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Property price growth on Gold and Sunshine coasts outperforming Brisbane, REIQ report finds

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Property price growth on Gold and Sunshine coasts outperforming Brisbane, REIQ report finds
PHOTO: Highgate Hill, Milton, Kelvin Grove and West End suffered the biggest sales price declines in the inner-city ring. (ABC News: Isobel Roe)

Several of Brisbane’s more expensive suburbs are among the biggest losers in the property stakes, a Real Estate Institute of Queensland (REIQ) report rating performance in 2017 has found.

The Queensland market monitor showed Highgate Hill, Milton, Kelvin Grove and West End suffered the biggest sales price declines in the inner-city ring, followed by Wilston, New Farm and Taringa.

Highgate Hill in Brisbane’s inner-south suffered a median price plunge of 17.9 per cent year-on-year to $937,500.

Milton’s median price fell 11.4 per cent to $855,000, compared to 2016.

In Kelvin Grove, the median sale price was down 7.9 per cent to $764,750 and West End dropped 6.3 per cent to $1,030,500.

But some Brisbane suburbs enjoyed strong growth.

Teneriffe in the city’s inner-north became Brisbane’s first $2 million suburb in 2017 with a median sale price of $2.4 million — up 30 per cent on 2016.

At the same time, Kangaroo Point and Kalinga joined the $1 million club, with median sale prices soaring 28.4 per cent and 22.5 per cent respectively.

REIQ media manager Felicity Moore said inconsistences in price growth throughout the city could be attributed to “supply issues”.

“When you see a price soften significantly, it could be that there’s an additional level of stock developed, such as house and land packages that meets the level of demand,” Ms Moore said.

Gold Coast skyline
PHOTO: The Gold Coast recorded an overall increase in median sale price of 7.7 per cent. (Supplied: Tourism and Events Queensland)

Beach lifestyle proving attractive

Both the Gold Coast and the Sunshine Coast outperformed Brisbane in terms of house price growth.

The REIQ report showed the Gold Coast recorded an overall increase in median sale price of 7.7 per cent and the Sunshine Coast achieved 5.9 per cent, while Brisbane only managed an average of 2.6 per cent.

Ms Moore said the rediscovery of the beach “lifestyle markets” was somewhat overdue.

“When you look at what those markets have to offer, the Gold Coast and Sunshine Coast are just world class coastal beachfront living at its best,” she said.

“They’re not densely populated, they’ve both got world class beaches, great shopping and good schools and the amenities that go into those communities are of a very high standard.”

She said 2017 results positioned the Gold Coast as the strongest market in Queensland and among the top 10 nationally.

“It’s a similar story with the Sunshine Coast, although for years the level of supply going into that market has been a bit constrained,” she said.

“It’s struggled from a long-time lack of construction of new dwellings and when there’s demand building up it puts pressure on prices.”

Mining downturn impact

The report indicated the mining downturn continued to impact parts of central Queensland.

In Blackwater, the median sale price nosedived 70 per cent to just $36,000 last year, down from $120,000 in 2016.

Five years ago, the average sale price was $450,000.

“It’s a very sad situation but there is good news on the horizon,” Ms Moore said.

“The global body that monitors coal demand is forecasting that from 2022 there’s going to be a global uptick in demand, so in anticipation of that we’re seeing some coal miners pull some smaller mines out of mothballs.

“There’s a level of confidence coming back into the coal sector.”

Originally Published: brisbaneinvestor.com.au

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Opinion

Gold Coast real estate market set to pick up after Comm Games

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Gold Coast real estate market set to pick up after Comm Games

The Gold Coast real estate market is set to pick up after the Commonwealth Games.Source:Getty Images

The Gold Coast real estate market may have gone quiet throughout the Commonwealth Games but it won’t stay that way for long.

IT WAS a quiet auction weekend on the Gold Coast but the market is expected to pick up now the Commonwealth Games are over.

CoreLogic auction market commentator Geoff White said the property market had gone quiet throughout the Games.

