House prices on the rise as market kicks into gear across Queensland
QUEENSLAND real estate is starting to glow with the latest figures showing heartening upswings in median houses prices across the state.
Currumbin on the Gold Coast shone brightest with a hefty 31.8 per cent quarterly gain on its median house price up until April, to $762,000, and Townville’s Hyde Park proved a hot pocket with an increase of 19.4 per cent to $430,000, according to RP Data figures.
Slotting in between the two was a surprise appearance by the tiny beachy Moreton Bay township of Toorbul – with a population of just under 900 – where the median house price gained 21.7 per cent to $365,000.
Ray White Mermaid Beach’s Troy Dowker said Currumbin’s upward-bound median house price reflected a couple of beachfront prestige sales but also the blue chip beach strip’s ongoing popularity.
“It offers one of the best lifestyles on the Gold Coast and a village-style ambience, and never goes out of flavour,” Mr Dowker said.
“It’s such a narrow corridor along the coast, there is very little residential supply and it is very tightly held.”
Mr Dowker is marketing 814 Pacific Pde, a modern beachfront house with granny flat, to be auctioned on August 2. Rounding out the state’s top five biggest growth suburbs for the quarter were Bundaberg’s Avondale – up 18.6 per cent to $255,000 – and Coominya, sitting pretty as is does beside Wivenhoe Dam in the state’s southeast, with a rise of 18.5 per cent to $320,000.
The biggest growth suburbs in the greater Brisbane region for the quarter, after Toorbul, were Mount Ommaney and Marburg, both recording gains of 13.3 per cent, to $765,000 and $366,000 respectively. Ocean View’s median house price rose by 21.1 per cent to $650,000 and Ipswich showed an increase of 11.9 per cent to $309,000.
Meanwhile, prices in the prestige postcode of Hamilton continue to mellow – its median house price dropped by 10.7 per cent to $1,028,000 for the three months to April. However, this was better than its 12-month change in median prices of -26.6 per cent.
But there are signs aplenty that Brisbane’s property market is finding its groove.
Buyers were out in force when Ray White New Farm staged its first “auctions under the stars” twilight event earlier this month, resulting in seven properties sold under the hammer, a 70 per cent clearance rate.
“The success of this event left no shadow of doubt about the state of the current market,” Ray White New Farm’s principal Matt Lancashire said.
While properties were the main drawcard, there were other temptations on offer, namely canapés supplied by James St’s super-star restaurant Gerard’s Bistro.
The event attracted more than 220 people, with 100 registered bidders for the 10 properties. Those that sold spanned from a unit at 5/59 Collage St, Hamilton, that reached $400,000 to an apartment at 56/54 Vernon Tce, Teneriffe, that sold for $800,000.
This Teneriffe unit at 54/56 Vernon Tce was one of seven properties that sold under the hammer.