Coast market’s one of strongest in Queensland
But slight drop in median house price
ALTHOUGH the Sunshine Coast LGA is one of the strongest growth markets in the state, this quarter delivered a small slip in the median house price of 0.5%, to a quarterly median of $550,000.
It’s possible this is an indicator that the historically strong growth of this market may be slowing, although it’s too early to call at this stage.
Over the past 12 months this market grew a hefty 5.9% and, compared with five years ago, the market has grown more than 26%.
The Sunshine Coast LGA is one of the only four LGAs reporting a fall in listings volumes for the 12 months to May 2017.
This market typically offers a vendor discount of a tiny 3.7%, which is one of the smallest discounts in the state. The unit market didn’t perform as strongly as the house market this quarter, with the median unit price falling 3.6% to $385,000.
However, the annual trend is still reasonably robust, with growth of 3.3% since June last year.
Vacancies in this region remain tight and this is likely to put upward pressure on rents over the short term.
This area would benefit from new construction to ease pressure on rental accommodation.
Gympie is one of our resilient housing markets, with a steady performance across houses and units over the June quarter and for the past year.
The annual median house price in Gympie (for properties smaller than 2400sq m) has grown 2.6% to reach $277,000. Over the past five years this market has grown 8.6% and is delivering consistent, steady growth for property owners.
The unit market is very small, with just 12 transactions in the June quarter. However, it’s still a steady performer with growth of 1% over the past 12 months and 32.1% over the past five years. Gympie’s annual median unit price is $257,500.
UPWARRDS TREND: Over the past 12 months the Sunshine Coast market grew 5.9% and, compared with five years ago, the market has grown more than 26%.