCoast markets turning the corner and recovering in prices and that certainly is good news.

"I think in Queensland the GOLD Coast and the Sunshine Coast have been showing some really good growth figures."

Read full story: Gold Coast median house prices rise more than 5pc says Real Estate Institute of Queensland