A SMALL rural town about 160km west of Brisbane is now Queensland’s fastest selling house market.
Houses in Goombungee, north of Toowoomba, are selling, on average, in just 10 days, according to the latest REA Market Trends report.
It had a population of 786 in the 2021 census, and has a median sales price of $436,000 – more than double what it was just three years ago.
But houses in the rural town can, and do, sell even faster, with a three-bedroom home that was listed for offers over $409,000 selling for $436,000 after just seven days on the market.
Goombungee shares the fastest selling time with Holland Park West, where units also change hands on average in just 10 days.
Ray White Crows Nest principal Geoff Trost said Goombungee was a “popular little town”.
“It doesn’t have the big supermarkets but Highfields is just 20 minutes away,” he said.
“It has a good local pub (Pioneer Arms Hotel), cafes.”
Mr Trost said the people moving to the town were a mix of locals and people moving out of Brisbane for a country lifestyle change.
“They are working from home more but its easy enough to go into the office in the city once or twice a week,” he said.
Meanwhile, units in Thorneside and Hillcrest in Brisbane are selling in 11 and 12 days respectively, the data shows.
Meanwhile, apartments are selling in 13 days in Parkinson, Slacks Creek and Freshwater (Cairns) in 13 days.
Houses in Black River, Pallarenda and Rangewood, all in Townsville, and Cooee Bay in Central Queensland, are also moving, on average, in just 13 days, while houses in Kamerunga and Westcourt in Cairns are changing hands in 14 days.
Of Queensland top 20 fastest selling suburbs for houses, just five were in the Greater Brisbane region and included Meadowbrook and Waterford (Logan-Beaudesert) and Raceview, Silkstone and Coalfalls (Ipswich).
Meadowbrook had the highest median sales price among the top 20 at $645,0000.
Elsewhere, the fastest selling suburbs were also located in Toowoomba (Rockville, Meringandan West), Townsville (Vincent, Mount Low), Central Queensland (Barlows Hill, Frenchville), and Wide Bay (Ashfield).
Houses in those suburbs sell within 20 days on average, with every suburb recording double digit growth since 2020.
But in a strong sign that house values have gotten away from the average buyer, it is unit markets in southeast Queensland that dominate the top 20 fastest selling suburbs for apartments.
Twelve locales are spread across Greater Brisbane and include suburbs such as Hillcrest, Carina Heights, Bracken Ridge, Woolloowin, Ormiston and Rochedale.
Beyond the big smoke, the other fastest selling unit suburbs are in Earlville, Manoora, Manunda and Trinity Beach (Cairns), Nerang (Gold Coast) and Harlaxton (Toowoomba).
The data shows that of the suburbs selling in under 20 days, all have median dwelling prices below $650,000.
It comes after the latest PropTrack Home Price Index revealed that August marked the eighth consecutive month of national home price growth, with Brisbane hitting a new price peak.
PropTrack economist Anne Flaherty revealed that Brisbane home prices were now 4.19 per cent above their levels a year ago.
“Limited choice in Brisbane has led to strong buyer competition and solid selling conditions, pushing prices to fresh peaks in August,” Ms Flaherty said.
Since March 2020, dwellings values have soared 50 per cent in Brisbane and 54.4 per cent in the combined regions.
Article source: www.realestate.com.au