Millions of reasons to love the regions
THE number of $1m-plus sales across regional Queensland soared by as much as 369 per cent in the 12 months to June this year, and it was the traditionally more affordable family suburbs that saw the biggest spike in mega sales.
Seven regions across the state saw the number of $1mplus sales increase by more than 100 per cent compared with the previous financial year, Proptrack data shows.
The biggest increase in the number of mega sales was in Coomera, where the number of $1m-plus sales rose a stag
gering 369 per cent compared with the previous year.
It was followed by Golden Beach (+291 per cent), Robina (+260 per cent), Palmview (+208 per cent) and Port Douglas (+172 per cent).
But the regions with the biggest increase in the number of $1m-plus sales were outside of the overcooked southeast corner. Leading the pack was the Wide Bay region, where the number of mega-sales increased 271 per cent, and that’s after a 93 per cent increase the previous financial year.
Million-dollar sales in Central Queensland also rose
a staggering 200 per cent, followed by Outback Queensland (+150 per cent), Townsville (+141 per cent), Cairns (+139 per cent), Toowoomba (+110 per cent) and Mackay- Isaac- Whitsunday (+100 per cent).
But Proptrack economist Cameron Kusher said that with rates going up, and the lifestyle push into the regions easing, the rate of $1m-plus sales would likely slow. “Those who wanted to make the move, have, and the relative affordability in some of the regions, like the Gold Coast and Sunshine Coast, is just not there now,” he said.
“But if anywhere is going to buck the trend, it is places like North Queensland, like Cairns and Townsville, where there are suburbs still cheaper than at their peaks, and they still offer relative affordability compared with the cities. There is also more reason to move there now, with stronger tourism, resources, agriculture, so there is also those employment opportunities.”
In Townsville, a recent offmarket sale negotiated by Janice Gallagher of Janice Gallagher Real Estate secured the owners of a North Ward residence a cool $4.5m.
Ray White’s Julie Maho
ney has also had a run on million-dollar sales, including a North Ward house that sold for $1.72m in March.
Meanwhile, M Property Townsville agent Martin Mcdonough has sealed the deal on 14 sales over $1m, including a $2.3m property on Castle Hill. “There has been a huge uptick in prestige sales over the past year, and a lot of that has come from out of town,” he said.
“A lot has come from the medical profession.”
There are currently over 40 listings priced above $1m in the Townsville region, according to realestate.com.au.