QUEENSLAND’S REGIONAL PROPERTY MARKET HAS EMERGED FROM ITS BATTERING AFTER THE RESOURCES SLOWDOWN
QUEENSLAND’S regional property market is emerging from the battering it took during the resources slowdown with coastal towns leading the charge.
Minyama on the Sunshine Coast proved to be the best performing housing market in the entire state in the past 12 months with new figures revealing median house price growth of 43.9 per cent to $1,275,000.
Many suburbs within the Sunshine Coast performed well in the past year as did the Gold Coast.
The latest Real Estate Institute of Queensland market monitor revealed that Queensland’s regional suburbs and towns were experiencing strong population growth which had lead to growth in the local property markets.
It comes as the REIQ is once again calling on the State Government in its Budget next week to consider making the First Home Buyers grant eligible for those wanting to buy existing properties in regional towns to further help lift those markets.
Australian Bureau of Statistics figures reveal the Gold Coast, Sunshine Coast and Moreton Bay were the top preferred locations for internal migration.
REIQ CEO Antonia Mercorella said many regional towns had affordable existing properties and it didn’t help those local property markets to only reward first time buyers who built something new in the area.
The strongest performer outside of greater Brisbane, the Gold Coast and the Sunshine Coast in the past quarter was Warwick.
The Southern Downs township recorded median house price growth of 21.7 per cent in just three months to bring the current media to $280,000
Frenchville in Rockhampton was also a solid performer with 15.9 per cent growth in three months to $342,000.
In the past 12 months Boonah in the Scenic Rim was the most solid performer with 20.8 per cent median house price growth to $314,000. It was followed by Clifton Beach in Cairns where the median house price rose 19.30 per cent to $557,500.
TOP REGIONAL PERFORMERS MARCH QUARTER
- WARWICK — $280,000 — 21.70%
- FRENCHVILLE — $342,000 — 15.90%
- EMERALD — $260,000 — 15.60%
- BUSHLAND BEACH — $384,500 — 11.80%
- TAMBORINE MOUNTAIN — $529,500 — 10.90%
- NORMAN GARDENS — $418,500 — 8.70%
- BENTLEY PARK — $375,000 — 8.40%
- GYMPIE $275,000 — 7.80%
- NEWTOWN — $310,000 — 6.90%
- KAWUNGAN — $363,000 — 6.80%
TOP REGIONAL PERFORMERS 12 MONTHS
- BOONAH — $314,000 — 20.80%
- CLIFTON BEACH — $557,500 — 19.30%
- RASMUSSEN — $350,675 — 15.00%
- MOOROOBOOL — $408,170 — 14.60%
- IDALIA — $482,500 — 14.30%
- BURRUM HEADS — $409,000 — 13.60%
- MORANBAH — $181,000 — 13.10%
- MANOORA — $350,000 — 12.90%
- HARLAXTON — $293,000 — 12.70%
- BLACKWATER — $90,000 — 12.50%
Source - Michelle Hele - The Courier Mail
