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Southeast Queensland housing markets deliver positive growth

17 Jul 19

In the latest Queensland Market Monitor report, annual median house prices delivered positive growth in the southeast corner housing markets.
Brisbane LGA reached a new record high price of $680,000, although growth was a muted at 1.5 per cent.
“While annual growth in Brisbane is showing signs of slowing, there was strong growth in particular suburbs proving that discerning buyers know what they want and are grabbing it with both hands,” REIQ CEO Antonia Mercorella said.
“There are some great, affordable suburbs that are delivering outstanding growth, proving that as long as you do your homework you can achieve strong growth at any price point,” she said.
The Gold Coast hung onto positive growth with the most slender of margins, just 0.8 per cent, to arrive at $625,000.
“In the post-Comm Games period we’re seeing this price growth slow. Listings are rising and hold periods lengthening as sellers hang on for better offers,” Ms Mercorella said.
Once again, the standout growth market of Queensland was Noosa, which continues to hold the title of most expensive house market in the state, growing 8.7 per cent to $750,000.
However, while the annual growth figure remains strong, the March quarter is the second consecutive quarter of contracting price.
The March quarter median price fell 4.7 per cent and the December 2018 quarter fell 8.2 per cent. Our view is this market may be cooling in patches and certainly the feedback from local agents is that it is very patchy at the moment.
That notwithstanding, the Sunshine Coast LGA (which excludes the Noosa market) delivered 3.5 per cent, which is the second-highest annual growth in Queensland. The annual median house price on the Sunny Coast is $585,000 and is almost 30 per cent (29.3 per cent) above levels five years ago.
“Generally speaking, the Queensland markets are doing as well as can be expected, proving somewhat resilient to the economic headwinds facing the nation. We are operating under very sluggish conditions spearheaded by lacklustre wages growth, high jobless figures, and tightened lending criteria.
“Under these circumstances we would implore the state government to reconsider its position on broadening the first homeowners’ grant to include established homes in regional Queensland.
A boost for buyers in this market where homes are in strong supply would be beneficial to changing the falling trendline.”
REIQ CEO Antonia Mercorella said that this week’s news about the Adani mine receiving the green light from the government should restore confidence in the market.
“The mine is forecast to deliver 1500 jobs during construction phase, and a further 6,500 ancillary jobs which will be a major boost to the regional housing markets of Townsville, Mackay and Rockhampton,” Ms Mercorella said. “Even though the number of jobs the mine delivers during production phase will be much smaller, every job delivers a benefit to the economy,” she said.