The Real Estate Institute of Queensland’s latest quarterly data on the state’s property values has confirmed something market watchers are already well aware of – prices are rising in almost every region across the state.
According to figures in the latest edition of REIQ’s Queensland Market Monitor, property values rose by 6.1 per cent in the final three months of 2020.
REIQ CEO Antonia Mercorella said the state’s property market had performed “in ways that go against every economic prediction made over the last 12 months”.
“In fact, Queensland property has remained extremely stable, recording a steady rate of growth that’s really strengthened its market appeal,” Ms Mercorella said.
“Between record-low interest rates, low stock availability for sale, improvements in consumer sentiment and Queensland’s unbeatable lifestyle, it’s no surprise we’ve also seen broader increases in values month-on-month in 2021.”
Noosa remained the most expensive housing market in Queensland, with values rising 15.4 per cent to achieve a record-breaking median house price of $900,000.
The median price of units in Noosa also increased by 14.3 per cent to reach a new high of $710,000.
Ms Mercorella said strong levels of interstate migration were helping propel property prices, particularly in coastal areas.
“The Sunshine Coast remains the shining star of the Queensland property market,” she said.
“Not only has the Sunshine Coast achieved strong property price growth for houses at 7.7 per cent over the year but the unit market is also firing, albeit slightly stronger at 8.0 per cent.
“In fact, the Sunshine Coast, along with the Gold Coast, have been top destinations for internal migration for years now.
“And with minimal international migration at present, that internal movement is really benefiting our markets relative to other parts of the country.”
Brisbane recorded annual growth of 5.8 per cent, reaching a new record median house price of $725,000 for 2020.
The Queensland capital recorded monthly increases of 0.9 per cent and 1.5 per cent in January and February 2021 respectively – the latter representing the steepest rise since November 2007 when the monthly growth rate was 1.72 per cent.
The result is also an increase in the median price across Greater Brisbane’s most affordable regions, with houses now valued at a median of $544,900 and median unit prices at $391,800 – the highest on record for both categories.
At the end of last year, Brisbane also recorded six new million-dollar suburbs, with most experiencing impressive annual growth results.
These included Bardon, which had a 17.2 per cent rise to reach a new median of $1,062,000, Graceville (a 12.8 per cent increase to $1,012,500), Grange (up 6 per cent to $1,017,500), Rochedale (up 6 per cent to $1,033,750), West End (up 14 per cent to $1,115,500) and Yeronga (up 28 per cent to $1,085,000).
The data also showed regional areas were experiencing big increases in property values, with figures revealing that out of 56 regional Local Government Areas (LGAs), 52 showed positive annual growth, representing 93 per cent of the state’s regional market.
Some of 2020’s top-performers included, in the state’s northwest, which had a 36.2 per cent increase in values, Murweh in the southwest, with a rise of 30.4 per cent, and Isaac, in Central Queensland, which had a 25 per cent increase.
“While Brisbane continues to strengthen, it’s equally pleasing to see Queensland’s regional markets outperforming our capital city with widespread property demand and price increases recorded across most areas,” Ms Mercorella said.