"THE house market has rebounded from a period of low listings with a surge of stock, in some markets as much as 100 per cent more in the March quarter, according to the REIQ’s March Quarter Queensland Market Monitor.
Looking at southeast areas
where the market is performing well, the Gold Coast and Sunshine Coast were the
two strongest performing markets in Queensland again this quarter,
outperforming Brisbane (as they did last quarter).
The Sunshine Coast continues to
grow and, along with the Gold Coast, these centres formed the top two most
popular migration destinations for people moving within Australia in 2016. More
than 12,000 people moved to these two coastal destinations (excluding overseas
immigration) last year, according to ABS data.
Noosa was the top annual median
house performer with an annual growth of 9.2 per cent compared with March 2016.
This has positioned Noosa as the second-most expensive house market with an
annual median sale price of $615,000.
The unit market over the past 12 months has
begun to show signs of easing, with the annual median unit price falling 1.9
per cent to $445,000. However, that slight easing doesn’t
represent the whole story for Brisbane’s unit and townhouse market.
There are suburbs that have done well this
quarter, including Albion (up 5 per cent since December), Bulimba (up 26.8 per
cent this quarter), Indooroopilly (up 18.5 per cent), New Farm (up 7.5 per
cent), Rochedale (21.1 per cent), Taringa (4.8 per cent) and Toowoong (up 3.2
per cent since December). [Editor note: this is likely because of new apartments being sold for the first time, not price increases in existing apartments.]
Brisbane LGA suburbs where units have done
well over 12 months and five years include:
- · Annerley
- · Balmoral
- · Bridgeman Downs
- · Coopers Plains
- · Coorparoo
- · Darra
- · Greenslopes
- · Highgate Hill
- · Manly
- · Manly West
- · Mount Gravatt
- · Norman Park
- · Red Hill
- · Richlands
- · Rochedale
- · Toowong
- · Wakerley
- · Wynnum
Units are becoming more popular with
Queenslanders. CoreLogic has reported that 17 per cent of Queenslanders live in
an apartment, just behind New South Wales’ 22 per cent and ahead of Victoria’s
15 per cent.
“The REIQ is confident the long-term future
of apartments is secure and particularly in the inner-city where such exciting
projects as Queen’s Wharf and the Howard Smith Wharves are adding to the
night-time economy of inner Brisbane. Added to South Bank, Milton’s Caxton
Street and the Barracks, the West End, and Eat Street Markets, this is a
diverse and vibrant inner-city and the demand for inner-city apartments will
continue to grow over time,” Ms Mercorella from REIQ said.