Property markets in Queensland’s southeast corner have beaten doom and gloom predictions as Brisbane, the Sunshine Coast and the Gold Coast all posted record annual median house prices in the September quarter of 2018, according to the latest issue of the REIQ Queensland Market Monitor report.
The Brisbane annual median house price grew 2.3% to a new high of $675,000. The Gold Coast grew 3.8% to $629,000 and the Sunshine Coast SD (which includes Sunny Coast LGA and Noosa Shire) delivered a stunning 6.3% growth to a new high of $595,000.
Steve Worrad, General Manager, Raine & Horne say’s the housing market within 5 kilometres of the CBD was standout in 2018. “Demand for houses in suburbs such as New Farm, Paddington, and Hamilton was quite strong in 2018, and I believe next year, we will have a consistent market with some capital growth in housing markets close to the Brisbane CBD,” says Steve. “Market conditions in Brisbane will be very different to Sydney and Melbourne thanks to significant investment in new infrastructure such as the new runway at Brisbane Airport, which is costing $1.3 billion. This project is creating thousands of new jobs."
Other major infrastructure projects set for Brisbane in 2019 include the $5.4 billion Cross River Rail project, while the $3.6 billion Queen's Wharf resort and casino is already underway, notes Steve. “Historically new infrastructure projects boost a local economy by creating new jobs and attracting more people to a suburb, region or town, and property values improve accordingly.
He adds, “These major projects will help prop up Brisbane real estate markets in 2019, along with ongoing migration of workers and retirees from the southern states.”
Meanwhile, the unit market has not fared so well and has delivered largely softer results across the state as this product battles against oversupply issues, said the REIQ.