Beachside Regions To Burst Through $1 Million Median
Queensland’s coastal suburbs are on the up.
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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.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The construction sector is roaring back to life in some Australian states while others languish in the doldrums
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The home building market is on the rebound as building approvals rise, new data reveals.
Information from the Australian Bureau of Statistics shows that the total number of dwellings approved in August was up 7 percent seasonally adjusted, with apartments leading the way.
Private sector house approvals gained 5.8 percent in August while private sector residences excluding houses were up 9.4 percent. This follows on from a decrease of 14.6 percent in July and indicates a solid recovery in the Australian construction sector as the end of the year approaches.
Approvals for total dwellings were strongest in the two largest states, with Victoria recording a rise of 22.2 percent and NSW 12.5 percent. Western Australia also saw a significant rise of 12.3 percent.
In Queensland, the results were less positive for the sector, with total dwelling approvals falling by -26.9 percent. Tasmania also experienced a drop in approvals in August, down -10.1 percent and South Australia -6.9 percent.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
