- Regional market property prices have risen, as buyers flock to more affordable areas within driving distance to city
- According to CoreLogic data, the Illawarra region south of Sydney has had the highest rise in house values
- Over the past year, the average house price was at $600,000 and property values rose by almost 16 per cent
- Research analysts believe a surge in Sydney property prices has left people rushing to Illawarra region
- Newcastle, the Gold Coast, the Sunshine Coast and Geelong also saw significant jumps in housing prices
Housing prices in regional areas across Australia have seen a surprising jump as buyers are flocking to more affordable areas within driving distances to major cities.
According to CoreLogic data, the Illawarra region, 85 kilometres south of Sydney, has seen a 16 per cent property price rise in the past year, with the average house costing almost $600,000.
Newcastle, the Gold Coast, the Sunshine Coast and Geelong have also documented property price growth and research analysts believe the region’s proximity to the city is driving the market.
Housing prices in regional areas across Australia have seen a surprising jump as buyers are flocking to more affordable areas and the Illawarra region (pictured, a four-bedroom property in Farmborough Heights) topped the list
A stunning four-bedroom home with unrivalled views on Iola Ave in Farmborough Heights hit the market recently for $670,000
‘As you would expect, this market been driven largely by a surge in Sydney property prices as people find themselves priced out of the capital city housing market,’ CoreLogic analyst Cameron Kusher said, according to The ABC.
By the end of March this year, the standard cost for a unit was $442,000.
‘The Illawarra region offers not just an affordable alternative for owner occupiers; it’s also attracting buyers keen to secure holiday homes.’
Newcastle, 160 kilometres north of Sydney, reported an 8.1 per cent surge in housing prices.
The Gold Coast, an hour drive from Brisbane, documented a 7.2 per cent jump in the market and this property, in Wongawallan, is on sale for $630,000
The three-bedroom home sits on 10 acres of lands and boasts three undercover car spaces and two visitor parking bays
The house has a wrap-around veranda and is surrounded by bushland and stunning views
The $630,000 property has a private Billabong, solar panels, a workshop and two water tanks totaling 41,000 litres
Newcastle, the Gold Coast, the Sunshine Coast and Geelong (pictured, a three-bedroom home on Morrison Street) have also documented property price growth and research analysts believe the region’s proximity to the city is driving the market
The townhouse is on the market for $595,000 and offers a huge family room, polished floorboards and is a short stroll to Geelong CBD
The master suite has a private balcony, walk-in robe and a decent-sized ensuite with a double vanity
Queensland’s Sunshine Coast documented a 4.4 per cent rise in house prices and this five-bedroom property has hit the market at $795,000
The property has an orchard of the flowering plant feijoa and a 70,000 litre water tank
Newcastle, the Gold Coast, the Sunshine Coast (pictured) and Geelong have documented property price growth and research analysts believe the region’s proximity to the city is driving the market
Originally Published On: http://www.dailymail.co.uk/
Home in blue-chip street sells for $4.1 million
Queensland’s population hits 5 million people today
Queensland’s population has tipped the 5 million mark today, Premier Annastacia Palaszczuk has told State Parliament.
Ms Palaszczuk said several expectant families were on standby to welcome the state’s five-millionth resident.
“Somewhere today a brand new mum and dad will be eager to meet their new arrival,” she told the house.
“The whole family will want to know: is it a boy or is it a girl? And the doctor will say, ‘congratulations, it’s a Queenslander’.”
Ms Palaszczuk said the two main drivers of the increase were migration growth, particularly from New South Wales, and from 60,000 babies being born in the past year.
PHOTO: The state’s five-millionth resident was born today.(ABC North Queensland: Nathalie Fernbach)
“Overseas and interstate migration is up by 50,000 people in the past year, 19,000 came from interstate … more than 12,000, or 230 a week, move from New South Wales to Queensland,” she said.
ABS data also revealed the fastest and largest-growing area in Queensland in 2016-17 was Pimpama on the Gold Coast, which grew by 3,000 people.
