Yahoo Finance House prices in remote Aussie region see double-digit growth
Regional Queensland has been declared “one of the nation’s leading boom markets” by a leading property expert, with several locations in this area posting double-digit house price growth.
According to hotspotting.com.au founder Terry Ryder, the area has recorded 157 locations with rising sales activity, which is more than any other market in the country – including capital cities.
More than 80 per cent of regional Queensland locations have recorded property price growth in the last year, with most rising more than 5 per cent, Ryder said in a newly released report.
“There are growth markets up and down the Queensland coast, from the Gold Coast in the south to Cairns in the north, and heading inland to important regional cities like Toowoomba,” Ryder said.
“We have found zero declining markets, which also demonstrates how much momentum there is in Regional Queensland markets.”
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Queensland’s capital city of Brisbane has also performed strongly, with CoreLogic data revealing the city posted 3.5 per cent house price growth in the three months to 28 February.
But the Sunshine Coast and Gold Coast have been earmarked as particularly strong property markets in the state of Queensland.
“Thirty of the 41 suburbs in the Sunshine Coast Region LGA are rising markets, while all seven suburbs in neighbouring Noosa Shire are rising markets. Gold Coast City has 31 suburbs classified as rising markets,” said Ryder.
Ritzy Sunshine Coast suburbs have recorded the highest growth, with house prices in Sunshine Beach rising 47 per cent while Miyama prices have risen 43 per cent.
Marcoola prices have increased 31 per cent, and properties in Birtinya have risen by 21 per cent.
Meanwhile, Queensland regional centre Toowoomba has benefited from $1.3 billion being poured into infrastructure development, thanks to the construction of a private airport and a new major transport route. Price rises here have been led by Middle Ridge and East Toowoomba, each at 15 per cent. Property prices in Chinchilla, a two hour drive from Toowoomba, have also risen by 19 per cent.
Blacks Beach, a suburb in Central Queensland’s Mackay, has recorded property price growth of 27 per cent, as Rockhampton suburb Berserker posts 21 per cent house price growth.
Ryder said Rockhampton’s property market had been minimally impacted by the pandemic, and had in fact benefited from the mass exodus away from the city to regional areas.
“These attributes, plus a roll-out of numerous major construction projects, is turning Rockhampton into a magnet for southern migrants and first-home buyers.”
And property values in mining towns, which have been struggling after the major downturn in 2015, have also bounced back. Townsville has been a major beneficiary of this, with its property market “rising strongly” in 2021, thanks to $11 billion in public and private investment that will create 1,500 jobs.
The region has also received a boost from the nearby Adani Coal Mine. “The recovery effort is driving the construction industry and creating economic growth,” Ryder said.
But house prices have risen even in areas five hours from Townsville, with dwelling values in the suburb of Moranbah up 23 per cent and Clermont up 22 per cent.
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