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RESIDENTIAL PROPERTY

Noosa races in front of Gold Coast

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NOOSA has emerged as Queensland’s fastest-growing property market in the June quarter, overtaking the Gold Coast, while the apartments market continued to struggle with oversupply.

According to the REIQ, house prices grew by 6.9% to average $695,000, which came in at $22,000 higher than Brisbane’s after the capital saw an annual increase of 2.5%.

Gold Coast was up 4.5% over the quarter to $622,000.

Holland Park West posted the biggest rise of Brisbane’s suburbs with a 24.5% jump in the three-month period.

REIQ chief executive officer, Antonia Mercorella said the organisation had never seen this level of transformation in Brisbane before.

“We know that our population is on the rise, we know that there’s lots of really exciting, very large-scale projects that will fundamentally change our city,” she said. “There’s optimism there, but it’s also not frenzied, so it doesn’t provoke that fear of a boom and bust cycle.”

The Logan, Ipswich, Moreton Bay and Redland areas all posted increases of between 2% and 4%.

Unit prices in Brisbane fell by 2.2% to $440,000 over 12 months, triggered by oversupply and an ongoing drop in demand.

Australian Property Journal