QUEENSLAND homeowners have pocketed more than $2.1 billion in property profits in the last three months as new figures reveal there is little pain in the market.
While property price growth has slowed the overwhelming majority of sellers achieved more than they had paid for their property during the September quarter, according to the latest CoreLogic Pain and Gain report.
Within the Brisbane City Council region 90.4 per cent of property sales in the quarter achieved a profit, with a median profit of $182,500.
Councils outside of Brisbane also did well during the quarter with Logan, Moreton Bay and Redland all recording more than 90 per cent of sales for a profit.
The report analyses sales during the September quarter and how many properties sold for more or less than the owners previously paid for them.
It said with the housing market experiencing a slow down in the rate of price growth, it was anticipated that nationally the number of loss making sales could increase in the next couple of quarters
CoreLogic analyst Cameron Kusher said the figures hadn’t changed dramatically in Brisbane during the quarter.
“I think in Brisbane things are pretty steady as she goes, except I guess the one talking point is we have probably seen a slight edging higher of resales at a loss for houses, which had been trending lower for quite a while and obviously units are still pretty inflated,’’ he said.
“We have seen upticks in loss making sales like that in the past. It is nothing too concerning yet, but certainly something to watch if it continues.’’
The median profit was $121,000 and a total profit of $290,350,926.
Mr Kusher said coastal areas had experienced a massive turnaround in the past couple of years.
“The Gold and Sunshine Coasts in particular. I think that again reflects the fact that in terms of value growth the Gold and Sunshine Coasts are actually stronger than Brisbane at the moment.
“I think a lot of migration we are getting into southeast Queensland is into the Gold and Sunshine Coasts and not necessarily into Brisbane.’’
The report found that nationally 90.8 per cent of properties which were resold in the September quarter were at a price at or more than the previous purchase price.
This was only 0.1 per cent lower than the previous quarter.
Regional markets still struggled with more than half, 52.5 per cent of properties sold in Mackay, Isaac and Whitsunday region sold at a loss.
Central Queensland was not much better with 44.3 per cent of sales at a loss and in Townsville 42.9 per cent were for less than owners originally paid. In the Wide Bay region about a third of properties sold for a loss.
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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