The Real Estate Institute of Queensland (REIQ) reported that nearly 70 Queensland suburbs registered double digit growth over the 12 months to June, running contrary to the notion of a nationally cooling property market.
REIQ CEO Antonia Mercorella agrees, noting that the reality – where numerous markets in the state performing exceptionally well – was running against the popular belief.
“A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result,” she said.
“And there are many more suburbs delivering strong single-digit growth. It’s a great market to be in at the moment.”
The Queensland Market Monitor revealed that the suburbs seeing gains are found throughout the state, specifically in the southeast corner, central and northern Queensland.
It was highlighted that the Blackwater has been the top performer among these suburbs, with 151% growth. This was driven by the resurgence in coal prices and the low base starting point.
11 suburbs hit an annual price growth of more than 20%. Apart from Blackwater, Spring Mountain (Ipswich), Collinsville, Minyama (Sunshine Coast), Hamilton, Hollywell (Gold Coast), Miles, Mount Coolum, Dundowran Beach (Fraser Coast), Boonah (Scenic Rim) and Idalia (Townsville) were on the list.
REIQ CEO Antonia Mercorella welcomed the fact that the growth was not focused on one area. “This spread of suburbs is a good indication that Queensland real estate is delivering steady sustainable growth across the board. We’re seeing growth outside the southeast corner,” she said.
However, she also emphasised that values in mining towns remained low compared to figures from five years ago.
“While we’re definitely seeing prices come back in western Queensland mining towns, such as Blackwater, these prices are still below their peak. It’s unlikely we’ll see a return to pre-2013 prices in those areas anytime soon,” she noted.
Looking closely into the data, it was found that there are two different price range dominating the list of top performing suburbs. First, there was the very affordable bracket with a price range below $350,000. Second range was the price bracket above $500,000 and below $750,000, which generally appeals to family lifestyle.
Eighteen top-performing suburbs reported a median house price range below $350,000. Most of these suburbs are in regional Queensland.
18 top performers, meanwhile, were seen to have an annual median house price range between $500,000 and $749,999. Thirteen of these suburbs are located in the southeast corner.
Finally, eight top performing suburbs reported an annual median price range above $1 million. All these suburbs are located in Brisbane, Noosa or the Sunshine Coast LGA.
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