Regional QLD’s ‘rising’ property stars revealed
Queensland’s regional property market is booming, with 72 locations now identified as “rising markets”.
And those rising markets can be found right across the state, according to the latest Price Predictor Index Summer 2020-21 report, published by Hotspotting.com.au
The Sunshine Coast region has the most rising markets – 14 in total – ranging from treechange suburbs such as Maleny and Eumundi to beach hot spots like Caloundra and Alexandra Headland.
The Noosa region also has two rising markets – Cooroy and Sunrise Beach.
There are seven rising markets on the Gold Coast, including Queensland’s most expensive suburb, Main Beach.
But first home buyers and new home upgraders are also making their presence felt, with suburbs such as Upper Coomera and Maudsland, areas with new housing estates, also making the list.
Outside of the southeast corner, Toowoomba is a rising star, with eight suburbs identified as rising markets.
It is closely followed by Townsville, Gladstone and Mackay, which each have six suburbs on the rise.
“We have identified 72 locations with rising sales activity, a remarkable result in the year of the pandemic,” the report said.
“Locations across the state are benefiting from the exodus to affordable lifestyle and/or the
improvement in the resources sector.
“Vacancies are ultra low in most of these places.”
The Rental Vacancy Report from the Real Estate Institute of Queensland (REIQ), released this week, shows that almost every major regional centre now has a vacancy rate at or below 1 per cent.
But those with vacancy rates above 1 per cent are still considered tight markets, with the Maranoa having the highest regional vacancy rate of 1.5 per cent.
Queensland’s highest vacancy rate can be found in Brisbane’s inner ring (0-5km), which was hit hard by international border closures and the mass exodus of foreign students.
There, the vacancy rate is 3.3 per cent, down from 3.7 per cent in the previous quarter.
Core Logic’s head of research Eliza Owen said price growth in regional Australia was “in a league of their own”
“December home value data showed the combined regional dwelling market (national) increased 6.9 per cent in value over the year; a growth rate more than three times the rate of the combined capital cities,” Ms Owen said in her weekly Property Pulse report.
“But even more impressive than value changes in 2020, is the return that some areas have shown in the longer term.
“Across Queensland, the Gold Coast and Sunshine Coast have seen long term growth rates align more closely with average increases across the capital city sub markets (1.5%).
“But further to this, the 10 year annualised growth rates have surpassed the increases in every other capital city and regional sub market across the sunshine state.”
The report noted that COVID-19 may have exacerbated the trend towards regional markets, but it did not start it.
It said that restrictions in capital cities and the ability to work remotely were likely behind the fast-tracked regional property rush.
“The rise of cities within a ‘commutable distance’ to the capital cities have enabled a regional lifestyle with the benefit of maintaining access to the employment opportunity and amenity of the capitals,” the report said.
“This combination has attracted a greater price premium over time.”
The latest REA Market Trends report shows all Queensland regions, except for Cairns, recorded house price growth in the past 12 months.
Among the top performers were Outback Queensland (+25.4%), the Sunshine Coast (+7.9%), Central Queensland (+6.6%), the Gold Coast and Darling Downs-Maranoa (+6.1%), Mackay-Isaac-Whitsundays (+5.4%) and Townsville (+4.8%).
Cairns house values fell 1.2 per cent over the same period.
REGIONAL QUEENSLAND’S RISING MARKETS
SUNSHINE COAST: Alexandra Headland, Palmwoods, Beerwah, Warana, Caloundra, Caloundra West, Mooloolaba, Eumundi, Maleny, Marcoola, Maroochydore, Mount Coolum, Wurtulla, Yandina
TOOWOOMBA: Centenary Heights, East Toowoomba, Glenvale, Highfields, Mount Lofty, Newtown, North Toowoomba, Wilsonton
GOLD COAST: Bonogin, Main Beach, Maudsland, Mermaid Waters, Nerang, Tugun, Upper Coomera
TOWNSVILLE: Aitkenvale, Annandale, Bushland Beach, Idalia, Kirwan, Mount Louisa
GLADSTONE: Agnes Waters, Boyne Island, Calliope, Kin Kora, New Auckland, South Gladstone
MACKAY: Andergrove, Blacks Beach, Bucasia, Ooralea, South Mackay, West Mackay
ROCKHAMPTON: Berserker, Gracemere, Lammermoor, Norman Gardens, Yeppoon
GYMPIE: Cooloola Cove, Gympie, Southside, Tin Can Bay
BUNDABERG: Avenell Heights, Bundaberg South, Burnett Heads
NOOSA: Cooroy, Sunshine Beach
CENTRAL HIGHLANDS: Blackwater, Emerald
FRASER COAST: Burrum Heads, Scarness
SOUTH BURNETT: Kingaroy
SOUTHERN DOWNS: Warwick
WESTERN DOWNS: Dalby
MOUNT ISA: Mount Isa
(Source: The Price Predictor Index Summer 2020/21, hotspotting.com.au)