Queensland’s Regional Market Hits a 6-Year High
In the six years that Hotspotting has conducted quarterly surveys of prices and sales activity, this is currently Queensland’s strongest regional market. Property values are rising, and the number of growing markets is by far the highest recorded.
72 locations of increased sales activity have been identified, which is indeed a surprising fact considering the Coronavirus pandemic. Many state locations are profiting from both an improvement in the resources sector and the Exodus to an Affordable Lifestyle. In most of these areas we’re seeing extremely low vacancy rates.
The following regional cities have at least five suburbs with sales activity experiencing a forward momentum –
- The Sunshine Coast,
- Gold Coast,
- Mackay,
- Toowoomba,
- Gladstone,
- Rockhampton, and
- Townsville
The above cities, together with smaller regional centres like Emerald, Gympie, Kingaroy, Warwick, and Dalby, all have property markets trending towards sustained price growth.
And once again it’s the Sunshine Coast that’s leading the way, but there are other emerging markets, specifically Toowoomba. In addition, resources-related centres like Emerald, Mount Isa, and Gladstone are showing clear signs of recovery following a number of years in downturn.
Of course there are exceptions to this trend of upwardly-mobile property markets, with two noticeable markets being Cairns and the Fraser Coast. Neither of these are enjoying the growth seen in other areas of the State.
The Sunshine Coast continues to lead the way as Australia’s outstanding property market. Fourteen Sunshine Coast suburbs are experiencing increased sales activity, while seven suburbs are enjoying stable sales volumes.
There are two growth suburbs in neighbouring Noosa.
The Gold Coast has seven growth suburbs, with 12 other suburbs showing consistent growth.
The new contender is Toowoomba, with a rising economy due to significant new infrastructure. There’s rising sales activity in eight suburbs, and prices are expected to increase significantly.
Gladstone, Rockhampton, Townsville, and Mackay all have rising momentum in between five and seven suburbs. Especially notable is the re-emergence of Gladstone as a growth market following a downturn of at least six years. With low vacancy rates, improved sales activity, and rising prices, Gladstone is back in the property market game.
When it comes to price growth, Queensland’s regional markets are performing well. Nearly three-quarters of regional locations have enjoyed annual growth in median house prices, while during the last quarter around the same number of suburbs and towns have experienced price uplift.
But it’s Australia’s beautiful Sunshine Coast that continues to impress as one of our strongest markets, especially with price uplift in the market’s top end.
The most expensive coastal suburb is Sunshine Beach, which recorded an annual rise of 33% in median house prices, up to $1,750.00. In the past 12-months there’s been an increase of 29% in Minyama (a canal-based suburb) up to $1,190,000. The median house price in Yandina ($730,000) has also increased by 30%.
In and around Noosa we’re noticing a standout property market – Noosaville is up 12%, Sunrise Beach is up 17%, while Sunshine Beach is up 33%. The median price of $900,000 in Mooloolaba has increased 10%, and the median price of $910,000 in Moffat Beach is now up 12%.
There’s also been significant annual growth performances on the Gold Coast, with Worongary increasing by 30%, Runaway Bay by 14%, Miami by 12%, and Arundel and Burleigh Heads both increasing by 15%.
We’re also seeing a number of rising markets in Central Queensland, including Rockhampton where Berserker leads the growth with a 27% increase, and Mackay, where both South and North Mackay, Blacks Beach, and Andergrove have all recorded annual growth in double digits.
In Gladstone we’re seeing clear evidence of a recovery following a lengthy downtown. Median house prices have grown in suburbs like West Gladstone (18%), Clinton (12%), Tannum Sands (11%), and Calliope (10%).
Resources towns in Central Queensland are also recovering, with Moranbah up 23% and Clermont up 10% – even though these are from a low base. On the Western Downs we see Chinchilla in a similar position, where after a number of years in decline, median house prices have risen 15% in the past 12-months.
