The third-quarter of 2018 saw Brisbane, the Sunshine Coast, and the Gold Coast delivering strong performances for Queensland despite the perceived downturn in the Australian property market. Brisbane records a new all-time high for median house price over the past year with several of its suburbs hitting the $1-million annual median sale, including Hamilton.
Brisbane recorded an annual median house price increase of 2.3 percent from last year with a new record high of $675,000, according to the September quarter of the REIQ Queensland Market Monitor report. The Gold Coast and the Sunshine Coast SD, on the other hand, recorded growth of 3.8 percent and 6.3 percent, respectively.
In the Brisbane LGA, the most in-demand price range is $500,000 – $750,000, representing almost half of the house sales for the past 12 months. Whilst several suburbs have hit $1-million median house price mark, with Hamilton posting an annual median sale of $1.4 million from last year’s $1.1 million. Teneriffe tops the list with $1.79 million, with Brookfield, New Farm, Ascot, Bulimba, Pullenvale, Hawthorne, Clayfield, and St Lucia rounding out the top-ten.
Hamilton, Queensland 4007 Australia
“Queensland’s economy is proving itself to be a good performer, against a backdrop of national gloom, with new jobs bringing population growth and demand for housing,” REIQ CEO Antonia Mercorella said.
“The southeast corner is our powerhouse, without a doubt, but additionally we’re seeing strong results in regions that have been struggling.
“The resources sector is improving and we’re seeing regions such as Mackay and areas of western Queensland firmly in recovery,” Ms Mercorella said.
The same could not be said about the unit market, on the other hand, as it continues to succumb to the pressure of market oversupply. Brisbane LGA annual median unit price dropped by 2.2 per cent to $440,000, but good enough to register a 5.5 percent growth over the last five years.
A few suburbs still managed to post double digit growth, though, with Rochedale leading with 64.80% increase from last year, along with Gordon Park, North Gate, Yeronga, Toowong, New Market, and Red Hill.
