The Noosa Spit Recreation Reserve, looking south-east over Noosa Heads. Photo: REIQ
Noosa remains Queensland’s most expensive housing market over the September quarter, according to the Real Estate Institute of Queensland.
In its September quarterly price report, the REIQ says Noosa’s median house price of $1.42m surpasses Brisbane ($1.187m), Gold Coast ($1.092m) and Sunshine Coast ($1.049m).
In Greater Brisbane, Redlands prices reached $900,000, Moreton Bay hit $820,000 and Ipswich came in at $695,000.
For house sales under the half-million dollar mark, Rockhampton ($480,000) and Gladstone ($500,000) are the last remaining regional centres to qualify.
The REIQ says some regional housing markets may be slowing down but not stopping.
The Gold Coast, Brisbane and Cairns house markets are stabilising while regional areas like Mackay (8.83 per cent), Noosa (7.37 per cent), Townsville (6 per cent) and Gladstone (4.93 per cent) experienced the most quarterly growth.
Queensland houses now sell in 21 days, the REIQ says. The longest annual median days on market were Bundaberg (47 days), Moreton Bay (38) and Rockhampton (29). The fastest were Townsville (13), Mackay (13) and Fraser Coast (14.5).
UNIT MARKETS
Noosa units sit at $1.1 million for the quarter while the second and third most expensive markets were Gold Coast ($767,000) and Sunshine Coast ($730,000) with Brisbane at $665,000.
Top quarterly performers were Noosa (19.57 per cent) and Rockhampton (15.36 per cent). Gladstone units were the most affordable at $300,000 then came Townsville ($346,000), Mackay ($350,000) and Cairns ($370,000).
Queensland units now sell in18 days, the REIQ says. The longest days on market for units were seen in Bundaberg (45 days), Townsville and Fraser Coast (both 29 days).
The fastest were ties between Sunshine Coast, Noosa and Cairns (all 13 days), and Brisbane and Toowoomba (both 14 days).
‘POSITIVE SIGNS’
REIQ CEO Antonia Mercorella says the steady market reflects sustained demand and resilience and is a “positive sign”.
“Holiday markets are more impacted by seasonality and may be yet to see the fruits of the spring selling season translate into settlement prices,” she says.
“More immune to buyers’ budgets, units continue to grow in appeal for investors and owner-occupiers ….”
Mercorella says first home buyer activity is also steady with 22,500 new loans in the last 12 months with a 13 per cent increase in loan size to $535,000 compared to a year ago.
She says the full impact of the revised stamp duty concession threshold for first-home buyers has yet to be seen but believes it will bring much-needed relief as buyers wait and see about a possible interest rate cut.
Mercorella says supply constraints remain the biggest stranglehold on the housing market compounded by high building costs that make Queensland the second most expensive state to build with an average cost of $450,612.
“Building approvals have risen for the first time in nearly three years with 34,800 dwellings approved over the 12 months to September – however, this is still a long way off target and what is needed to address demand.”
Gold Coast units were the second most expensive in the state for the September quarter, says the REIQ. Picture: ANDREW KACIMAIWAI
