Queensland Market Monitor Your Suburb by Suburb Property Guide
JUNE 2019 | ISSUE 42 Reporting on the March Quarter 2019
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Where will p4 property go post-election?
Editor: Felicity Moore
Buying a property? Research which markets have the best opportunities and get a detailed property report from Residex, now part of Corelogic.
Core Logic' www.corelogic.eom.au/rp-data-professional-signature-reports REIQ Research Explanatory Notes
SALES MARKET DATA “Vendor Discount” is the median difference between the contract price on a All figures for the most recent quarterly and yearly periods are preliminary only property and the first advertised price. The figure is expressed as a percentage and subject to further revision as additional sales records become available (see and is an average of all private treaty sales which sold for less than their initial Research Methodology online at reiq.com). asking price.
As of the June quarter 2013, all sales data includes “Recent Sales” as advised “Total Listings” is the total unique number of properties that have been by real estate agents as well as official records as advised by DNRM. As such advertised for sale and captured by CoreLogic RP Data over the 12 month comparisons with figures published prior to the June quarter 2013 should be period. To be included in the count, the listings have to be matched to done with caution. an actual address.
A median sale price is derived by arranging a set of sale prices from lowest to “% Stock on Market” is the percentage of dwellings within the suburb or local highest and then selecting the middle value within this set government area that has been listed for sale over the past year. (ie, the 50th percentile, where half of recorded sales were less and half were higher than the median). The market trends data changed in November 2018 to improve the accuracy of the residential property universe. Recent changes have had an impact in Only suburbs and regions to record sufficient sales numbers (at the overall counts of properties and overall listing volumes. As such, an annual least 20 sales for the quarter) at the time of reporting are published. comparison of the stock on market may not necessarily provide an accurate representation of trends. Median price changes are influenced by varying quality of properties sold. Source: REIQ, data supplied by CoreLogic N/A Due to insufficient sales numbers (as at the time of data extraction) no median sale price has been calculated. PRICE POINT GRAPHS N/D Not displayed due to price movements potentially driven by type of Some data contained within these graphs represent preliminary stock transacting. sales numbers and are subject to revision as additional sales records become available. (LGA) Local Government Area The data excludes any recent sales transactions where the (SD) Brisbane Statistical Division comprising the LGA of Brisbane City, contract sale price was not disclosed. Ipswich City, Logan City, Moreton Bay Regional and Redland City. The intention of these graphs is to gauge trends in sales activity between periods in lieu of actual final sales results and compare Sunshine Coast (SD) it with historical data. Sunshine Coast Region comprising the LGA of Sunshine Coast Regional and Noosa. Source: REIQ, data supplied by CoreLogic
# Figures based upon the new council boundaries DEMOGRAPHICS INFOGRAPHICS ^ Indicates acreage sales only (with land size greater than 2400m2). Population data has been sourced from the Australian Bureau of Statistics and All other data is based upon sales with a land size of less than 2400m2 refers to December 2017. Median age and ownership structure of the dwellings has been sourced from the 2016 Census data. #1 Smallest stock on market refers to all houses for the year to November 2018. The annual median house prices refer to houses <2400m2 and for the year to December 2018. EMPLOYMENT INFOGRAPHICS The employment data for the SA4 region is sourced from the Australian Bureau of Statistics (ABS 6291.0.555.001). The data refers to the relevant QMM ON THE MARKET INDICATORS quarter. At the time of publication, latest information available was for the 12 months ending the month prior to end of the quarter reporting period. HOUSE AND UNIT MARKET INFOGRAPHICS “Days on Market” is calculated as the median number of days it has taken Arrows denote annual trend for the relevant indicator. to sell those properties sold by private treaty during the last 12 months. The calculation excludes auction listings and listings where an asking price is not advertised. The days on market calculation uses the contract date on the property compared with the first advertised date.
RENTAL MARKET DATA Rental Yield Trend: All median weekly rents are published on a postcode basis, as calculated by the Steady = +/- 0 to 0.3%pts Residential Tenancies Authority, where sufficient data is available. Up = + 0.3%pts or more Down = - 0.3%pts or more Caution should be exercised when interpreting any median rental price data based upon a relatively small number of new bond lodgements. VACANCY RATES All figures are based upon all residential rentals as at the end of L Listed localities (or suburbs) represent one on potentially several that each quarterly period, as submitted by real estate agents. fall within that postcode. N/A Due to insufficient information received no vacancy rate N/A Due to insufficient new bond lodgements, no median rental price has has been calculated. been calculated Source: REIQ Residential Rental Survey Source: Residential Tenancies Authority, rental bond lodgements The REIQ classes rental markets into three categories, weak, healthy, or tight. These markets are classified according to vacancy rates: GROSS RENTAL YIELDS House yields are based upon median house prices and RTA median weekly rent 0 - 2.5% = tight for three-bedroom houses. 2.6 - 3.5% = healthy 3.6% - plus = weak Unit yields are based upon median unit and townhouse sale prices and RTA median weekly rent for two-bedroom units.
2 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 p l e e o a p n g d
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o y C Queensland Market Overview Table of Contents REIQ Explanatory Notes 2 Regional Market Updates Queensland Market Overview 4 Gold Coast 48 Capital City Comparison 10 Toowoomba 54 Sales Market Summary 14 Sunshine Coast 58 On The Market Indicators 18 Fraser Coast 66 Total Listings Bundaberg 70 % Stock on Market Gladstone 74 Median Vendor Discount Rockhampton 78 Median Days on Market Mackay 84 Rental Market Summary 20 Townsville 90 Greater Brisbane Market Updates Cairns 94 Greater Brisbane 26 Other Regional 98 Brisbane LGA 40
Editor: Data: James Webber The Real Estate Institute of Queensland Ltd. Copyright 2018 Felicity Moore Analysis: Nicola McDougall, 50 Southgate Ave, Cannon Hill Qld 4170 T. 07 3249 7300 Kieran Clair, James Webber PO Box 3447, Tingalpa DC Qld 4173 E. [email protected] Graphic Designer: Kristina Tindall Ph: (07) 3249 7347 Fax: (07) 3249 6211 Source: REIQ, data supplied by CoreLogic Email: [email protected]
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 3 Queensland Market Overview
EMPLOYMENT MARKET Where will property go post-election? Editor Felicity Moore Data: James Webber Unemployment Rate Analysis: Nicola McDougall, Kieran Clair, James Webber 5.4% Property markets nationally have been given a shot of confidence as Australian Prudential Regulation Authority (APRA) announced its proposal to relax the assessment rate for home loans - Participation Rate previously assessed at a minimum interest rate of at least 64.4% 7 per cent.
With interest rates at record lows, the gap between the 7 per cent floor and the actual rate of interest paid has been unnecessarily wide. The announcement from APRA has With the federal election provided much-needed optimism to the property market as a measure to make home ownership more accessible to households, both as owner-occupiers and investors. It done and dusted and has been noted that proposed changes could see an increase in borrowing capacity the threat to negative up to 14 per cent but the Government will need to assess the counter cyclical measures introduced at the peak of the housing cycle, such as the reversal of punitive gearing changes removed, rates of stamp duty on foreign investors to help spark investors’ appetite. consumer confidence HIA Economist, Geordan Murray noted, “The contraction in the housing market over has spiked. the past six months has occurred faster and is larger in scale than the contraction experienced after the GFC”. The decline in industry activity has occurred in an environment when lending rates have remained relatively stable. The Reserve Bank of Australia has indicated a further three rate cuts or 75 basis points which could be seen to ease some pressures in the housing market, however the acceleration in the downturn in building activity during 2018 is largely due to regulatory imposts from state and federal governments. Data indicates the construction industry continues to complete work on existing projects but there are fewer new projects; approvals for construction of new homes in the first three months of 2019 equate to annualised level of approximately 180,000 – compared to 220,000 in 2018.
