The House Price Index report from the Statistics Unit shows that all property types saw an increase in the mean price of properties sold compared with the previous quarter.
But it was the three bedroom sector that has performed the best with an average price of £508,000 and overall the mix adjusted price of all property sold was up 5% quarter on quarter.
But it must be remembered that prices are coming from a low base. For example, the first quarter of 2014 recorded the lowest level of average property price in Jersey for more than five years.
The turnover of properties in the second quarter of the year was 13% greater than in the previous quarter and at a similar level to the average seen in the latter half of 2013 at around 300 properties sold per quarter.
Share transfer transactions accounted for more than half, 56%, of all eligible flat sales, a slightly greater proportion than in 2013.
The index measures the combined average price of one and two bedroom flats and two, three and four bedroom houses and includes share transfer properties and is seasonally adjusted.
It also gives an idea of trends in terms of prices and sales. In 2008 and 2009 the mean price of one bedroom flats had been essentially stable at around £230,000. During 2010 and 2011 a reduction in the mean price of this property type was recorded, largely attributable to an increase in the turnover of lower priced share transfer properties.
The mean price then increased slightly during 2012, to around £210,000, where it remained before falling below £200,000 in late 2013 and early 2014. In the latest quarter the mean price of one bedroom flats at £219,000 was 10% higher than in the previous quarter.
Following a period of stability throughout 2008 and 2009, when the mean price of two bedroom flats was around £320,000, the subsequent two years saw increases, taking the annual mean price of this property type to around £340,000 in 2012.
Since the first quarter of 2013 the average price of two bedroom flats has remained essentially stable at around this level, except for a downward fluctuation recorded in the fourth quarter of 2013.
In the latest quarter the mean price of two bedroom flats at £354,000 was 4% higher than in the previous quarter and almost 7% higher than the average for 2013.
The mean price of two bedroom houses sold between 2008 and 2010 was around £400,000 but has since fallen, with the annual average price recorded in each year from 2011 to 2013 being below £400,000.
In the latest quarter, the mean price of two bedroom houses at £382,000 was similar to the previous quarter, just 1% higher, and 2% higher than in 2013.
After a period of strong growth from 2006 to early 2008, the mean price of three bedroom houses remained stable from 2008 to 2011, at between £510,000 and £520,000. At the end of 2011 the mean price of this property type fell below £500,000 for the first time since 2007, and had remained below this level.
In the second quarter of 2014, the mean price of three bedroom houses at £508,000 was 11% higher than in the previous quarter and 5% higher than the average for 2013. The mean price of this property type sold in the latest quarter was the highest since the third quarter of 2011.
Four bedroom houses have seen some volatility in price on a quarterly basis since 2008, but for the most part the mean price of this property type has fluctuated at around £700,000.
In the second quarter the mean price of four bedroom houses at £718,000 was 4% higher than the previous quarter and around 7% higher than the average recorded for this property type in both 2012 and 2013.
