Beachside Regions To Burst Through $1 Million Median
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Beachside Regions To Burst Through $1 Million Median

Queensland’s coastal suburbs are on the up.

By Terry Christodoulou
Mon, Jan 17, 2022Grey Clock < 1 min

Queensland’s Gold Coast, Sunshine and the upper reaches of NSW’s coast, the Richmond-Tweed region inclusive of Byron Bay are predicted to pass the $1 million median price for a detached house by March according to real estate agency, Ray White.

Ray White’s chief economist, Nerida Conisbee, said all three areas were strong performers last year, rising in price between 35% and 47% — an upward trend that is estimated to continue in 2022.

Key drivers for the price rise include increased interstate migration from Sydney and Melbourne, which is likely to continue on the Gold and Sunshine Coast after the Queensland border re-opened.

The move to work-from-home is also driving local Brisbane residents to move towards living in their traditionally owned holiday houses full time.

According to Ms Conisbee, the Gold Coast, in particular, was in a period of change.

“Historically, it’s been up and down, a bit like Perth, but it’s grown and become more of a mixed economy, not so reliant on tourism, and is starting to show more stability with pricing,” she explained.

Ray White cites CoreLogic figures recorded to the end of November, 2021 detail the median detached home price as $939,000 on the Gold Coast, $956,000 in the Richmond-Tweed region and $968,000 on the Sunshine Coast.

Based on an average monthly price growth of 2%, Ms Conisbee expects all will exceed a $1 million median price for houses by March.

By comparison, the Sydney median for houses is $1.38 million, while Canberra reached $1.07 million late last year, as did the Illawarra region where the median is now $1.01 million. Melbourne’s median is $980,000.



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