The Queensland residential property market has historically delivered consistent growth which has put us in an enviable position. Despite a nationwide trough, the property market in Queensland remains affordable and continues to show signs of sustainable growth when compared to its southern counterparts.
With the federal election done and dusted and the threat to negative gearing changes removed, consumer confidence has spiked. In a new plan proposed shortly before the election, first-time home buyers are set to receive support from the federal government under a deposit scheme to remove lenders mortgage insurance (LMI) – previously imposed on borrowers who did not have a 20 per cent deposit. Under the new scheme, borrowers would need at least a 5 per cent deposit but could realise significant savings not being subject to LMI.
Although it is government support, there is some skepticism around the proposed stimulus. While there are intangible benefits of being in the property market and these proposed changes may see first-home buyers in their own houses sooner, logic suggests buyers would save more money over the term of their loan with a larger deposit as they are borrowing less and therefore paying less in interest.
Key findings;
• Supply is on the rise and demand is slowing for the majority of housing markets analysed in the Queensland Market Monitor - the only exception for a second consecutive quarter being Gladstone and Mackay which reported increase in sales over the year.
4 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 • The Queensland house market outperformed the unit market – recording nil growth for the house market versus negative 1.5 percent growth for the unit market annually to March 19.
• Rental market continues to tighten across Queensland – reported survey results indicate an approximate 18 per cent increase of properties in the tight status, 12 per cent increase in the healthy status and an approximate decrease of 59 per cent of properties in the weak status.
• The Brisbane housing market posted meek results, with the annual median reaching $680,000 – an annualised growth of 1.5 per cent over the year. A softer unit market saw the annual median unit price fall 2.0 per cent to $441,144.
• Noosa outperformed overall market on average, posting an annual return of 8.7 per cent for houses and 6.8 per cent for units.
HOUSE MARKET (<2400m2)
The Queensland house market performance has remained relatively unchanged over the
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 5 Queensland Market Overview HOUSE MARKET (<2400M2) quarter with the quarterly median price falling 1.3 per cent for March. Despite a 13.6 per cent fall in the annual volume of sales, the Queensland annual median house price remained unchanged from March 18 at $480,000. Over the mid-term, the annual median house price of properties in Queensland has increased 15.7 per cent from $415,000 to $480,000 over a 5 year period to March 2019.
The Sunshine Coast region, in particular Noosa, was again the strongest performer Annual analysed in the QMM. The annual median house price grew 8.7 percent for the Quarter Annual year, reaching $750,000 in March 2019 despite an approximate 20 per cent fall in median price median price sales. This equates to an increase in value of $60,000 over a 12 month period – an equivalent of approximately $5,000 per month. $474,000 $480,000 The house market in Mackay again performed well to round out the March quarter which has helped it post annual returns of 1.0 per cent from March 2018 to March 2019. Mackay was the best performing regional area featured in the QMM for the 5yrs year and saw sales number increase by 1.9 per cent for the year to March 2019.
GENERAL ACTIVITY
Annual volume Annual median Queensland vendors continue to experience challenging market conditions among of sales price 5yrs ago fear and uncertainty in the housing market. Demand indicators are trending downwards whereas supply indicators are trending upwards, with annual sales 53,420 $415,000 volumes falling 13.6 per cent whilst annual listings have risen 22.4 per cent from March 2018 to March 2019. Despite a larger pool of options for potential buyers and investors, median days on market has lengthened by 5 days and the median vendor discount has increased to negative 5.0 per cent, from negative 4.7 per cent.
Gladstone has seen an increase in the demand for its housing over the year to March 2019. The average days on market has shortened by 15 days to 62 days HOUSE MARKET ALL and the median discount has fallen by 0.5 percentage points from 8.7 per cent – the largest fall in median vendor discount rates. Despite these figures, Gladstone’s growth remains subdued and remains as one of the longest-selling areas behind Median days on Rockhampton which has reported 67 days on market for the March quarter. market Similarly to the December quarter, the southeast corner markets were the fastest- 48 Days selling house markets and required the lowest vendor discount. Despite a 16.9 per cent increase in its listings, Brisbane LGA remained the fastest selling housing market analysed with days on market remaining unchanged at 31 days for the March 2019 quarter. Rockhampton took the top spot over Gladstone as the longest-selling Median vendor discount market analysed and recorded the highest vendor discount for year to March 2019, at 9.4 per cent.
-5.0% UNIT MARKET
For the third consecutive quarter, growth has been subdued for the Queensland unit Stock on market market with its median price slipping a further 3.8 per cent to $385,000 over the March quarter. Despite the consecutive quarters of negative growth, the unit market 8.6% in Queensland remains modest yet sustainable, achieving 7.5 per cent over mid-term, 5 year horizon.
Mackay, Noosa and the Sunshine Coast SD unit markets have appeared to outshine the majority of markets analysed in the QMM , which have performed poorly over the past year. The Mackay unit market posted a strong performance for the past year, with annual median unit price increasing 10.5 per cent to a median of $237,500 – continuing to gain some lost returns over the mid-term which currently sits at a 32.7 per cent deficit on December 2013 annual median unit prices.
The unit market in Noosa followed suite with its house prices for the year, posting annual median price growth of 6.8 per cent and a subsequent 49 per cent return for unit owners over a 5-year period. As per the December quarter, Noosa was the fast-selling unit market for the year to March 2019, with its average days on market length shortening by 22 days whilst it’s vendor discount rate remained considerably low at negative 4.5 per cent; one of the lowest rates identified thus far in 2019.
6 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 UNIT MARKET Similar to the house market, unit sales volumes in Queensland have fallen 21.2 per cent from 39,910 in March 2018 to 30,653 in March 2019 whilst unit listings increased 29.3 per cent over the year; perhaps reflecting Queenslander’s preference for low-density living. Annual RENTAL MARKET
The Queensland rental market has tightened over the March quarter, highlighting the increased demand for rental accommodation across the state in light of the recent Federal Elections. The Inner Brisbane rental market saw a large shift in Quarter Annual median vacancies over the March quarter – moving back into the tight range with the Queensland Market Overview median price price market showing its resilience and ability to absorb supply of new rental stock to $385,000 $400,000 the market. Revised quarterly vacancies for the Gold Coast highlighted the market is tight for a third consecutive quarter with annual median rents continuing to trend upwards, 5yrs indicating the high demand for coastal properties.
Vacancies across the Sunshine Coast softened over the March quarter and have begun to shift from a tight to healthy status. Subsequently, annual median rents in the region have remained unchanged for the March quarter indicating a fall Annual volume Annual median in demand for some rental properties with the exception of Noosa which posted of sales price 5 yrs ago 4% rental growth and saw vacancies remain tight. The driver for strong rental 30,653 $372,130 performance in the area is an increase in owner-occupiers, limiting the rental stock and in turn putting pressure on rents.
