SOUTHERN STARS TO THE FORE
SOUTHERN suburbs of Cairns have been star performers in home value growth for the 2020-2021 financial year.
The highest median and second highest growth was for Goldsborough, where property prices leapt by 16.2 per cent to a median of $792,464.
Natiesha Olufson of Explore Property, who sold a Goldsborough home this month, is not surprised by the skyrocketing figures.
“We had five offers on the property with more than 30 groups through to inspect, over a three-day period,” Ms Olufson said.
“Goldsborough is an affordable acreage option for families wanting more space, it has a lovely country feel in the estate, with a mix of elevated and flat land acreage.”
White Rock, Gordonvale, Mt Sheridan, Mt Peter, Bentley Park and Edmonton all made the top 20 suburbs for price growth, according to data released by CoreLogic.
The average price of a home rose by 8.2 per cent over 12 months in Cairns, to a median of $383,420 to the end of June 2021.
This compares with a median price of $586,142 for Brisbane.
Cairns outperformed Townsville, which recorded 6.9 per cent growth.
CoreLogic research director Tim Lawless said the 8.2 per cent growth compared with an annual growth rate of just 1.1 per cent annually over the past five years.
“Housing values across the region are currently at record highs,” Mr Lawless said.
“In line with the rise in housing values, the number of home sales across Cairns has increased by 27 per cent year on year.
“Every suburb across the greater Cairns region has recorded a rise in housing values over the past year, however the suburbs with the highest rate of capital gain were generally skewed towards the southern suburbs,” Mr Lawless said.
“Across the top 20, 11 of the top performing suburbs were located in the south, seven were located in the northern suburbs and two in the Innisfail-Cassowary Coast region.
“Despite the surge in local housing values, the median value of a home remains remarkably lower than areas within the south east of the State,” he said.
“Across the greater Cairns region, the median dwelling value was recorded at $383,400, compared with Brisbane where the median value is $586,100.”
Mr Lawless said the renewed demand was a trend across “most of Australia’s coastal and lifestyle markets”.
The biggest change was for Holloway’s Beach, up by 18 per cent to a median of $427,625.
After Goldsborough, the second highest median sales price in the Far North Queensland top 20 was Smithfield on $506,774.