Erle Levey
The demand for property in Noosa continues with the latest Real Estate Institute of Queensland (REIQ) sales figures showing the region has again topped the state in terms of growth.
Across Queensland, median house prices climbed 1.8 per cent over the July-September quarter.
Yet Noosa was again the stand-out with double-digit growth of 13 per cent, down from a stellar 19.8 per cent in the June 2021 quarter.
The June figure was due in many ways to some extraordinary prices achieved for oceanfront properties.
Leading Noosa real estate principal Tom Offermann said the REIQ figures were no surprise as they reflected exactly what agents had been experiencing out in the marketplace.
“We have seen the appetite for Noosa property at this high level a couple of times in the past,” he said.
“However, what is different this time is the speed with which properties have escalated in value.
“It is the low cost of financing which is fuelling the incredible capital growth rate.
“In the absence of any major financial, political, or other calamities, we can expect to seek the capital growth rate to remain high for as long as interest rates remain low.’’
Noosa was followed by Ipswich (up 8.7 per cent), Redland and Fraser Coast (both at 6.5 per cent), and Bundaberg (6.4 per cent) to round out the top five growth performers.
Noosa also took the top spot for the highest quarterly median sale price at a staggering $1.3m, followed by Brisbane ($900,000), Sunshine Coast statistical division incorporating the Noosa Shire ($850,000), Sunshine Coast ($825,000), and Gold Coast ($810,500).
Houses were snapped up in Brisbane, which achieved the highest number of house sales over the quarter (3912), followed by the Gold Coast (2419), Moreton Bay (1945), Sunshine Coast statistical division (1510), Logan (1413) and Ipswich (1366) showing lifestyle and city fringe locations remain ever popular.
Brisbane’s median house price grew 4.7 per cent over the quarter to a new high of $900,000, representing a 15.5 per cent in growth compared to 12 months prior.
While some regional centres took a step backwards including Rockhampton (-3.2 per cent), Gladstone (-5.6 per cent), and Townsville (-0.1 percent), Mackay remained static. However, these LGAs posted respectable growth over 12 months, with Gladstone the stand-out at a massive 15.7 per cent – its fall this quarter perhaps reflecting a correction after three strong previous quarters of growth.
Across Queensland, median unit prices rose 3.5 per cent over the quarter. Double-digit growth was seen in Mackay (17.4 per cent, after swings down and up in prior quarters), Sunshine Coast (12.1 per cent), while Cairns (9.1 per cent), Logan (8.7 per cent), and the Gold Coast (6.3 per cent) all performed well.
Noosa fell four per cent after posting remarkable median unit growth of 17.4 per cent in the June 2021 quarter.
Coastal areas understandably fetched the highest unit prices with Noosa ($850,000), Sunshine Coast ($560,000) and Gold Coast ($510,000) at the top of the charts.
REIQ CEO Antonia Mercorella said the phenomenal property price growth being experienced in Queensland was a result of a number of factors driving insatiable demand from buyers.
“Queensland hasn’t experienced this sustained level of demand and accelerated growth before, but after years of modest growth, prices here are playing catch up,” Ms Mercorella said.
“Even as our median prices rise, our state is still demonstrating greater bang-for-buck, with investors looking to make their real estate dollar go further, and southerners making the move keen to lap up our State’s incredible liveability factor.
“It’s not surprising that Queensland property is still extremely attractive, given our State’s enviable lifestyle coupled with a sense of safety and relative freedoms during the pandemic, and of course our comparatively great affordability compared to our southern city counterparts.
“There’s also a degree of excitement and attention that comes with the news that South East Queensland is set to stage the Brisbane 2032 Olympic and Paralympic Games, and more tangibly, the propelling forward of investment and timelines for infrastructure as a result.
“With cashed up interstate buyers comfortable with auctions and able to snap up properties with competitive offers, it’s no wonder that interstate migration to Queensland is at an almost 20-year high, as southerners relocate here in droves.
“Low levels of stock, record low interest rates, high levels of consumer confidence and household savings, more flexible remote workplace arrangements than ever, and the fear of missing out, are all additional factors spurring on the rapid property price growth and are fundamental ingredients for a strong market as we head towards 2022.
“While predicting what’s next is simply crystal ball gazing, the market is still going strong with 12-month growth averages indicating markets are rising right across the board. With interstate borders reopening and international border opening to come, chances are we could see a flurry of activity and an uptick in demand well into the new year.”