The Rockhampton rental market remained unchanged for the March quarter with vacancies remaining tight at 2 per cent. Rental demand in the region continues UNIT MARKET ALL to increase with annual median rent growth sitting at 5 per cent over the year to March 2019 - the demand supporting the regions ability to absorb new rental stock.
The majority of rental markets analysed in the Queensland Market Monitor Median days on market experienced median rent growth over the year to March 2019 but Mackay and Gladstone outperformed, in particular the unit market, posting approximately 61 Days 17 per cent and 13 per cent rental growth respectively. Both of these regions historically experienced weak vacancies but these rates are beginning to tighten and fall into a healthier status. Over the year to March 2019, vacancies in Gladstone have tightened 1 percentage point to 3.1 per cent, which has put Median vendor upwards pressure on rents and subsequently categorised it as a healthy discount rental market. -5.0%
Stock on market 10.6%
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 7 Statewide Statistics ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL PROPERTY QTRLY MEDIAN 1 YR MEDIAN 5YR REGION NUMBER MEDIAN NUMBER MEDIAN TYPE CHANGE SALE (1YR CHANGE SALE (5YRS CHANGE OF SALES SALE OF SALES SALE AGO) AGO)
Queensland Houses 9968 $474,000 -1.3% 53420 $480,000 $480,000 0.0% $415,000 15.7%
Queensland Houses ^ 1453 $530,000 -3.6% 8705 $545,000 $535,000 1.9% $475,000 14.7%
Queensland Units 5078 $385,000 -3.8% 30653 $400,000 $406,000 -1.5% $372,130 7.5%
Queensland Land 1072 $204,500 -7.1% 10271 $227,900 $228,000 0.0% $196,000 16.3%
Queensland Land ^ 228 $190,000 -16.3% 1840 $224,543 $252,000 -10.9% $208,000 8.0%
8 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 QUEENSLAND HOUSE MARKETS QUEENSLAND UNIT MARKETS Mar Qtr 2019 Mar Qtr 2019
Mackay Noosa Rockhampton Rockhampton Fraser Coast Greater Brisbane Gladstone Gold Coast Bundaberg RISING FALLING RISING FALLING
Gold Coast Bundaberg Greater Brisbane Fraser Coast Sunshine Coast Sunshine Coast (SD) Cairns (LGA) Sunshine Coast (LGA) Sunshine Coast STEADY STEADY Queensland Market Overview STEADY STEADY (SD) Toowoomba Rockhampton
Townsville Rockhampton Mackay Noosa Cairns STABILISING Gladstone STABILISING RECOVERING RECOVERING Townsville
Source: REIQ Source: REIQ Based on the previous 4 quarters median sale price change and the annual change. Based on the previous 4 quarters median sale price change and the annual change. Houses < 2400 m2
QUEENSLAND HOUSE MARKET QUEENSLAND UNIT MARKET Annual Median Sale Price Annual Number of Sales Annual Median Sale Price Annual Number of Sales $550,000 110,000 $430,000 60,000
$410,000 50,000 $500,000 100,000 $390,000
$370,000 40,000 $450,000 90,000 Number of Sales
Number of Sales $350,000 30,000 $400,000 80,000 $330,000
Median Sale Price Sale Median $310,000 20,000 Median Sale Price Sale Median $350,000 70,000 $290,000 10,000 $270,000 $300,000 60,000 $250,000 0 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18
$250,000 50,000 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18
QUEENSLAND LAND MARKET
Annual Median Sale Price Annual Number of Sales $250,000 40,000
35,000
$200,000 30,000
25,000 Number of Sales $150,000
20,000
$100,000 Median Sale Price Sale Median 15,000
10,000 $50,000
5,000
$0 0 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 9 Capital City Comparison
HOUSE MARKET COMPARISON Greater Brisbane house market may have found its floor Best performer for the year Nationwide, property prices have been trending downwards amidst Greater Hobart tighter lending and electoral uncertainty. While macroeconomic 11% uncertainty still looms, the short-term market sentiment has improved particularly following the election result.
Fastest selling The Australian preference for low-density living continued once again throughout capital city the quarter, with housing markets generally outperforming the unit market. The Greater Hobart Greater Brisbane house market has held relatively firmly over the past 12 months as the annual median house price grew a surprising 3 per cent to an annual median of 13 Days $556,000 – a viable and affordable market compared to its southern counterparts. Despite a national downward trend, Greater Hobart has continued to outperform the Smallest discount rest of the residential property market. It is proving resilient in both the housing and capital city unit market, posting annual median returns of 11 per cent and 13 per respectively and once again has claimed the title as the fastest-selling capital city with a median days Canberra on market of 13. The consistently strong performance of the Greater Hobart property market is gaining attention and it will not be long before it loses the accolade as the -2.0% most affordable capital city. House Market
The volume of annual house sales across the capital cities in Australia continued Despite a national trending downwards, falling about 3.5 per cent from 162,864 sales in November 2018 to 157,140 sales in February 2019. Despite falling sales volumes and reduced downward trend, Greater demand, residential supply indicators, such as the volume of annual listings has fallen Hobart has continued to 2 per cent from 204,395 in November 2018 to 200,404 in February 2019 which could indicate a sentiment shift in the market. outperform the rest of With this said however, the majority of our capital cities are operating in positive the residential property territory and have continued to experience subdued growth over the past 12 months, market. with the exception of Melbourne, Sydney, Perth and Darwin. Annual Performance
Capital city annual price growth (12 months to March 2019)
• Greater Hobart 11.0% • Greater Brisbane 3.0% • Canberra 2.8% • Greater Adelaide 2.6% • Greater Perth -1.0% • Greater Darwin -1.0% • Greater Melbourne -2.5% • Greater Sydney -3.6%
Settling the sale of 3,255 houses in the quarter at an annual median price of $455,000, Greater Hobart remains the most affordable capital city in Australia despite the growing demand. Not only is Greater Hobart the best performer in terms of growth with 11 per cent returns, it is also the fastest selling capital city with properties sitting on the market for a median of 13 days.
Consistently posting positive results, the Greater Brisbane housing market was the second-best performer of the year, with an increase of 3 per cent, to reach an annual median of $556,000 and remained the fourth-most expensive housing market in the country, behind Greater Sydney, Greater Melbourne and Canberra.
The Greater Darwin house market has slipped again, down 1 per cent for the year to an annual median price of $485,000. The Greater Perth house market saw a similarly subdued performance, falling 1 per cent to an annual median of $520,000.
10 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 UNIT MARKET COMPARISON Greater Sydney, the most expensive capital city and the largest house market (based on sales volumes) followed suit with an annual fall in median price of 3.6 per cent, to $950,000 in February. Best performer for the year The second-largest house market (based on sales volumes) for the year was Greater Melbourne. Despite a fall of 2.5 per cent in the annual median price to $770,000, it remained Greater Hobart the second most expensive house market.
