Queensland Market in Recovery and Growth Phase!
Queensland’s key real estate markets are firmly in a recovery phase with strong sales in the SE corner and a number of the state’s regional tourism centres reflecting growing market confidence.
Even though the SE corner is doing quite well there’s been a tapering off in sales for those mining centres in regional QLD. There’s currently an oversupply in housing, which should be taken up over the next 12mths. Centres like Mackay and Gladstone have slowed but haven’t been hit anywhere near as hard as the inland mining centres. Moranbah has seen rent levels drop from the heights about 2 years ago of $1,600/wk down to the current asking prices of about $260/wk and that’s if you’re lucky enough to secure a tenant.
In greater Brisbane, sales activity remained consistent with the December quarter, however with a shift in increased activity weighted towards the outer regions, the median house price was down 1.1 per cent.
The states tourism centres are showing signs of bouncing back and are performing strongly, with all four regions – Gold Coast, Sunshine Coast, Fraser Coast and Cairns – posting solid growth in their median house prices. On the Sunshine Coast preliminary sales numbers were up 4 per cent over the quarter, while over the year to March the Gold Coast was the star performer with an increase of about 20%. This has been around the centre areas of the Coast and will ripple out to the other regions over the next year or two. The Commonwealth Games coming in 4 years will also push up growth figures.
Median house prices in all of those tourist centres is trending upwards following two consecutive quarters of positive results.