According to the latest REIQ report, the standout growth market of Queensland was once again Noosa, which continues to hold the title of most expensive house market in the state, growing 8.7 per cent to $750,000.
However, while the annual growth figure remains strong, the March quarter is the second consecutive quarter of contracting price.
The March quarter median price fell 4.7 per cent and the December 2018 quarter fell 8.2 per cent. Our view is this market may be cooling in patches and certainly the feedback from local agents is that it is very inconsistent at the moment.
That notwithstanding, the Sunshine Coast LGA (which excludes the Noosa market) delivered 3.5 per cent, which is the second-highest annual growth in Queensland. The annual median house price on the Sunny Coast is $585,000 and is almost 30 per cent (29.3 per cent) above levels five years ago.
“Generally speaking, the Queensland markets are doing as well as can be expected, proving somewhat resilient to the economic headwinds facing the nation. We are operating under very sluggish conditions spearheaded by lacklustre wages growth, high jobless figures, and tightened lending criteria,” REIQ CEO Antonia Mercorella said.
“Under these circumstances we would implore the State Government to reconsider its position on broadening the first home owners’ grant to include established homes in regional Queensland. A boost for buyers in this market where homes are verging on oversupply would be beneficial to changing the falling trendline.”