The median house prices in Canberra and Greater Adelaide grew 2.8 per cent and 2.6 per Queensland Market Overview 13% Comparison Capital City cent respectively for the year to February. These two markets combined represented less than 25 per cent of sales in Greater Melbourne and Greater Sydney combined. Fastest selling Posting consistently positive results, the Greater Brisbane housing market was the second capital city best performer of the year, with an increase of 3 per cent to an annual median of $556,000 Greater Hobart and remained as the fourth most expensive housing market in the country. 12 Days On The Market Trends For the fourth consecutive quarter, Greater Hobart was the fastest-selling capital city market Smallest discount and required the second-smallest discount across all capital cities. The average annual capital city vendor discount was 3.7 per cent with a typical house in Greater Hobart requiring 13 days to reach a contract of sale. On the contrary, Greater Darwin market was the weakest capital city Canberra performer, requiring 71 days to reach a contract of sale and a vendor discount of 7.1 per cent. The high level of negotiation required to reach contract indicates that the expectation between -2.7% buyers and sellers are misaligned. The second-fastest selling capital city was Greater Melbourne which required 31 days to reach contract of sale and sold at a vendor discount of 5.4 per cent. In comparison, houses in Greater Sydney required an additional 12 days to reach a contract of sale and sold at a vendor discount of 6.5 per cent.
March quarter data indicates that Canberra was third-fastest selling capital city, requiring 32 days to reach contract after a negotiated 2 per cent discount; the smallest vendor discount across all capital cities. Greater Brisbane followed behind Canberra, requiring 35 days to reach contract after a vendor discount of 4.4 per cent.
Greater Adelaide and Greater Perth were among the worst performers for reaching a contract of sale compared to the aforementioned capital cities.
Hold Periods
Home owners throughout Australian capital cities generally hold ownership in the range of 8.7 to 13.5 years.
Greater Melbourne has the longest ownership period for houses, with the average hold period increasing 0.1 years from December 2018 data – partially supported by the strength of the employment market.
Home owners in Greater Brisbane continue to retain longer ownership than Greater Sydney – increasing from 11.8 to 12 years since the previous quarter. Greater Adelaide and Greater Sydney ownership is currently holding 10.1 and 10.9 years, respectively.
Owners in Greater Hobart, Canberra and Greater Perth aren’t far behind those in Greater Brisbane and generally stay put for around 11.2 to 11.8 years, while ownership in Greater Darwin has remained unchanged from the December quarter.
Unit Market
The volume of annual unit sales across the capital cities continued trending downwards, falling about 5.3 per cent, from 58,700 sales in the year to December 2018 to 55,616 sales in the year to March 2019. In the face of falling sales, unit listings have contracted by about 1.8 per cent, from about 80,972 in November 2018 to 79,531 in February 2019 – indicating a decrease in both supply and demand for the unit market; which is affecting sale prices and confirming our preference for low-density living.
Ranging from 13 per cent to -6.3 per cent for the year, unit markets across Australian capital
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 11 cities have performed vastly differently. Similar to the housing market, the best-performing capital city unit market was Greater Hobart which posted annual growth of 13 per cent, with an annual median unit price of $356,000. Behind Hobart, the Canberra unit market is the second-best performer and indicated positive growth of 1.1 per cent over the year to March 2019.
The Greater Brisbane and Greater Perth unit markets were the second and third-worst performing unit markets analysed, recording annual median price falls of 2.5 per cent and 3 per cent respectively, while Greater Adelaide and Greater Melbourne saw little to no annual growth.
Units in Greater Sydney remain the most expensive capital city unit market with an annual median price of $710,000 – falling 2.1 per cent for the year to March 2019. The Greater Darwin unit market was the worst performer of the year, falling a further 6.3 per cent to an annual median price of $328,000 and making it the second-least expensive unit market behind Greater Adelaide.
On The Market Trends
Units across the Australian capital cities reached a contract of sale in the range of 12 days to 68 days and required negotiated vendor discounts in the range of 2.7 per cent and 9.5 percent.
Not only was Greater Hobart the highest performer but it was once again, the fastest-selling capital city market and required the smallest discount across all capital cities. The average annual vendor discount was 3.1 per cent with a typical unit in Greater Hobart requiring just 12 days to reach a contract of sale.
