As the Blues and Maroons prepare to don their jerseys and take to the field in Brisbane, Queensland has already been declared the victor in the LJ Hooker ‘Real Estate of Origin’.
Head of Research, Mathew Tiller analysed the property market data from both states to compile the battle for open homes and auctions between QLD and NSW, and found some interesting insights.
Queensland’s property market outperformed New South Wales in key property indicators over the last 12 months, according to LJ Hooker’s annual market match-up.
Queensland owes much of its success to the Gold Coast’s unit market. In a Man-of-the-Match performance, the Gold Coast scored bragging rights for the most apartments sold over the last year (Surfers Paradise, 1224), the highest combined value sold (Surfers Paradise, $623m) and the fastest selling unit market (Currumbin Waters, 18 days).
Sydney’s blue-chip housing market led the New South Wales’ fightback, claiming the title of the most expensive median house price (Bellevue Hill, $8.44m), highest asking rents (Bellevue Hill, $2,350p/w) and highest combined value of homes sold (Mosman, $1.01bn).
Across the spectrum of property indicators, Queensland outscored NSW by 8-6.
“A season is a long time in footy, and a year is a long time in property,” Mr Tiller said.
“Lifestyle markets such as the Gold Coast really came to the fore over the last 12 months. Surfers Paradise consistently has a high volume of unit sales each year, but we’ve also seen other suburbs on the Gold Coast including Currumbin Waters, Benowa and Clear Island Waters take out accolades in other categories.
“There’s been strong population growth in Queensland during the last 12 months, with the state welcoming its five millionth resident recently. Queensland’s population influx has played a part in the growth of the Gold Coast.”
Interestingly, the most house sales over the last 12 months belonged to Orange in New South Wales.
Similar to the Gold Coast, the Central West township’s popularity could also be attributed to buyers seeking a new lifestyle, Mr Tiller said.
“There’s been a small amount of Sydneysiders opting for the tree-change over the last year, choosing to cash in on the capital growth they had enjoyed in previous years,” he noted.
“Orange is one of the towns that has attracted people looking for a country lifestyle that still has many of the city-stylings like cafes, restaurants and shopping.”
