SOUTHEAST Queensland’s world-class beaches are driving a surge in home prices in the state’s coastal property markets, as Brisbane and the Gold Coast break house price records.
New quarterly figures from the Real Estate Institute of Queensland reveal Noosa was the state’s top performing market in the three months to September, recording annual house price growth of nearly 10 percent.
Over the past five years, Noosa’s median house price has jumped by more than 40 percent — driven by a boost in tourism numbers.
The REIQ’s latest Queensland Market Monitor shows house prices in the Sunshine Coast statistical division grew 22 percent over the September quarter, from $557,500 in June to $570,000.
The Gold Coast also performed strongly, hitting a new house price record of $606,000, while the annual median house price in Brisbane reached a new record high of $660,000 — almost 30 percent greater than it was five years ago.
But it’s a different story for Brisbane’s unit market, with prices falling 2.6 percent over the past year as the inner-city continues to suffer from an apartment glut.
The new annual median unit price is $440,750 — down from $452,500 a year ago.
“With more supply expected online over the next 12 months, we expect this market will not firm up until mid-2019 at the earliest,” the report said.
Ms Mercorella said the coastal markets had helped drive overall growth in the state’s property market over the past 12 months, with more than 58,000 houses sold and median house price growth of 2.4 percent.
“Tourism is one of the largest contributors to Queensland’s gross state product, with almost eight percent of GSP coming from tourism,” Ms Mercorella said.
“This is roughly $25 billion in the year to June 2016, which means when that sector grows, it offers employment opportunities and this attracts workers who need somewhere to live.”
The number of cruise ship visits to the state has nearly doubled over the past four years.
Originally Published: http://www.news.com.au
Seachange demand: Sunshine and Gold Coast property markets grow more than Brisbane
The seachange lifestyle appears to still be driving demand for property in southeast Queensland, with latest figures showing both the Gold and Sunshine Coasts outperforming the Brisbane property market.
Data released by the Real Estate Institute of Queensland on Monday showed the Gold Coast in particular saw solid growth over 2017 of 7.7 per cent, with the average media house price increasing to $615,000.
Noosa on the Sunshine Coast also saw strong growth of 6.7 per cent to $650,000, with demand outstripping supply in the boutique coastal community, driving prices up.
The Gold and Sunshine Coasts outperformed the Brisbane property market in 2017. (AAP)
The Gold Coast in particular saw solid growth over 2017 of 7.7 per cent, with the average media house price increasing to $615,000. (AAP)
By comparison the Brisbane market grew 2.7 per cent over 2017, however it finished with the highest median price of $665,000.
2017 also saw Brisbane suburb Teneriffe become a two million dollar suburb, with a median price of $2.4 million, and predictions it could top $3 million by the end of 2018.
The apartment market was flat for most of 2017, except on the Gold Coast, which bucked the trend and had a strong market for both units and houses.
Originally Published: goldcoastinvestor.com.au
Gangbusters: Coast property market surges
SUNSHINE Coast property prices are closing the gap on big brother, with the region’s blue-chip market making ground on Brisbane’s median property prices.
The Gold Coast reigned supreme, with annual median house price growing by 7.7 per cent to finish at $615,000 for 2017.
But the Sunshine Coast is taking steps, with median house prices growing 6.4 per cent to finish at $569,000.
The elite postcodes of Noosa, which have produced some headline-grabbing sales in recent weeks, also grew 6.2 per cent to reach an annual median house price of $650,000.
That placed Noosa’s median house price only $15,000 below the Brisbane LGA median house price.
Long-time Mooloolaba estate agent Kevin Annetts said lifestyle was still a strong factor in luring buyers to the region.
He’d sold two properties in the last month to Western Australians looking to shift from corporate life to a more relaxed setting.
He said owner-occupiers and investors were also showing lots of interest in the market and the lack of supply was continuing to secure premium prices.
REIQ Sunshine Coast zone chair Damien Said has been in the industry for 22 years and said the current market was as strong as he’d ever seen it.
He said suburbs like Maroochydore, Minyama, Buddina and Mooloolaba had experienced double-digit growth for the past three years.
As urban sprawl continued he said properties closest to services and particularly closest to beaches, rivers and canals were becoming more and more attractive.
Lifestyle was a factor he was also seeing driving people into the local market.
“So many people can work remotely now,” he said.
He said stock in the $450,000-$700,000 range was selling extremely.
Originally Published: www.ipswichadvertiser.com.au
Land valuations: Find out if values have risen in your region
2018 Land valuation program snapshot. Picture supplied by Queensland Government.Source:Supplied
QUEENSLAND’S regional property markets are making a comeback, with new land valuations revealing jumps of more than a third in a single year in parts of the state.
QUEENSLAND’S regional and rural property markets are making a comeback with new land valuations released today revealing jumps of more than a third in a single year in some of the state’s most remote areas.
Overall land values in the rural local government area of Maranoa, in the state’s southwest, jumped by nearly 42 per cent, based on a median value of $58,000, according to the results of the latest assessment of land values by the Office of the Valuer General.
There were also good improvements in the Goondiwindi local government area, with land values rising nearly 26 per cent in the past 12 months, and a 21.8 per cent increase in values in Quilpie.
Three LGAs recorded drops in land valuations — Paroo, Gladstone and Hinchinbrook.
Twenty-two LGAs have received new valuations this year, but surprisingly, the state’s biggest LGA — Brisbane — wasn’t included.
The overall land valuation figures include all property types, including residential, rural, commercial and industrial.
Queensland’s Valuer-General Neil Bray said land values had improved in a number of major urban and farming areas across the state in the past 12 months.
“These increases are owed to a robust tourism industry and increased migration in several coastal centres as well as our strong agricultural industry, particularly in the cattle and sheep grazing regions across central Queensland,” Mr Bray said.
“Overall, rural land values have increased throughout the state — a great indicator of market confidence in Queensland’s rural and regional areas.”
Mermaid Beach, Burleigh Waters, Burleigh Heads, Elanora, Currumbin Waters and Tugun experienced the strongest growth in residential land values on the Gold Coast.
On the Sunshine Coast, land values have increased moderately in the more affordable, smaller towns along the North Coast railway line such as Yandina, Nambour and Landsborough.
Prestige property values have also improved with minor increases in beachfront lands as
well as for canal frontage properties in Noosa and Pelican Waters, according to the report.
In the Scenic Rim, residential land values increased significantly in Tamborine
Mountain and Canungra.
Some LGAs associated with the resources industry did not fare well, particularly Isaac and Gladstone.
The valuations, which are used for local government rating, state land tax and state land rental purposes, take affect on June 30.
Originally published: www.news.com.au
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