Comparatively, Greater Darwin was the weakest capital city unit performer, requiring 68 days to reach a contract of sale and a vendor discount of 9.5 per cent – reflecting the strong negotiating power of buyers within the unit market.
Analysis shows the Greater Brisbane unit market underperformed in comparison to the housing market. Units required, on average, 51 days to reach a contract of sale compared to 35 days required for houses and vendor discounts for units of 5 per cent outweighed the discounts for houses by 0.6 percentage points, highlighting an oversupply of units in Greater Brisbane.
Hold Periods
The average hold period for unit owners throughout Australian capital cities has remained constant this quarter, ranging from 9.1 years to 11.1 years.
Analysis has shown that Greater Perth unit owners continue to hold their units for the longest period, of 11.1 years, decreasing 0.1 years on the previous quarter whereas Greater Sydney unit owners hold their properties for the shortest period of 9.1 years.
12 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Capital Cities Comparison HOUSES UNITS
ANNUAL ANNUAL MEDIAN MEDIAN ANNUAL AVERAGE MEDIAN ANNUAL ANNUAL CHANGE MEDIAN AVERAGE NUMBER ANNUAL CHANGE DAYS MEDIAN NUMBER MEDIAN CAPITAL SALES MEDIAN ANNUAL HOLD SALES MEDIAN NUMBER IN ANNUAL DAYS ON HOLD OF SALES NUMBER IN MEDIAN ON VENDOR OF SALES VENDOR CITIES* PRICE SALES LISTINGS PERIOD PRICE SALES OF MEDIAN LISTINGS MARKET PERIOD (QUARTER) OF SALES SALE MARKET DISCOUNT (QUARTER) DISCOUNT (QUARTER) PRICE (YEARS) (QUARTER) PRICE SALES SALE (DAYS) (YEARS) PRICE (DAYS) PRICE
12 MNTHS 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 2019 ENDING AUG Queensland Market Overview
Greater $490,000 3,821 $476,000 15,031 2.6% 18,586 43 -4.9% 10.1 $339,750 676 $330,000 2,865 -0.3% 4,423 50 -5.6% 9.8 Comparison Capital City Adelaide
Greater $545,000 4,073 $556,000 24,185 3.0% 38,733 35 -4.4% 12.0 $370,000 1,111 $385,000 6,349 -2.5% 10,734 51 -5.0% 10.1 Brisbane
Canberra $655,000 823 $658,000 3,946 2.8% 4,410 32 -2.0% 11.4 $433,000 339 $440,000 1,700 1.1% 2,162 44 -2.7% 9.6
Greater $495,000 219 $485,000 1,084 -1.0% 1,558 71 -7.1% 8.7 $310,000 83 $328,000 429 -6.3% 952 68 -9.5% 9.2 Darwin
Greater $450,000 691 $455,000 3,255 11.0% 3,650 13 -3.7% 11.2 $370,000 181 $356,000 952 13.0% 842 12 -3.1% 9.6 Hobart
Greater $710,000 7,338 $770,000 41,178 -2.5% 54,041 31 -5.4% 13.5 $528,500 2,391 $550,000 13,592 0.0% 25,385 32 -4.7% 9.8 Melbourne
Greater Perth $505,000 4,006 $520,000 18,238 -1.0% 30,794 49 -6.3% 11.8 $380,000 930 $385,000 4,178 -3.0% 9,292 66 -7.5% 11.1
Greater $848,250 8,642 $950,000 50,223 -3.6% 48,632 43 -6.5% 10.9 $660,000 4,249 $710,000 25,551 -2.1% 25,741 41 -5.8% 9.1 Sydney
* All figures for 12 months, ending Aug 2018
Median Sale Price (Mar 2019) House Market Trend Indicators (Mar 2019) Houses Units Days on market Vendor Discount $900,000 80 -8.0% $800,000 -7.1% 70 -7.0% -6.3% -6.5% $700,000 Median Vendor Discount 60 -5.4% -6.0% $600,000 -4.9% 50 -4.4% -5.0% $500,000 40 -3.7% -4.0% $400,000 -2.0%
$848,250 $848,250 71 30 -3.0% $300,000 $710,000 $655,000 $655,000 $660,000 $660,000 Median Days on Market on Days Median Quarter median sale price sale median Quarter 49
$545,000 $545,000 43 43 $528,500 $528,500 20 -2.0% $505,000 $505,000
$200,000 $490,000 $495,000
$450,000 $450,000 35 $433,000 $433,000 32 31 $380,000 $380,000 $370,000 $370,000 $370,000 $339,750 $339,750
$100,000 $310,000 10 -1.0% 13 $- - 0.0% Greater Sydney Greater Canberra Greater Greater Perth Greater Greater Darwin Greater Hobart Greater Darwin Greater Perth Greater Canberra Greater Sydney Greater Greater Greater Hobart Melbourne Brisbane Adelaide Adelaide Brisbane Melbourne
Unit Market Trend Indicators (Mar 2019)
Days on market Vendor Discount
80 -12.0%
70 -9.5% -10.0% Median Vendor Discount 60 -7.5% -8.0% 50
-5.6% -5.8% 40 -6.0% -5.0% -4.7% 68 66 -2.7% 30 51 -3.1% -4.0%
Median Days on Market on Days Median 50 20 41 32 44 -2.0% 10 12 - 0.0% Greater Darwin Greater Perth Greater Canberra Greater Sydney Greater Greater Greater Hobart Adelaide Brisbane Melbourne
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 13 Sales Market Summary
QUARTER STATISTICS SUMMARY HOUSES (<2400m2) UNITS & TOWNHOUSES VACANT LAND (<2400m2)
LGA/REGION QTRLY QTRLY MEDIAN QTRLY QTRLY QTRLY MEDIAN QTRLY QTRLY QTRLY MEDIAN QTRLY NO. SALES SALE PRICE CHANGE NO. SALES SALE PRICE CHANGE NO. SALES SALE PRICE CHANGE
