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Brisbane, the Gold Coast and the Sunshine Coast are Queensland’s powerhouse markets driving sustainable capital growth for property owners, the latest REIQ Queensland Market Monitor has found.
The Brisbane median house price grew by 3.6 per cent in the 12 months to June, reaching a new high of $655,000; the Gold Coast grew by 6.8 per cent, reaching an annual median house price of $595,000; and the Sunshine Coast grew by 6.2 per cent to a median house price of $550,000.
REIQ CEO Antonia Mercorella said that Queensland’s southeast corner once again stood out as the ideal housing market, delivering steady, sustainable growth.
“There is no denying the consistency of greater Brisbane’s yearly median house price growth — we have grown steadily for about four years — which is proof that affordability combined with jobs and lifestyle are the recipe for a pretty close to perfect house market,” the CEO said.
She also said that capital city data, which looks at house prices to 31 May 2017, also supports the case that greater Brisbane is an unbeatable house market, when compared with greater Melbourne and greater Sydney.
“Looking at greater Brisbane compared with greater Melbourne and greater Sydney, our median house price has grown [by] 4 per cent to Melbourne’s 9 per cent and Sydney’s 6 per cent. But as those markets start to cool, people are naturally growing concerned about a potential correction,” she said.
“However, throughout the southeast corner, our growth is based on an improving value proposition, which means it is reliable, sustainable capital growth.”
The number of million-dollar suburbs held steady at 14 suburbs, which are:
• Ascot ($1,520,000)
• Auchenflower ($1,055,000)
• Bulimba ($1,110,000)
• Chelmer ($1,035,000)
• Clayfield ($1,075,000)
• Fig Tree Pocket ($1,028,000)
• Hamilton ($1,065,000)
• Hawthorne ($1,200,000)
• Highgate Hill ($1,141,119)
• New Farm ($1,600,000)
• Robertson ($1,078,000)
• St Lucia ($1,255,000)
• West End ($1,100,000)
• Wilston ($1,200,000)
According to CoreLogic RP Data, more than half (almost 56 per cent) of Sydney suburbs have a median house price of $1 million or more. By comparison, just 5.9 per cent of Brisbane suburbs have a median house price in excess of $1 million. Teneriffe remains Brisbane’s only suburb with a median house price of $2 million.
Brisbane's top five suburbs for annual median house price growth in the 12 months to June are:
• Wilston (18.8 per cent)
• Auchenflower (19.2 per cent)
• Gaythorne (21.6 per cent)
• Ascot (21.6 per cent)
• St Lucia (21.8 per cent)
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