Coast property values up again

HOMEOWNERS are getting more money for their Gold Coast properties than they were a year ago as house and unit values continue to climb.

A new CoreLogic report shows the Glitter Strip recorded the second-highest increase in property value across regional Queensland in the past financial year.

The Sunshine Coast was the most solid performer. Its median house price jumped 6.9 per cent to $605,771. The Gold Coast (up 4.8 per cent to $642,243), Wide Bay (2.2 per cent) and Cairns (2 per cent) were next best.

In the unit market, the Sunshine Coast again enjoyed the strongest increase in median values at 4.6 per cent to $425,249. It was followed by the Gold Coast (4 per cent to $415,971) and Wide Bay (0.6 per cent).

CoreLogic analyst Cameron Kusher said coastal and tourism markets in Queensland were performing reasonably well.

“Generally speaking, in terms of the regional areas overall, they are the strongest performers, the coastal and lifestyle markets,” he said.

“Whereas the markets linked to the mining and resources sector probably aren’t as bad as they were in terms of the housing market performance, but they are still not really bouncing back yet.’’

The report found the only region in Queensland to record an increase in transaction numbers during the year to May 2018 was the Wide Bay region, where sales levels increased by 5.4 per cent.

The number of homes selling on the Gold Coast has fallen 12 per cent compared to last year while current sales volumes were 8 per cent lower than the region’s five-year average.

REIQ director John Newlands said stricter lending criteria with banks was partly to blame for the drop in the number of sales.

However, on the ground, he said the market was performing well.

“I think one of the biggest drivers now for the Gold Coast is that the population will continue to grow,” he said.

Ray White Broadbeach — Mermaid Waters principal Mitch Palmer attributed the drop in sales to there being less “opportunistic sellers” listing their properties for sale.

“When the market is very strong and in a booming stage ... you get those opportunistic sellers,” he said.

“Now that it’s returning more to a balanced rate, it’s the lifestyle factors that are influencing (moves).”

Those factors included growing families and moving to a different job or school.