Surprise centre with one of the hottest property markets in Qld
A regional centre is outpacing most metropolitan suburbs for price growth as housing affordability pushes buyers outside the southeast corner.
A regional hub, known for its magnificent gardens and Carnival of Flowers, is climbing the property ladder – taking out the title of Queensland’s most booming hotspot for the quarter.
The Real Estate Institute of Queensland (REIQ) said while the residential property median sale price “modestly eased” across the state over the June quarter, Toowoomba’s climbed – increasing by just over three per cent.
Over the same period, the statewide median house price dipped by 0.91 per cent.
The increase means property values in the Darling Downs city have risen by 20.12 per cent compared to this time last year, making it the strongest-performing market behind Greater Brisbane (20.22 per cent).
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The median house price in Toowoomba is now $850,000, compared to $1.48m in Brisbane “potentially reflecting buyers seeking greater value outside the southeast corner”, according to REIQ
Meanwhile, in central Queensland, the median house price in Rockhampton dropped by three per cent.
“While we talk about the Queensland market as a whole, it’s unrealistic to think you can paint the entire state with the same broad brush – given the sheer size and diversity of Queensland, the markets are much more nuanced,” REIQ CEO Antonia Mercorella said.
“Looking at the major house markets within Queensland this quarter, our capital city remains unchanged, Toowoomba continues to forge on quite strongly, and we’re still seeing prices rising across most regions despite the slight dip in statewide figures.”
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Mercorella said the Queensland property market had “several years operating at full throttle”, so the “return to more regular pace will take a bit of adjustment – especially when it comes to buyers and sellers’ expectations.”
“After years of rapid gains, the market is taking a breath,” she said.
Across the country, prices of homes in almost all Australian capital cities have gone down, according to Cotality’s home value index.
Roughly 93 per cent of suburbs across Australia had a drop in value in August with the Middle East conflict, interest rate hikes and federal changes to capital gains tax and negative gearing blamed for taking some sting out of the market for purchasers.
Cotality head of research Gerard Berg said first home buyers who were able to make a purchase but lacked confidence should seriously consider doing so.
“Being such a high value purchase, you need to be confident you are making the right decision,” he said.
“But if you are looking to hold the property for an extended period of time, you don’t want to try and pick the bottom of the cycle. You almost certainly won’t find that exact point.”
-with AAP
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