Mainstream media is full of stories of property markets in decline and prices falling, but there are plenty of exceptions to the situation which, fundamentally, is about corrections in the Sydney and Melbourne markets.
Regional Queensland provides a striking example.
Markets across Regional Queensland are operating at a high level, although some of the former stars like the Sunshine Coast are fading.
Our latest quarterly survey has classified 177 locations as rising or consistency markets, which maintains the high levels we have recorded over the past 18 months.
This means that, despite less vibrancy in major markets like the Sunshine Coast and the Gold Coast, Regional Queensland continues to present numerous strong property markets with high levels of sales activity.
And our price analysis shows there continues to be exceptional value growth in many areas.
Now, The Rising Stars report, published late in 2021 by Hotspotting and comparison site Canstar, ranked Regional Queensland the No.2 market in the nation, out of the 14 major market jurisdictions across Australia, which suggested great prospects for growth in 2022.
Our latest quarterly survey – and the previous one – have confirmed that ranking.
Prior to 2021, the highest number of rising markets in our quarterly surveys of Regional Queensland was 72. The past six surveys have found 157, 146, 171, 163, 179 and now 162 locations with rising sales activity.
As we noted in the survey three months ago, the strongest markets are now found in central and northern Queensland.
These are the stand-outs municipalities across the state:-
- Rockhampton: all of the 11 suburbs in our analysis are rising markets.
- Mackay: 12 of the 14 suburbs in our analysis are rising.
- Gladstone: 11 of the 12 suburbs are rising.
- Â Bundaberg: 8 of the 11 suburbs are rising.
- Townsville: 13 of the 15 suburbs are rising.
- Toowoomba: 12 of the 17 suburbs are rising.
- Whitsundays: all 4 locations are rising.
Smaller LGAs where sales activity is strong include Central Highlands (Emerald and Blackwater), Western Downs (Dalby, Chinchilla and Miles), South Burnett (Kingaroy and Nanango), Scenic Rim (Beaudesert and Boonah), Southern Downs (Warwick and Stanthorpe), and Banana (Biloela).
The Gold Coast remains a strong market, but a little less so than before. The number of rising suburbs in the past four surveys have been 37, 30, 28 and now 26, but its markets is still dominated by rising or consistency markets.
The Sunshine Coast, a growth market for the past 3-4 years and still very much a national leader on price growth, now has only 13 suburbs with rising sales momentum but 29 plateau markets – which advances the pattern seen in previous surveys, which suggests this market is well past its peak.
The neighbouring Noosa LGA has only one rising suburb among the eight in our survey.
Prices are rising almost everywhere in Regional Queensland. Every suburb and town except one has delivered growth in median house prices in the past year, with 84% recording annual rises above 10%.
Over 100 locations have increased 20% or more, including 67 which are up by over 30%.
The growth has continued in the most recent quarter, with half of all Regional Queensland locations rising by more than 5% in three months.
In the apartment markets, 94% of locations recorded annual growth in their median unit prices – including 62 suburbs which have risen 20% or more.
The standout market, once again, is the Sunshine Coast, where the falloff in sales activity has not yet translated into a reduction in the rate of price growth.
In the Sunshine Coast and Noosa LGAs combined, 24 suburbs have recorded annual growth of 30% or more in their median house prices.
The Gold Coast has also had spectacular price outcomes. Twenty suburbs have increased their median house prices by more than 30%.
In the apartment markets, 23 Gold Coast suburbs have increased by 20% or more in the past year, led by Miami (44%), Currumbin Waters (36%) and Burleigh Heads (35%).
Elsewhere, Hervey Bay has a number of big growth suburbs, including River Heads (40%), Kawungan (35%) and Point Vernon (35%).
So, the message overall is that prices remain strong in most markets across Regional Queensland – and the sales activity data suggests that many locations will continue to deliver price growth this year and beyond.
