Prices surge ahead

The state’s flourishing tourism industry is continuing to have a prosperous impact on the Gold Coast’s bustling property market

THE Gold Coast’s world-class beaches are driving median price growth for our coastal housing markets, with the city recording 7.3 per cent annual growth, according to new data.

Real Estate Institute of Queensland data, released this week, showed Noosa recorded the highest annual growth at 9.6 per cent.

The Sunshine Coast LGA recorded 6.8 per cent annual growth to median house prices.

REIQ CEO Antonia Mercorella said the growth surge was helped along by a boost in tourism numbers.

“Tourism is one of the largest contributors to Queensland’s gross state product (GSP), with almost 8 per cent of GSP coming from tourism,” Ms Mercorella said.

“This is roughly $25 billion in the year to June 2016, which means when that sector grows it offers employment opportunities and this attracts workers who need somewhere to live.”

The strong performance of the southeast corner’s coastal markets has helped drive Queensland’s growth over the past 12 months, with more than 58,000 houses sold and an annual median price growth of 2.4 per cent.

Mermaid Beach is the Gold Coast’s strongest growth suburb for houses, adding 9.9 per cent to reach a median of $1.53 million.

The Gold Coast also represented the largest unit market in Queensland.

Defying the trends throughout most of Queensland, the Coast market grew 4.4 per cent, to $420,000 – it is one of the most expensive unit markets in the state.

The city’s rental market remained the most expensive rental market in Queensland for three-bedroom houses and two-bedroom units.

“Property investors’ confidence is optimistic as vacant properties are generally relet in the first two weeks and in some instances with vacancies being shorter than a week,” the report stated.

The Gold Coast property market has recorded a 7.3 per cent median price growth, new data reveals.