The rise and rise of Regional Queensland property markets continue: Hotspotting's Terry Ryder
EXPERT OBSERVER
Our research for the upcoming Spring edition of The Price Predictor Index shows that Regional Queensland has set another record, with 171 locations with rising sales activity and 96% of all locations achieving price growth in the past year.
The total of 171 rising markets is the highest recorded in the six years of these quarterly surveys. From 2015 to 2020, the average number of rising markets in our surveys of Regional Queensland was 49. The three surveys in 2021 have recorded 157, 146 and 171 rising markets.
The latest increase in the number of upwardly mobile markets comes despite a further softening in the Sunshine Coast market. The Sunshine Coast Region and Noosa Shire combined still have 19 rising markets, but this compares with 25 three months ago and 37 six months ago. This distinct pattern of a softening market comes after three very strong years in this market, and prices are still rising.
Elsewhere in Regional Queensland, it’s very much a story of growth. The Gold Coast, Cairns, Bundaberg, Gladstone, Mackay, Rockhampton, Toowoomba and Townsville have all increased the number of suburbs with rising sales volumes.
The Gold Coast is the most prolific municipality in the nation: 37 of the 49 Gold Coast City suburbs ranked in this report have rising trajectories with sales activity. This is an incredibly strong market, thriving on the Exodus to Affordable Lifestyle trend and going to another level every time Sydney and melbourne experience lockdowns. Southport is a particularly prolific market: quarterly sales have been 197 288 382 496 505.
The other standout market is Toowoomba, where 14 of the 17 suburbs ranked in this report are categorised as growth markets.
In the Far North of the state, both Cairns and Townsville have buoyant markets. Cairns has 16 suburbs with rising sales activity and Townsville has 11. In Palm Cove in Cairns, quarterly sales activity has been 25 54 69 78 92.
In Central Queensland, nine of the 10 Rockhampton suburbs in this report are rising, while 10 of the 14 Mackay suburbs have increasing sales activity. In Yeppoon, quarterly sales have been 41 73 99 107
Gladstone is continuing its revival after a long slump: 8 out of 12 suburbs now have rising sales activity and there is growing evidence of price recovery.
Bundaberg continues to emerge as a growth city, with 8 out of 11 suburbs delivering rising sales activity.
There is also rising momentum in the Whitsundays market.
PRICES: The Sunshine Coast region is the undoubted star of price growth performance in Regional Queensland, although the Gold Coast is also challenging.
Across Queensland, 96% of locations have recorded growth in their median house prices in the past year. Almost 60% of locations have risen more than 10%.
3580 Main Beach Parade, Main Beach
Unit markets have also done well, with 85% of locations recording annual rises in their median unit prices.
Across the region covered by the Sunshine Coast and Noosa councils, there are 33 suburbs and towns where the median house price has increased by at least 12% in the past year.
Sunrise Beach is up 37% to $1.2 million, while Minyama has risen 29% to $1.5 million. Markets which have increased 20-22% include Coolum Beach ($850,000), Wurtulla ($745,000), Woombye ($635,000), Twin Waters ($970,000), Maleny ($750,000), Mt Coolum ($760,000), Mudjimba ($920,000) and Noosaville ($1.35 million).
The Gold Coast has 26 suburbs with annual growth in house prices above 12%, led by Currumbin (up 24% to $1.18 million) and Bundall (22% to $1.27 million). Tallai, Tugun, Coomera, Labrador and Miami have all lifted 18-19% in the past year.
The Hervey Bay market is lifting, headed by the 25% rise in Pialba ($400,000), while six other suburbs have increased more than 12%.
Mackay has several growing suburbs, led by 30% in Sarina ($375,000) and 25% in East Mackay ($425,000). Gladstone’s recovery continues, with double-digit median price growth in six of its suburbs.
In Far North Queensland, Cairns has multiple growth locations, including Palm Cove (up 30% to $770,000), Caravonica (30% to $500,000) and Port Douglas (27% to $750,000). The revival in Townsville is being led by the 30% rise in North Ward ($735,000).