Large growth also occurred in Jimboomba on Brisbane’s south side and in North Lakes — a suburb north of the city — which both increased by 2,100 people.
Coomera on the Gold Coast and Springfield Lakes in Ipswich also experienced large growth up 1,400 people.
The State Government’s population counter gives a “synthetic estimate” of the number of current Queenslanders, assuming a total population increase of one person every 6 minutes and 22 seconds.
Earlier this year the Australian Bureau of Statistics (ABS) said Queensland’s population was growing at 1.7 per cent and was projected to tick over to 5 million in May.
ABS data released in March also revealed Brisbane was one of the country’s fastest-growing cities and had increased by 48,000 in 2017, hitting 2.4 million people.
ABS demography director Anthony Grubb said the state’s population had “come a long way” in the last century.
“In 1901 the population was half a million; a tenth of what it is today… it took 37 years to hit the 1 million milestone in 1938 and another 36 years to reach 2 million in 1974,” he said.
But Mr Grubb said population growth “picked up the pace” after that, taking just 18 years to reach 3 million then only another 14 years to hit 4 million in 2006.
Queensland could be leading growth state in future
Population demographer Dr Elin Charles-Edwards said although Queensland is not currently the fastest growing state, it is possible it could top the leader board later down the track.
‘Not in the short-term, but Queensland is coming up off a relatively subdued growth so perhaps we might be entering an era of more rapid growth,” she said.
Dr Charles-Edwards said the challenges that generally come with increased population could be managed in Queensland.
“As long as we keep up and don’t take our eye off the ball we can continue to absorb quite high levels of growth… but really it’s keeping up with the infrastructure that’s the key challenge,” she said.
Dr Charles-Edwards said it was important to note some parts of the state, particularly in western Queensland, were experiencing population decline.
“While the south-east corner is growing and also many Indigenous communities are growing, other parts of the state are shrinking,” she said.
“Perhaps we could do more to encourage people to move outside the south-east corner.
“If we were able to work out some way to decentralise our population, growth a little bit further up into the northern regional centres, I think that would benefit the growth of south-east Queensland.”
APRA to end cap on property investor loan growth
APRA is removing the 10 per cent ‘speed limit’ on investor loan growth.
Photo: Louise Kennerley
The banking regulator is axing a 10 per cent speed limit on bank lending to property investors, saying the cap has served its purpose and improved credit standards.
With Sydney house prices falling and credit growth slowing, the Australian Prudential Regulation Authority on Thursday said it would remove the cap for bank boards that could prove they had been following its guidelines on prudent lending.
In late 2014, amid a surge in borrowing by property investors and rapid house price growth, APRA took the rare step of setting a 10 per cent limit on the annual growth in banks’ housing investor loan portfolios.
The measure has rocked the mortgage market in recent years, prompting banks to jack up interest rates for housing investors, and demand borrowers stump up bigger deposits.
But on Thursday, APRA chairman Wayne Byres said it was prepared to remove the measure because there had been an improvement in lending standards and a slowdown in credit growth.
“The temporary benchmark on investor loan growth has served its purpose. Lending growth has moderated, standards have been lifted and oversight has improved,” Mr Byres
Even so, the regulator will retain a separate 2017 policy that requires banks to limit their new interest-only lending to less than 30 per cent of all new home loan approvals.
APRA also said there was “more to do” in improving other aspects of banks’ lending, including how they assessed borrowers’ expenses, their existing debts, and the approval of loans that fell outside of banks’ formal lending policies.
APRA said it expected banks to introduce limits on the proportion of new lending that could be done at “very high” debt-to-income levels.
“In the current environment, APRA supervisors will continue to closely monitor any changes in lending standards,” Mr Byres said.
“The benchmark on interest-only lending will also continue to apply. APRA will consider the need for further changes to its approach as conditions evolve, in consultation with the other members of the Council of Financial Regulators.”
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