He said business was affected across the board, with many retailers including cafe and restaurant owners reporting a downturn over the past two weeks.

Gold Coast real estate market set to pick up after Comm Games

Housing around the Coomera River.Source:AAP

Gold Coast real estate market set to pick up after Comm Games
Auctioneer Haesley Cush. Picture by Scott FletcherSource:News Corp Australia

However, he was confident the market would return to “business as usual” now the event had wrapped up.

“(The market) has been affected by the Commonwealth Games, there’s not doubt about that,” Mr White said.

“But that’s not a sign of things to come, I wouldn’t have thought.”

According to CoreLogic, there were 19 auctions over the weekend with seven recorded results, whether they be sold of passed-in.

This coming weekend, there are 37 properties set to go under the hammer on Saturday and another 54 on Sunday.

Most of the properties scheduled to go to auction on Sunday are part of Ray White Queensland’s Gold Coast Auction Spectacular at Main Beach’s Sheraton Grand Mirage.

Gold Coast real estate market set to pick up after Comm Games
Auctioneer Andrew Bell.Source:News Limited

 Gold Coast real estate market set to pick up after Comm GamesThe Commonwealth Games brought many auctions across the Gold Coast to a holt.Source:Getty Images

Source: www.news.com.au

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Opinion

Coast property market to flourish for years to come

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Coast property market to flourish for years to come

THE Coast’s popularity as a lifestyle destination is strengthening its housing market, according to real estate executive Rem Rafter.

The CBRE Sunshine Coast managing director said the housing market was in “good shape”, driven by increasing population including interstate migration.

“The traditional unit market is very good with strong demand,” Mr Rafter said.

“New developments have had good pre-sales, including Stockland’s Oceanside Kawana and several apartment projects by the Walter Iezzi Property Group.

“Brisbane-based Mosaic Property Group has also been active on the Coast, with off-the-plan apartment projects under way at Coolum and Kings Beach, Caloundra.

“We have seen from recent site sales that developers are concentrating their efforts in these areas and investment yields have become quite tight as a result.”

He said the Coast’s apartment and housing market could flourish for another two to three years.

“A recent presentation by Tim Lawless of CoreLogic shows positive indicators including improved interstate migration and steady capital gains across the coast of 5.5%.

“The Sunshine Coast’s median house price of $579,526 is attractive to southern buyers, with Sydney’s house price now over $1 million and Melbourne not far behind.”

Source: www.sunshinecoastdaily.com.au

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Opinion

Sydney Baby Boomers drive real estate boom in Brisbane

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Sydney Baby Boomers drive real estate boom in Brisbane

Brisbane’s bayside suburb of Wynnum is an attractive option for southern buyers.Source:Supplied

A MIGRATION of cashed-up Baby Boomers from Sydney will lead to a real estate boom in Brisbane, according to property investment experts.

A Property Investment Professionals of Australia (PIPA) members’ survey revealed that Brisbane was regarded as the best capital city for property investment.

Of the members who participated in the survey, 46.15 per cent rated Brisbane as the best capital for investment prospects in 2018.

PIPA chairman Peter Koulizos said the Queensland capital was expected to boom as a side effect of the Sydney property boom happening when Baby Boomers were looking at retiring.

“People that have a lot of equity in their home can retire or semi-retire by selling up and buying a home in southeast Queensland,” Mr Koulizos said.

And with the median house price in Sydney more than $1 million, he said this would give them a sizeable pile of cash left over after buying a home further north.

“That is because there is such a big price difference between Brisbane and Sydney,” he said.

A PIPA survey from last year also rated Brisbane as the best capital city in which to invest, but in the past 12 months the average house price has increased by just 2.9 per cent.

Mr Koulizos said a boom would come eventually, but picking the exact point was tricky.

“Property booms take a long time to gather momentum, I doubt you will see double digit growth in Brisbane this year but it may be different next year,” he said.

Melbourne was the next best investment option according to the survey, with 19.23 per cent believing it was a good place to invest, followed by Perth at 15.38 per cent.

Originally published: brisbaneinvestor.com.au

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