QUEENSLAND QUEENSLAND 9,968 $474,000 -1.3% 5,078 $385,000 -3.8% 1,072 $204,500 -7.1% GREATER BRISBANE GREATER BRISBANE 5,010 $525,000 -1.9% 2,072 $392,800 -4.2% 506 $228,000 0.4% BRISBANE LGA 2,316 $660,200 -3.6% 1,545 $422,000 -4.7% 112 $399,000 -2.7% IPSWICH 543 $345,000 -1.4% 57 $308,000 -8.6% 68 $187,000 -5.1% LOGAN 599 $395,000 -2.2% 118 $245,000 -13.1% 115 $227,000 3.2% MORETON BAY 1,048 $445,000 0.0% 270 $324,500 -3.1% 96 $237,500 -1.0% REDLAND 504 $530,000 0.0% 82 $380,000 -1.3% 115 N/D N/D TOURISM CENTRES GOLD COAST 1,096 $625,000 0.8% 1,629 $422,000 -4.5% 78 $285,750 0.4% SUNSHINE COAST SD 926 $598,000 0.2% 605 $423,000 -1.6% 102 $299,250 10.8% SUNSHINE COAST 785 $585,000 0.0% 490 $410,000 -2.0% 86 $287,500 8.5% NOOSA 141 $715,000 -4.7% 115 $565,000 1.8% 16 N/A N/A FRASER COAST 315 $316,000 -2.8% 67 $270,000 5.5% 63 $142,900 -10.7% CAIRNS 351 $397,500 -3.1% 232 $225,000 -2.2% 36 $225,000 -8.2% REGIONAL CENTRES BUNDABERG 208 $270,000 -1.8% 32 $236,000 -15.1% 37 $139,000 5.3% GLADSTONE 108 $257,250 -13.5% 30 $197,000 19.4% 8 N/A N/A MACKAY 220 $330,000 -2.1% 39 $217,000 -18.9% 21 $165,000 0.0% ROCKHAMPTON 166 $265,000 15.2% 21 $300,000 33.3% 3 N/A N/A TOOWOOMBA 335 $345,000 -5.5% 94 $287,500 -4.2% 24 $166,500 0.0% TOWNSVILLE 345 $310,000 -2.1% 105 $250,000 -3.5% 37 $156,500 -2.2%
N/D: Not displayed due to price movements potentially driven by type of stock transacting
QUARTER STATISTICS SUMMARY
STRONGEST PERFORMER FOR THE QUARTER
HOUSES <2400m2 UNITS LAND <2400m2
QTRLY CHANGE LGA/REGION QTRLY CHANGE LGA/REGION QTRLY CHANGE LGA/REGION
15.2% ROCKHAMPTON 33.3% ROCKHAMPTON 10.8% SUNSHINE COAST SD
0.8% GOLD COAST 19.4% GLADSTONE 8.5% SUNSHINE COAST
0.2% SUNSHINE COAST SD 5.5% FRASER COAST 5.3% BUNDABERG
14 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 ANNUAL STATISTICS SUMMARY HOUSES (<2400m2) UNITS & TOWNHOUSES VACANT LAND (<2400m2)
LGA/REGION ANNUAL ANNUAL MEDIAN ANNUAL ANNUAL ANNUAL MEDIAN ANNUAL ANNUAL ANNUAL MEDIAN ANNUAL NO. SALES SALE PRICE CHANGE NO. SALES SALE PRICE CHANGE NO. SALES SALE PRICE CHANGE
QUEENSLAND
QUEENSLAND 53,420 $480,000 0.0% 30,653 $400,000 -1.5% 10,271 $227,900 0.0% Sales Market Summary GREATER BRISBANE GREATER BRISBANE 27,040 $530,000 1.9% 13,359 $409,000 -1.5% 5,535 $233,000 1.3% BRISBANE LGA 12,620 $680,000 1.5% 9,480 $441,144 -2.0% 1,220 $412,000 1.1% IPSWICH 2,889 $346,000 1.8% 520 $325,000 0.0% 1,130 $199,900 2.5% LOGAN 3,219 $400,000 1.3% 948 $280,000 -2.4% 1,291 $220,000 5.3% MORETON BAY 5,962 $450,000 2.5% 1,821 $335,000 -5.6% 1,210 $243,500 -2.8% REDLAND 2,350 $533,250 0.6% 590 $405,000 -3.6% 684 N/D N/D TOURISM CENTRES GOLD COAST 5,567 $625,000 0.8% 9,326 $435,000 0.0% 949 $284,000 2.2% SUNSHINE COAST 4,869 $600,000 3.5% 3,537 $430,000 1.2% 1,142 $271,100 4.4% SD SUNSHINE COAST 4,087 $585,000 3.5% 2,810 $415,000 0.0% 1,043 $265,000 3.9% (LGA) NOOSA 782 $750,000 8.7% 727 $566,250 6.8% 99 $360,000 14.3% FRASER COAST 1,712 $320,000 0.6% 366 $260,000 0.4% 371 $155,000 0.0% CAIRNS 1,954 $405,000 -1.2% 1,389 $230,000 -1.3% 309 $225,000 7.1% REGIONAL CENTRES BUNDABERG 1,010 $277,000 -2.8% 189 $245,000 -6.8% 225 $147,000 -1.2% GLADSTONE 542 $270,000 -3.6% 133 $171,000 -5.0% 53 $130,000 -13.3% MACKAY 1,172 $339,000 1.0% 233 $237,500 10.5% 200 $169,000 2.4% ROCKHAMPTON 805 $254,500 -4.9% 94 $290,000 -4.1% 51 $145,000 0.0% TOOWOOMBA 1,893 $352,000 -0.5% 474 $305,000 0.0% 228 $167,500 -4.3% TOWNSVILLE 1,800 $317,500 -2.3% 541 $250,000 -10.7% 274 $161,000 -1.8%
N/D: Not displayed due to price movements potentially driven by type of stock transacting
STRONGEST PERFORMER FOR THE PAST 12 MONTHS
HOUSES <2400m2 UNITS LAND <2400m2
ANNUAL CHANGE LGA/REGION ANNUAL CHANGE LGA/REGION ANNUAL CHANGE LGA/REGION
8.7% NOOSA 10.5% MACKAY 14.3% NOOSA
3.5% SUNSHINE COAST 6.8% NOOSA 7.1% CAIRNS
3.5% SUNSHINE COAST SD 1.2% SUNSHINE COAST SD 5.3% LOGAN
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QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 15 QUEENSLAND ALL LGAs ANNUAL STATISTICS
PERFORMANCE 2 2 2 2 BY LGA* HOUSES (<2400m ) HOUSES (>2400m ) UNITS LAND (<2400m ) LAND (>2400m )
Sales Market Summary ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL 1YR ANNUAL ANNUAL 1YR ANNUAL 1YR ANNUAL 1YR ANNUAL 1YR SUBURB/LGA MEDIAN MEDIAN MEDIAN MEDIAN SALES CHANGE SALES MEDIAN SALE CHANGE SALES CHANGE SALES CHANGE SALES CHANGE SALE SALE SALE SALE
BALONE (LGA) 22 $150,000 -16.7% 9 N/A N/A 1 N/A N/A 5 N/A N/A 1 N/A N/A
BANANA (LGA) 101 $165,000 -4.4% 21 $340,000 -17.2% 0 N/A N/A 6 N/A N/A 5 N/A N/A
BARCALDINE (LGA) 13 N/A N/A 9 N/A N/A 0 N/A N/A 2 N/A N/A 3 N/A N/A
BARCOO (LGA) 6 N/A N/A 0 N/A N/A 0 N/A N/A 0 N/A N/A 0 N/A N/A
BLACKALL TAMBO (LGA) 18 N/A N/A 9 N/A N/A 0 N/A N/A 4 N/A N/A 2 N/A N/A
BOULIA (LGA) 3 N/A N/A 1 N/A N/A 0 N/A N/A 1 N/A N/A 0 N/A N/A
BRISBANE (LGA) 12,620 $680,000 1.5% 357 $1,268,750 5.7% 9,480 $441,144 -2.0% 1220 $412,000 1.1% 39 $960,000 3.8%
BULLOO (LGA) 2 N/A N/A 0 N/A N/A 0 N/A N/A 4 N/A N/A 1 N/A N/A
BUNDABERG (LGA) 1,010 $277,000 -2.8% 315 $350,000 -4.8% 189 $245,000 -6.8% 225 $147,000 -1.2% 49 $149,500 -0.3%
BURDEKIN (LGA) 104 $170,000 -5.6% 17 N/A N/A 16 N/A N/A 22 $80,000 -20.0% 6 N/A N/A
BURKE (LGA) 0 N/A N/A 1 N/A N/A 0 N/A N/A 1 N/A N/A 0 N/A N/A
CAIRNS (LGA) 1,954 $405,000 -1.2% 120 $645,000 0.9% 1,389 $230,000 -1.3% 309 $225,000 7.1% 52 $233,000 -20.9%
CARPENTARIA (LGA) 9 N/A N/A 0 N/A N/A 1 N/A N/A 3 N/A N/A 0 N/A N/A
CASSOWARY COAST (LGA) 192 $215,000 -10.4% 82 $330,000 -0.8% 62 $192,500 3.4% 67 $72,500 -14.7% 22 $125,000 25.0%
CENTRAL HIGHLANDS (LGA) 248 $200,000 37.0% 51 $478,000 15.0% 43 $170,000 -10.5% 15 N/A N/A 10 N/A N/A
