Queensland real estate review
The beachfront markets of the Gold and Sunshine Coast, and Noosa, finished 2017 with the strongest growth in the state, significantly outperforming Brisbane.
The Gold Coast delivered a gold medal performance, with the annual median house price growing by 7.7%, to end the year on $615,000, according to a report from the Real Estate Institute of Queensland (REIQ). The Sunshine Coast median house price grew 6.4% to end the year at $569,000 and Noosa grew 6.2% to deliver an annual median house price of $650,000, finishing the year just $15,000 below Brisbane LGA median house price.
REIQ CEO Antonia Mercorella said Noosa was an area where demand was placing strong pressure on limited supply levels. “This is an area that could do with more supply, but clearly the topography makes that challenging.
“Noosa’s world-class beaches, stunning natural bushland settings and wonderful warm community are factors that are fanning the flames of buyer demand. It is inevitable that this will push up prices,” she said.
The Gold Coast market has benefited from a strong local economy, a direct result of the infrastructure investment ahead of the Commonwealth Games in April. Upward pressure on prices has seen some suburbs demonstrate explosive median house and median unit price growth. Mermaid Beach is the Gold Coast’s most expensive suburb for houses, with growth of 8.9% delivering a median house price of $1.56 million.