The Sunshine State Is In High Demand
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The Sunshine State Is In High Demand

Queensland’s residential property market experiences strong quarter.

By Terry Christodoulou
Wed, Dec 15, 2021 2:34pmGrey Clock < 1 min

Across Queensland, median house prices climbed 1.8% over the quarter with Greater Brisbane and tourism hotspots proving the most appealing.

Brisbane achieved the highest number of house sales over the quarter according to data from the Real Estate Institute of Queensland (REIQ), with 3912 sales. This was followed by the Gold Coast (2,419), Moreton Bay (1,945), Sunshine Coast SD (1,510), Logan (1,413) and Ipswich (1,366).

Brisbane’s median house price rose by 4.7% over the quarter, reaching a new high of $900,000. The new figures represent a 15.5% growth compared to 12 months prior.

Despite the rise, Greater Brisbane still remains affordable with the capital city outskirts experiencing a lesser 2.8% quarterly increase to a median house price of $640,000.

Noosa was the clear stand-out with 13% growth in the quarter. However, the holiday-town couldn’t match its previous efforts of 19.8% growth in the June 2021 quarter.

Ipswich (8.7%), Redland and Fraser Coast (both at 6.5%), and Bundaberg (6.4%) followed on to round out the top five fastest-growing local government areas.

Noosa also took the top spot for the highest quarterly median sale price at $1.3 million — $400,000 above the state’s next best performer Brisbane at $900,000, Sunshine Coast SD at 850,000, Sunshine Coast at $825,000 and Gold Coast at $810,500.

It’s not only houses on the rise as Queensland’s median unit prices rose 3.5% over the quarter.

Local government areas such as Mackay (17.4%), Sunshine Coast 12.1%) and Sunshine Coast SD (11.1%) all saw double-digit growth in the quarter.

Greater Brisbane experienced moderate median unit price growth at 1.8 per cent to reach $420,000.

Coastal areas garnered the highest unit prices with Noosa ($850,000), Sunshine Coast SD ($600,000), Sunshine Coast ($560,000) and Gold Coast ($510,000) at the top of the charts.


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By WILL PARKER 23/11/2022
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Australian house values continue to fall – but the pace of decline has slowed

Data reveals house values have continued to decrease, but the rate has slowed as the RBA Board prepares to meet next week

Thu, Dec 1, 2022 2 min

House values continued to fall last month, but the pace of decline has slowed, CoreLogic reports.

In signs that the RBA’s aggressive approach to monetary policy is making an impact, CoreLogic’s Home Value Index reveals national dwelling values fell -1.0 percent in November, marking the smallest monthly decline since June.

The drop represents a -7.0 percent decline – or about $53,400 –  since the peak value recorded in April 2022. Research director at CoreLogic, Tim Lawless, said the Sydney and Melbourne markets are leading the way, with the capital cities experiencing the most significant falls. But it’s not all bad news for homeowners.

“Three months ago, Sydney housing values were falling at the monthly rate of -2.3 percent,” he said. “That has now reduced by a full percentage point to a decline of -1.3 percent in November.  In July, Melbourne home values were down -1.5 percent over the month, with the monthly decline almost halving last month to -0.8%.”

The rate of decline has also slowed in the smaller capitals, he said.  

“Potentially we are seeing the initial uncertainty around buying in a higher interest rate environment wearing off, while persistently low advertised stock levels have likely contributed to this trend towards smaller value falls,” Mr Lawless said. “However, it’s fair to say housing risk remains skewed to the downside while interest rates are still rising and household balance sheets become more thinly stretched.” 

The RBA has raised the cash rate from 0.10 in April  to 2.85 in November. The board is due to meet again next week, with most experts still predicting a further increase in the cash rate of 25 basis points despite the fall in house values.

Mr Lawless said if interest rates continue to increase, there is potential for declines to ‘reaccelerate’.

“Next year will be a particular test of serviceability and housing market stability, as the record-low fixed rate terms secured in 2021 start to expire,” Mr Lawless said.

Statistics released by the Australian Bureau of Statistics this week also reveal a slowdown in the rate of inflation last month, as higher mortgage repayments and cost of living pressures bite into household budgets.

However, ABS data reveals ongoing labour shortages and high levels of construction continues to fuel higher prices for new housing, although the rate of price growth eased in September and October. 

Sydney city skyline with inner suburbs of Glebe and Pyrmont, Australia, aerial photography

Predicted increases in value signals strength in local property market.

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