One of Queensland’s most expensive housing markets now appears to be lagging behind as much of the country records surging property prices.
New data from property analysts CoreLogic on Monday found national property prices are returning to record-breaking levels, with eight months of growth in a row.
The trend is borne out in Queensland where homes in almost every part of Queensland are now more expensive than they were 12 months ago — with the exception of the Sunshine Coast and neighbouring Noosa.
They remained flat, even falling by 0.4 per cent from their record-setting highs of last year.
CoreLogic founder Tim Lawless said Sunshine Coast owners had come out of the post-pandemic boom with property values up more than 60 per cent.
And the region still has the highest average property price outside of Brisbane.
The Gold Coast enjoyed similar increases after lockdowns but, unlike the Sunshine Coast, was still up 5.5 per cent on last year.
Mr Lawless believes higher prices in Noosa and on the Sunshine Coast may help explain the difference.
“That affordability advantage that the Gold Coast has over the Sunshine Coast could be a factor,” he said.
“And of course, the market is really diverse.
It’s really clear some of the more affordable markets around the southern end of the [Sunshine] Coast or the hinterland regions are experiencing a stronger rate of growth.
“Markets like Noosa are definitely rising in value once again, but not quite as quickly.”
Property trends still pointing up
Mr Lawless said despite Sunshine Coast figures being down over the past 12 months, they still increased by 2.4 per cent in the past three months — about $1,800 a week
He thinks that is a good sign.
“The quarterly reading gives you a pretty good understanding of the trend,” he said.
“We have moved into what looks like a fairly strong upswing over the most recent few months.”
Buyers want places they can afford
Across the state, Darling Downs properties went up 9.9 per cent, the highest increase in the state outside Brisbane, followed by Southport on the Gold Coast at 8.1 per cent, Bundaberg with 8 per cent and Biloela at 7.2 per cent.
In the capital, Nathan, Mt Gravatt and Sunnybank had the biggest increases, each up more than 10 per cent in the past year.
Mr Lawless says while there is still strong demand for homes across the south-east, the regions are growing in popularity as people search for something they can afford.
“I think there will absolutely be a ripple of demand moving towards more affordable markets where people can actually afford to get their foot in the door,” he said.
Article source: www.abc.net.au