real estatereal lifestyle estate
NOOSA KEEPS MOST EXPENSIVE HOUSE MARKET CROWN BY ABBEY CANNAN QUEENSLAND owner occupiers are set to enjoy a year of consistent home value rises as our property market continues to defy national trends of falling prices and deliver good capital growth. According to the latest REIQ Queensland Market Monitor, reporting on the December 2018 quarter, Noosa held onto its crown as the turbo-charged house market, delivering an astonishing 11.7 per cent annual median house price growth, to a new high of $739,500. It also remains the most expensive house market in Queensland. But it had a grim December quarter, losing 8.2 per cent, so all eyes are on this market to see how the next few quarters fare. Solid economic fundamentals have positioned many of Queensland's
residential real estate markets for a good year ahead, with steady demand growth forecast due to rising population, improving employment rates and better lending conditions. REIQ CEO Antonia Mercorella said many experts agreed that many of the Sunshine State's property markets were in an enviable position. "Our housing market has proven to be resilient to the headwinds that have slowed the Sydney and Melbourne markets so drastically," Ms Mercorella said. "The last quarter delivered strong growth in many markets, including Greater Brisbane, which grew by 2.3 per cent to $525,000. "The Sunshine Coast stormed home at the end of last year with 6.3 per cent growth in median house prices. This is
extraordinary growth and testament to the enviable lifestyle on offer in this highly desirable part of the world." It also looks like it will be a good year for apartment owners. "Apartment supply has slowed significantly, with only around 5000 apartments due for completion this year, compared with almost 11,000 just a couple of years ago. This means demand will continue to rise and will contribute to meaningful price growth," Ms Mercorella said. "We are increasingly embracing apartment living and so it makes sense that this sector of the market is poised for strong growth in 2019," she said. Census data from 2016 reveals that 228,243 families live in an apartment, unit or townhouse, up by 10.2 per cent
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from 2011, according to demographic analysts, about 6.3 per cent of families live in an apartment. Census data also reveals that over the past decade, Queensland's interstate migration grew by a net figure of 11,000 a year, on average. "Queensland offers undeniable affordability and a fantastic climate and this is why our population is growing as residents from the southern states opt for a better lifestyle here," Ms Mercorella said. "Anecdotal evidence from our agents suggests that we are seeing property buyers moving here from interstate, lured by the greater bang-for-buck proposition that is presented by our real estate. "Quite simply, your real estate dollar goes further in Queensland." ●
Thursday, 11 April, 2019
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