CHARTERS TOWERS (LGA) 68 $140,000 -5.1% 49 $400,000 21.2% 2 N/A N/A 2 N/A N/A 4 N/A N/A
CLONCURRY (LGA) 20 $110,000 0.0% 5 N/A N/A 1 N/A N/A 2 N/A N/A 0 N/A N/A
COOK (LGA) 35 $280,000 -5.1% 18 N/A N/A 2 N/A N/A 7 N/A N/A 4 N/A N/A
CROYDON (LGA) 1 N/A N/A 0 N/A N/A 0 N/A N/A 1 N/A N/A 0 N/A N/A
DIAMANTINA (LGA) 0 N/A N/A 0 N/A N/A 0 N/A N/A 0 N/A N/A 0 N/A N/A
DOUGLAS (LGA) 142 $450,000 4.1% 38 $432,500 14.6% 251 $240,000 -3.1% 13 N/A N/A 13 N/A N/A
ETHERIDGE (LGA) 2 N/A N/A 2 N/A N/A 0 N/A N/A 1 N/A N/A 3 N/A N/A
FLINDERS (LGA) 16 N/A N/A 4 N/A N/A 0 N/A N/A 5 N/A N/A 2 N/A N/A
FRASER COAST (LGA) 1,712 $320,000 0.6% 428 $390,000 0.0% 366 $260,000 0.4% 371 $155,000 0.0% 219 $76,000 1.3%
GLADSTONE (LGA) 542 $270,000 -3.6% 152 $380,000 1.3% 133 $171,000 -5.0% 53 $130,000 -13.3% 23 $155,000 8.4%
GOLD COAST (LGA) 5,567 $625,000 0.8% 585 $860,000 1.2% 9,326 $435,000 0.0% 949 $284,000 2.2% 106 $485,000 7.8%
GOONDIWINDI (LGA) 76 $285,000 1.4% 26 $305,000 -33.7% 9 N/A N/A 23 $100,000 42.9% 4 N/A N/A
GYMPIE (LGA) 623 $290,000 1.1% 426 $390,000 3.7% 75 $265,000 7.9% 131 $126,000 0.8% 116 $160,000 10.4%
HINCHINBROOK (LGA) 87 $198,000 10.0% 15 N/A N/A 10 N/A N/A 10 N/A N/A 9 N/A N/A
IPSWICH (LGA) 2,889 $346,000 1.8% 218 $527,500 -0.5% 520 $325,000 0.0% 1130 $199,900 2.5% 76 $325,000 -1.5%
ISAAC (LGA) 168 $172,500 27.3% 18 N/A N/A 20 $154,000 18.5% 6 N/A N/A 3 N/A N/A
LIVINGSTONE (LGA) 416 $365,000 1.4% 162 $470,000 -4.1% 103 $283,000 8.9% 119 $180,000 1.2% 39 $220,000 -7.4%
LOCKYER VALLEY (LGA) 209 $244,500 -4.1% 328 $390,000 5.4% 14 N/A N/A 37 $125,000 -3.1% 76 $152,500 -0.3%
LOGAN (LGA) 3,219 $400,000 1.3% 723 $610,000 0.8% 948 $280,000 -2.4% 1291 $220,000 5.3% 155 $315,000 1.6%
LONGREACH (LGA) 30 $147,500 25.5% 4 N/A N/A 5 N/A N/A 0 N/A N/A 3 N/A N/A
MACKAY (LGA) 1,172 $339,000 1.0% 198 $450,000 12.5% 233 $237,500 10.5% 200 $169,000 2.4% 44 $162,000 8.0%
MARANOA (LGA) 69 $190,000 0.0% 28 $330,000 -29.4% 0 N/A N/A 4 N/A N/A 2 N/A N/A
MAREEBA (LGA) 109 $302,500 10.0% 119 $455,000 -3.6% 14 N/A N/A 39 $110,500 1.4% 24 $137,000 -2.1%
MCKINLAY (LGA) 3 N/A N/A 0 N/A N/A 0 N/A N/A 0 N/A N/A 0 N/A N/A
MORETON BAY (LGA) 5,962 $450,000 2.5% 884 $676,000 2.4% 1,821 $335,000 -5.6% 1210 $243,500 -2.8% 168 $300,000 0.0%
MOUNT ISA (LGA) 122 $257,000 2.8% 5 N/A N/A 9 N/A N/A 2 N/A N/A 1 N/A N/A
MURWEIH (LGA) 31 $105,000 -11.0% 6 N/A N/A 0 N/A N/A 4 N/A N/A 1 N/A N/A
NOOSA (LGA) 782 $750,000 8.7% 363 $712,500 3.9% 727 $566,250 6.8% 99 $360,000 14.3% 12 N/A N/A
NORTH BURNETT (LGA) 72 $136,500 0.0% 31 $250,000 14.7% 1 N/A N/A 11 N/A N/A 2 N/A N/A
PAROO (LGA) 17 N/A N/A 6 N/A N/A 0 N/A N/A 2 N/A N/A 2 N/A N/A
16 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 QUEENSLAND ALL LGAs ANNUAL STATISTICS (CONT’D)
PERFORMANCE 2 2 2 2 BY LGA* HOUSES (<2400m ) HOUSES (>2400m ) UNITS LAND (<2400m ) LAND (>2400m )
ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL 1YR ANNUAL 1YR ANNUAL 1YR ANNUAL 1YR ANNUAL 1YR SUBURB/LGA MEDIAN MEDIAN MEDIAN MEDIAN MEDIAN SALES CHANGE SALES CHANGE SALES CHANGE SALES CHANGE SALES CHANGE SALE SALE SALE SALE SALE
QUILPIE (LGA) 3 N/A N/A 0 N/A N/A 0 N/A N/A 1 N/A N/A 0 N/A N/A
REDLAND (LGA) 2,350 $533,250 0.6% 147 $975,000 3.9% 590 $405,000 -3.6% 684 $32,000 -87.5% 5 N/A N/A
RICHMOND (LGA) 6 N/A N/A 2 N/A N/A 0 N/A N/A 0 N/A N/A 2 N/A N/A
ROCKHAMPTON (LGA) 805 $254,500 -4.9% 66 $365,000 1.4% 94 $290,000 -4.1% 51 $145,000 0.0% 13 N/A N/A
SCENIC RIM (LGA) 384 $415,000 3.8% 320 $575,000 6.0% 60 $296,000 -15.4% 58 $194,950 2.6% 38 $197,500 2.3% Sales Market Summary
SOMERSET (LGA) 201 $257,750 5.2% 217 $410,000 5.8% 8 N/A N/A 48 $97,000 -33.1% 38 $172,500 -1.4%
SOUTH BURNETT (LGA) 280 $200,000 0.8% 214 $260,000 0.0% 21 $186,000 0.5% 45 $41,000 17.1% 27 $70,000 26.1%
SOUTHERN DOWNS (LGA) 332 $250,000 -1.7% 169 $347,000 -3.6% 28 $226,000 1.6% 55 $98,000 7.1% 36 $70,000 -16.9%
SUNSHINE COAST (LGA) 4,087 $585,000 3.5% 744 $725,000 7.4% 2,810 $415,000 0.0% 1043 $265,000 3.9% 143 $395,000 2.6%
TABLELANDS (LGA) 204 $280,000 -6.4% 152 $390,000 -4.9% 29 $210,000 -15.2% 53 $120,000 7.1% 47 $170,000 9.7%
TOOWOOMBA (LGA) 1,893 $352,000 -0.5% 460 $535,000 2.9% 474 $305,000 0.0% 228 $167,500 -4.3% 100 $242,500 3.7%
TORRES (LGA) 1 N/A N/A 0 N/A N/A 2 N/A N/A 3 N/A N/A 0 N/A N/A
TORRES STRAIT ISLAND 0 N/A N/A 0 N/A N/A 0 N/A N/A 2 N/A N/A 0 N/A N/A (LGA)
TOWNSVILLE (LGA) 1,800 $317,500 -2.3% 203 $408,750 2.7% 541 $250,000 -10.7% 274 $161,000 -1.8% 34 $192,500 -2.3%
WEIPA (LGA) 12 N/A N/A 0 N/A N/A 3 N/A N/A 0 N/A N/A 0 N/A N/A
WESTERN DOWNS (LGA) 269 $185,000 -2.6% 99 $255,000 -17.7% 27 $150,000 -23.5% 18 N/A N/A 21 $100,000 11.1%
WHITSUNDAY (LGA) 318 $340,000 -2.9% 78 $477,500 4.5% 195 $250,000 5.0% 102 $147,000 -5.8% 35 $195,000 2.9%
WINTON (LGA) 12 N/A N/A 1 N/A N/A 0 N/A N/A 0 N/A N/A 0 N/A N/A
* All figures are for 12 months to Mar-19 * N/A Not available due to insufficient sales numbers
STRONGEST PERFORMER BY LGA FOR THE PAST 12 MONTHS
HOUSES (<2400m2) HOUSES (>2400m2) UNITS LAND (<2400m2) LAND (>2400m2)
