The increase came as lenders continued to adjust their interest rates with several lifting their variable rates and others cutting  them, despite RBA’s cash rate remaining the same.

CoreLogic’s Tim Lawless said Brisbane had posted a strong recovery with values up 6.2 per cent since the bottom of the market in February. Brisbane values increased 1.5 per cent in August to a median value of $747,626.

However, over the past 12 months prices were still down 3 per cent in the city and advertised listings were down 40 per cent on the five-year average.

Neoval, which also tracks the housing market, has Brisbane’s median price at $833,964.

CoreLogic’s data showed regional Queensland house prices increased of 0.8 per cent for the month as internal migration levels appeared to be normalising in most areas but were still strong in regional Queensland.

Across the regional markets, areas in the Gold and Sunshine coasts comprised seven of the top 10 markets for the largest capital gains in the past three months. Coolangatta was up 6.2 per cent, followed by the Sunshine Coast hinterland (5.8 per cent) and Gold Coast north (5.6 per cent).

“Strong internal migration levels into these areas is likely to be a factor supporting housing demand and housing values,” Lawless said.

“The balance between advertised supply and demonstrated demand will be a key factor influencing the housing market outcomes in Spring. A rise in fresh supply without a commensurate lift in purchasing activity would likely take some heat out of the pace of capital gains.

“Within the capital cities it is generally house values rather than unit values that have showed a sharper recovery trend.”

The rental market remains tough. Vacancy rates across the capitals fell in August

The market for interest rates remains busy with variable rates increasing and many fixed rates falling.

According to Mozo, the Bank of Queensland lifted its economy variable home loan by 10 basis points, while its ME brand bumped its variable by 5 basis points. Virgin Money did the same.

BoQ has also placed an end date on its $3000 cash back off of September 8. Greater Bank has removed its $4000 cashback and Newcastle Permanent has reduced its cashback from $3000 to $2000.

The NAB increased its lowest base variable option by 15 basis points and the CBA increased rates on its Extra Home Loan by 5 basis points and Heritage added 15 basis points to its rate for borrowers with a loan-to-value ration above 80 per cent.

Bank of Australia lifted its premium home loan rate by 9 basis points.

CBA cut its one-year fixed rate by 15 basis points and its three-year rate by 35 basis points. ING cut its one and two-year rates by 30 basis points and its three year by 10 basis points. Its four and five-year rates increased by 20 basis points.

Macquarie also cut its fixed rates by between 4 and 26 basis points depending on the term and borrower type.