Region set for strong 2017
Southern Downs property market poised for growth with proposed developments in the pipeline
WARWICK house prices rose more than 5% in 2016 – but local real estate experts are hoping 2017 could be even bigger.
Real Estate Institute of Queensland sales figures for the 2016 December quarter show median house prices in Warwick had risen 5.3% since the year before.
Warwick Real Estate principal Neil Carney said a strong agriculture market, expanding industry and the Rose City shopping centre’s redevelopment boded well for the town.
“2016 was a fairly average year for Warwick. We don’t see the big busts and booms that you have in some bigger markets,” he said.
Mr Carney said the proposed meatworks expansion and new fruit juice bottling plant could be economic boons for Warwick.
“We’re seeing there’s the potential for new developments that could bring a couple of hundred jobs to the area. That will probably drive growth in the market.”
But despite the increasing year-on-year sales prices, the REIQ figures show median prices in Warwick fell from the previous quarter.
Throughout the December quarter 46 houses were sold in Warwick where the median sales price was $239,000, down 4.4% on the previous quarter. Across the Southern Downs the median housing sales price was $225,000, down 6.3%.
Mr Carney said that was due to movement in the lower end of the market in late 2016 that had continued in 2017.
In Stanthorpe median house prices increased 2.6% from the year before.
Mr Carney said he expected the rural property market to be a strong performer throughout the year.
“There is room for growth in the rural market, particularly in the prime agricultural land,” he said.
According to the REIQ figures, 20 acreage properties sold during the December quarter with a median price of $379,000, up 17.5%.
Mr Carney said developing “niche exports” to send overseas through the growing Wellcamp Airport could be a growth area for the Southern Downs economy.
He said more jobs and a growing economy would help the local real estate market.