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The Coast suburb where home affordability meets growth



Dean Chesterman and Rebecca Dyne are loving life since they moved into their new home in Burnside.

NAMBOUR is still the Sunshine Coast’s star of affordability, but is also emerging as an attractive growth area, according to the latest data.

The Queensland Market Monitor revealed Nambour house prices were up 18.5% in June compared to five years ago and 5.7% on the previous year, with the median house price now at $370,000.

That’s good news to engaged couple Rebecca Dyne, 23, and Dene Chesterman, 33, who bought their first home on the outskirts of Nambour as a house and land package in December last year.

“They’re making Maroochydore the CBD, so I figured the expansion would eventually go to Nambour and if we decide to sell this place in five or ten years time there would be a bit of an upswing in the value,” Miss Dyne said.

Miss Dyne had previously lived in Kawana and Mooloolaba, but was happy to move to own a home on a larger block.

“For less money, I was able to get more land out here,” she said.

“I didn’t really like the idea of living on top of my neighbours.

“It’s just calm, it’s just quiet. Nice if you want to raise a family.”

Mr Chesterman said it made good financial sense to make the move.

“We were paying $420 a week in rent, now we’re paying about $430-$440 on a mortgage, and now we’ve got something to show for it,” he said.

Median house prices in Nambour last bottomed out in 2012 at $308,000, but have been on the rise ever since, while unit prices have recovered from a low of $205,000 in 2014.

The median unit in the area cost $285,000, growing 15.2% in five years, compared to 15.7% across the Sunshine Coast Council area.

Elders Real Estate Nambour principal Diana Davidson said older homes were still going in the $300,000s, but new homes were usually over $400,000.

Mrs Davidson said unlike Mr Chersterman and Miss Dyne, most younger buyers were still going for the older, cheaper homes.

“You’re getting younger couples coming to Nambour to establish a home, because they can’t get (into more expensive areas) on the Coast,” she said.

Meanwhile, she had noticed an influx of buyers new to the Coast, with the latest coming from Sydney, Darwin and even India.

“The last five houses we’ve sold in Nambour have all been to people from out of the area,” she said.

She said buyers generally came to Nambour because they had relatives in the area, they needed to be near the hospital, or they wanted to live on the Coast but needed a more reasonable price.

Meanwhile, nearby Coes Creek has emerged as a new growth area in real estate, outpacing Nambour in the past year with median price growth at 10.4% for houses to a price of $405,000.

Part of that median price rise is a result of a subdivision opening up stocks of newer, more expensive homes.

“There’s a subdivision pushing out into that area, and it’s not that far from the schools and the TAFE,” Mrs Davidson said.

“I think that’s a really popular growth area.”

A median weekly rental price of $393 was recorded in June for three-bedroom houses in the 4560 postcode, which includes Nambour, Mapleton, Montville, Palmwoods, Bli Bli and Flaxton.

The median rent price for two-bedroom units was $283, and $395 for three-bedroom townhouses.

“The property managers tell me the rents are increasing (in Nambour), which has been a long time coming,” Mrs Davidson said.



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Market Place

Home in blue-chip street sells for $4.1 million



Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million
Home in blue-chip street sells for $4.1 million

Home in blue-chip street sells for $4.1 million


The canal-front home at 59 Witta Circle, Noosa Heads, sold on April 30 for $4.1 million through Tom Offerman Real Estate.


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Market Place

Queensland’s population hits 5 million people today



Queensland's population hits 5 million people today
PHOTO: Is this Queensland’s 5 millionth person? Cordy Kerr-Kennedy was born yesterday in Townsville. (ABC News: Mark Jeffery)

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.

Queensland's population hits 5 million people today
 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.

 Queensland's population hits 5 million people today
PHOTO: The ABS estimated Queensland’s population was growing 1.7 per cent a year. (AAP: Dan Peled)

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.”


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Market Place

APRA to end cap on property investor loan growth



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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