Our house price surge to top of southeast - Queensland
TOP SPOT: Noosa Waters canals with Main Beach as the back drop - hot property.
by Peter Gardiner
NOOSA reigns supreme in southeast Queensland's with its world-class beaches and lifestyle helping drive median house price increases above all others.
REIQ CEO Antonia Mercorella said the annual growth for Noosa of 9.6 per cent outstripped the Gold Coast with 7.3 per cent while the Sunshine Coast came in at 6.8 per cent.
"Tourism is one of the largest contributors to Queensland's gross state product, with almost 8 per cent of GSP coming from tourism,” Ms Mercorella said.
"This is roughly $25billion in the year to June 2016, which means when that sector grows it offers employment opportunities and this attracts workers who need somewhere to live,” she said.
She said the strong performance of the southeast corner's coastal markets has helped drive Queensland's growth in the last 12 months, with more than 58,000 houses sold and an annual median price growth of 2.4 per cent.
Ms Mercorella described Noosa price growth "a whopping” result taking it to $655,000 - $100,000 more than the Sunshine Coast.
"These two markets have powered ahead through the past 12 months,” she said.
"These markets are clearly offering buyers exactly what they're looking for and the REIQ's prediction is that when the Bruce Highway is improved, to the point where comm- uting to Brisbane becomes more reasonable, we will see demand balloon.”
The REIQ said the unit market has been positive, growing 3.7 per cent on the Sunshine Coast and just 0.4 per cent over the past 12 months for Noosa's annual unit median price.
"Looking ahead to 2020, house prices in the southeast corner are tipped to rise, with the QBE Australian Housing Outlook report projecting growth for Greater Brisbane of seven per cent, the Gold Coast six per cent and the Sunshine Coast four per cent,” she said.
"This is consistent with the southeast corner's moderate growth in recent years.
"This level of growth, and these projections, reduce the risk of speculative buying behaviour and this increases the likelihood for continued steady growth.”