Days of risky business fade but house prices still rising in Queensland
Queensland’s median house prices rose by more than 3 per cent in the June quarter, turning once-working class suburbs of Brisbane into million-dollar house enclaves.
Noosa and its neighbours were seeing an increase in rental vacancies
Mitchelton, Chermside West and Ferny Grove entered the million-dollar club and Bulimba is now a suburb with a $2 million median house price. Ipswich prices are still on a tear, rising 4 per cent for the quarter and 24 per cent for the year. Logan was up 1.3 per cent, Moreton Bay 2.7 per cent and Redland 1.25 per cent.
According to the data from the Real Estate Institute of Queensland, the prices in the Brisbane local government area fell by just under 1 per cent in the quarter but the median price still sits at $1,0075,000. Greater Brisbane was up 1.79 per cent ($766,000).
Noosa, which had growth of 15 per cent in the March quarter, fell by 7.8 per cent in the June quarter and its neighbour, the Sunshine Coast, fell by 1.5 per cent. The median price in Noosa is still $1.3 million and the Sunshine Coast and Gold Coast sit just below the $1 million level at $970,000.
Townsville is also showing strong growth with a quarterly rise of 3.09 per cent ($400,000). Mackay rose 2.71 per cent ($436,000). Bundaberg also rose 2.3 per cent in the quarter to $430,000.
Gladstone has had a wild ride this year. Its median price jumped 18 per cent in the March quarter and fell back by 12 per cent in the June quarter ($417,000).
REIQ chief executive Antonia Mercorella said the property market could not keep up the pace of growth which had seen 20 to 30 per cent increases over a year.
“This quarter we’re still seeing healthy growth in most major markets but at a more sustainable level, as Queensland’s property market appears to finally have caught up on the growth that was well overdue,” she said.
She said there was still strong demand and little stock but people were pursuing price points and particular characteristics.
“Honestly, it’s good to see some sense of calm returning to the market, taking buying activity from madness to measured where both the agents and buyers can take a breath,” she said.
“The rise of risky behaviours such as buying sight unseen, impossibly short settlement periods and waiving the cooling off periods, are hopefully behind us.”
