TIDE TURNS FOR GROWTH CORRIDOR
The sun is well and truly shining on the property market in the Moreton Bay region.
A recent report by Hotspotting found the region was the third best place to buy property in Australia, with everything from rural lots to waterfront apartments on the market.
Moreton Bay offers a vast array of property options and locations, with semirural Samford the region’s first million-dollar suburb.
CoreLogic data shows the median house sales price in the Samford Valley has reached $1 million, with homes in the nearby rural suburbs of Camp Mountain ($950,000), Cedar Creek ($940,000) and Highvale ($870,000) also showing growth. Newport on the Redcliffe Peninsula has the highest median sales price for a waterfront suburb at $820,000.
Stockland is constructing a masterplanned community around a 23ha lake at Newport, which will be home to around 5400 people.
Meanwhile, Beachmere, which is between Caboolture and Bribie Island, posted the biggest 12 month growth, with median house sales up 43.3 per cent, according to CoreLogic.
It was followed closely by Kurwongbah, which rose 40.5 per cent.
The Moreton Bay region has experienced strong growth, with the population increasing 12.5 per cent between the 2011 and 2016 census. And that growth shows no signs of slowing, with a huge amount of residential and commercial investment in the region. The new University Sunshine Coast campus at Petrie is under construction, with the first students expected in 2020. The Moreton Bay rail line is open, and numerous residential developers are capitalising on the projected growth.
Twenty-nine active residential projects – the highest number of projects in the southeast – are in the works, according to the latest Oliver Hume report. This comes as the latest REIQ report revealed rental vacancies had tightened by 0.2 per cent to 1.4 per cent.
“This market is generally a tight market and it is one of Queensland’s fastest growing regions,” the REIQ report found.