Gladstone defies doomsayers with 24% gain in annual median house prices with Moranbah also strong

Gladstone defies doomsayers with 24% gain in annual median house prices with Moranbah also strong
Gladstone defies doomsayers with 24% gain in annual median house prices with Moranbah also strong

Talk of the mining boom effect petering out in perennial property hotspot favourites Gladstone and Moranbah in northern Queensland appears premature with both bucking the trend of property markets that soar one year only to fizz out the next.

Property Observer analysis of the 15 best performing detaching housing markets across five house price brackets published last May by Smart Property Investment magazine now one year on, shows that nine markets went from boom to bust in the space of a year, two tread water and three grew strongly, albeit at slower rates in the prior year.

The biggest boom to bust occurred in Quindalup, a small town in the South West region of Western Australia in the shire Busselton and about 250 kilometres west of Perth, most famous as the hub of a thriving timber industry from the mid to late 1800s.

Just a few original buildings remain, including Harwoods Cottage, now a local tourist attraction.

Based on annual sales data, RP Data figures show that Quindalup median house prices rose 47% to Feb 2012 but then fell 38% in the twelve months to February 2013.

Double-digit corrections also occurred in Netherby, a suburb of Adelaide, Sydney’s prestige McMahons Point on the lower north shore (though from a small number of prestige sales), Dicky Beach, a suburb on the Sunshine Coast, East Launceston in Tasmania, Alton Downs near Rockhampton and Shorewell Park on the north coast of Tasmania near Burnie.

However, Gladstone City median house prices (the greater Gladstone area) have risen 24% over the 12 months to February 2013 following a rise of 32% in the previous months to a median of $600,000, albeit off just 17 recorded sales, according to RP Data.

And in Moranbah, house prices rose 17% over the 12 months to February 2013 following a 33% in the previous 12 months to rise to $740,000 from 159 sales.

The third location to register two consecutive years of strong price growth was Millthorpe in NSW, a tiny hamlet between Orange and Blayney with 1,100 people, with price gains of 31% in 2012 and 13%.

While listed as the top performers, the locations below were not necessarily recommended by RP Data or SPI Magazine as property investment hotspots for 2013.

State

Suburb

Annual sales to Feb 13

Median price Feb 2012

Median price Feb 2013

Median 12mth growth to Feb 2012

Median 12mth growth to Feb 2013

BEST PERFORMING SUBURBS $700,001 plus

WA

Quindalup

12

$970,000

$565,000

47%

-38%

SA

Netherby

19

$970,000

$800,000

39%

-18%

NSW

McMahons Point

16

$1.92m

$1.6m

33%

-17%

BEST PERFORMING SUBURBS $500,001 - $700,000

WA

Derby

42

$555,000

$542,500

40%

0%

QLD

Moranbah

159

$610,000

$740,000

33%

+17%

QLD

Dicky Beach

20

$660,000

$562,500

28%

-15%

BEST PERFORMING SUBURBS $400,001 - $500,000

QLD

Alton Downs

13

$480,000

$430,000

38%

-10%

TAS

East Launceston

44

$478,000

$385,000

33%

-19%

QLD

Gladstone City

17

$482,500

$600,000

32%

+24%

BEST PERFORMING SUBURBS $300,001 - $400,000

SA

Munno Para

92

$322,827

$307,500

42%

+1%

NSW

Millthorpe

12

$330,000

$372,500

31%

+13%

NSW

Wyee Point

17

$380,000

$377,500

31%

-1%

BEST PERFORMING SUBURBS UNDER $300,000

TAS

Shorewell Park

18

$246,000

$207,500

47%

-21%

NSW

Boggabri

21

$157,500

$153,000

45

-6%

TAS

Trevallyn

98

$290,000

$279,500

26%

-7%

Source: RP Data/Smart Property Investment magazine 

The most up-to-date price growth for these suburbs and all others can be found on our RP Data suburb data property map.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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