REIQ Market Monitor Shows Strong SE Queensland Growth
The Real Estate Institute of Queensland June quarter market monitor report has been released, showing strong signs of growth for the South East Queensland property market. Reporting on June quarter median price moves has revealed that Brisbane LGA, Gold Coast, and Sunshine Coast are driving solid, sustainable capital growth for property owners.
Felicity Moore, writing for the REIQ gave the following overview.
“The Brisbane LGA median house price grew 3.6 per cent in the 12 months to June, to reach a new high of $655,000, which demonstrates that affordability and amenity deliver consistent growth.
The Gold Coast grew a whopping 6.8 per cent over the 12 months to June, reaching an annual median house price of $595,000.
The Sunshine Coast SD grew 6.2 per cent over the year to June, to a median house price of $550,000.”
Capital city data, which looks at house prices to 31 May 2017, also clearly supports the case that the Brisbane property market is the savvy investor’s choice, when compared with Greater Melbourne and Greater Sydney. REIQ CEO Antonia Mercorella said Queensland’s southeast corner once again stood out as the ideal housing market, delivering steady, sustainable growth.
“Looking at Greater Brisbane compared with Greater Melbourne and Greater Sydney our median house price has grown 4% to Melbourne’s 9% and Sydney’s 6% (for 12 months to 31 May) but as those markets start to cool people are naturally growing concerned about a potential correction.
However, throughout the southeast corner, our growth is based on an improving value proposition, which means it is reliable, sustainable capital growth”
Brisbane’s Million Dollar Suburbs
This line of thought is supported by CoreLogic RP Data, which shows that more than half (almost 56%) of Sydney suburbs have a median house price of $1 million or more. By comparison, just 5.9% of Brisbane suburbs have a median house price in excess of $1 million. These include:
- Ascot ($1,520,000)
- Auchenflower ($1,055,000)
- Bulimba ($1,110,000)
- Chelmer ($1,035,000)
- Clayfield ($1,075,000)
- Fig Tree Pocket ($1,028,000)
- Hamilton ($1,065,000)
- Hawthorne ($1,200,000)
- Highgate Hill ($1,141,119)
- New Farm ($1,600,000)
- Robertson ($1,078,000)
- St Lucia ($1,255,000)
- West End ($1,100,000)
- Wilston ($1,200,000)
Despite the strong growth in the state’s South East, regional centres did not perform as well. Gladstone is Queensland’s most affordable unit market, with a median unit price of $218,750, while Rockhampton offers Queensland’s most affordable house market with a median house price of $270,500.