ANNUAL CHANGE LGA/REGION ANNUAL CHANGE LGA/REGION ANNUAL CHANGE LGA/REGION ANNUAL CHANGE LGA/REGION ANNUAL CHANGE LGA/REGION
37.0% CENTRAL HIGHLANDS 21.2% CHARTERS TOWERS 18.5% ISAAC 42.9% GOONDIWINDI 26.1% SOUTH BURNETT
27.3% ISAAC 15.0% CENTRAL HIGHLANDS 10.5% MACKAY 17.1% SOUTH BURNETT 25.0% CASSOWARY COAST
25.5% LONGREACH 14.7% NORTH BURNETT 8.9% LIVINGSTONE 14.3% NOOSA 11.1% WESTERN DOWNS
MOST EXPENSIVE LGAs FOR THE PAST 12 MONTHS
HOUSES (<2400m2) HOUSES (>2400m2) UNITS LAND (<2400m2) LAND (>2400m2)
ANNUAL MEDIAN ANNUAL MEDIAN ANNUAL MEDIAN ANNUAL MEDIAN ANNUAL MEDIAN LGA/REGION LGA/REGION LGA/REGION LGA/REGION LGA/REGION SALE PRICE SALE PRICE SALE PRICE SALE PRICE SALE PRICE
$750,000 NOOSA $1,268,750 BRISBANE $566,250 NOOSA $412,000 BRISBANE $960,000 BRISBANE
$680,000 BRISBANE $975,000 REDLAND $441,144 BRISBANE $360,000 NOOSA $485,000 GOLD COAST
$625,000 GOLD COAST $860,000 GOLD COAST $435,000 GOLD COAST $284,000 GOLD COAST $395,000 SUNSHINE COAST
MOST AFFORDABLE LGAs FOR THE PAST 12 MONTHS
HOUSES (<2400m2) HOUSES (>2400m2) UNITS LAND (<2400m2) LAND (>2400m2)
ANNUAL MEDIAN ANNUAL MEDIAN ANNUAL MEDIAN ANNUAL MEDIAN ANNUAL MEDIAN LGA/REGION LGA/REGION LGA/REGION LGA/REGION LGA/REGION SALE PRICE SALE PRICE SALE PRICE SALE PRICE SALE PRICE
$105,000 MURWEIH $250,000 NORTH BURNETT $150,000 WESTERN DOWNS $32,000 REDLAND $70,000 SOUTH BURNETT
$110,000 CLONCURRY $255,000 WESTERN DOWNS $154,000 ISAAC $41,000 SOUTH BURNETT $70,000 SOUTH BURNETT
$136,500 NORTH BURNETT $260,000 SOUTH BURNETT $170,000 CENTRAL HIGHLANDS $72,500 CASSOWARY COAST $76,000 FRASER COAST
LARGEST SALES MARKET BY LGA FOR THE PAST 12 MONTHS
HOUSES (<2400m2) HOUSES (>2400m2) UNITS LAND (<2400m2) LAND (>2400m2)
ANNUAL SALES LGA/REGION ANNUAL SALES LGA/REGION ANNUAL SALES LGA/REGION ANNUAL SALES LGA/REGION ANNUAL SALES LGA/REGION
12,620 BRISBANE 884 MORETON BAY 9,480 BRISBANE 1,291 LOGAN 219 FRASER COAST
5,962 MORETON BAY 744 SUNSHINE COAST 9,326 GOLD COAST 1,220 BRISBANE 168 MORETON BAY
5,567 GOLD COAST 723 LOGAN 2,810 SUNSHINE COAST 1,210 MORETON BAY 155 LOGAN
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 17 ON THE MARKET INDICATORS HOUSES (ALL) CHANGE OVER YEAR MEDIAN DAYS ON MEDIAN VENDOR TOTAL STOCK ON DAYS ON VENDOR LGA / REGION TOTAL LISTINGS STOCK ON MARKET
Sales Market Summary MARKET** DISCOUNT** LISTINGS MARKET MARKET DISCOUNT 12MTHS ENDING AUG 2019* 2018 2019* 2018 2019* 2018 2019* 2018 CHANGE OVER YEAR
% PTS % PTS
QUEENSLAND 123,645 101,017 8.6% 7.1% 48 43 -5.0% -4.7% 22.4% 1.6% 5 0.3%
GREATER BRISBANE 48,488 41,738 7.4% 6.3% 40 34 -4.3% -4.0% 16.2% 1.0% 6 0.3% BRISBANE LGA 20,607 17,630 6.7% 5.8% 31 31 -4.2% -4.0% 16.9% 0.9% 0 0.2% IPSWICH 5,921 4,627 8.3% 6.7% 48 40 -5.0% -4.4% 28.0% 1.6% 8 0.6% LOGAN 7,500 6,225 7.8% 6.6% 45 38 -4.5% -3.9% 20.5% 1.3% 7 0.6% MORETON BAY 11,093 9,392 8.0% 6.8% 37 34 -3.9% -3.6% 18.1% 1.1% 3 0.3% REDLAND 4,413 3,864 8.5% 7.5% 43 38 -4.5% -4.1% 14.2% 1.1% 5 0.5%
GOLD COAST 12,942 9,682 9.7% 7.2% 44 36 -4.7% -4.4% 33.7% 2.6% 8 0.3% SUNSHINE COAST SD 9,672 8,423 9.0% 7.8% 47 43 -4.2% -3.8% 14.8% 1.2% 4 0.4% SUNSHINE COAST 7,960 6,606 8.8% 7.6% 40 41 -3.9% -3.7% 20.5% 1.2% -1 0.2% NOOSA 1,788 1,817 9.7% 9.1% 46 53 -4.6% -4.3% -1.6% 0.7% -7 0.3% FRASER COAST 4,077 3,554 10.5% 9.2% 61 71 -5.2% -5.6% 14.7% 1.3% -10 -0.4% CAIRNS 3,646 3,458 7.9% 7.5% 52 56 -5.5% -5.4% 5.4% 0.4% -4 0.0%
BUNDABERG 3,204 2,895 9.5% 8.5% 59 69 -5.6% -5.3% 10.7% 1.0% -10 0.3% GLADSTONE 1,786 1,585 8.0% 7.0% 62 77 -8.2% -8.7% 12.7% 1.0% -15 -0.5% MACKAY 2,811 2,298 7.1% 5.9% 46 52 -6.3% -6.7% 22.3% 1.3% -6 -0.3% ROCKHAMPTON 2,304 1,872 7.9% 6.7% 67 66 -9.4% -8.0% 23.1% 1.3% 1 1.4% TOOWOOMBA 4,301 3,764 8.3% 7.3% 49 51 -5.1% -4.6% 14.3% 1.0% -2 0.5% TOWNSVILLE 4,465 3,626 7.2% 5.8% 56 63 -7.9% -7.6% 23.1% 1.4% -7 0.3%
* Figures are preliminary ** Days on Market and Vendor Discount calculation methodology changed from a average calculation to a median calculation MEDIAN DAYS ON MARKET - HOUSES Source: REIQ. Data Supplied by CoreLogic RP *12mths to the end of NovFeb Data Market Trends Source: REIQ, data supplied by CoreLogic RP Data
90 2018 2019* 80
70
60
50
40
30
20
10
0 NOOSA C AI RN S L OG AN IPSWICH MACKAY R EDL AN D GLADSTONE GOLD COAST GOLD BUNDABERG TOWN SVILL E BRISBANE LGA BRISBANE FRASER COAST FRASER TOOWOOMBA MORETON BAY ROCKHAM PTON SUNSHINE COAST SUNSHINE GREATER BRISBANE GREATER SUNSHINE COAST SD COAST SUNSHINE
0.0% -1.0%
-2.0% -3.0% -4.0%
-5.0% -6.0% -7.0%
-8.0% -9.0% 2018 2019* -10.0% MEDIAN VENDOR DISCOUNTING - HOUSES
18 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 ON THE MARKET INDICATORS UNITS & TOWNHOUSES CHANGE OVER YEAR MEDIAN DAYS ON MEDIAN VENDOR TOTAL STOCK ON DAYS ON VENDOR LGA / REGION TOTAL LISTINGS STOCK ON MARKET MARKET** DISCOUNT** LISTINGS MARKET MARKET DISCOUNT 12MTHS ENDING AUG 2019* 2018 2019* 2018 2019* 2018 2019* 2018 CHANGE OVER YEAR
% PTS % PTS
QUEENSLAND 48,416 37,435 10.6% 8.2% 61 56 -5.0% -4.5% 29.3% 2.4% 5 0.5%
GREATER BRISBANE 18,678 14,837 9.2% 7.3% 61 63 -4.8% -4.7% 25.9% 1.9% -2 0.1% BRISBANE LGA 10,788 10,292 6.1% 6.6% 49 62 -4.8% -4.8% 4.8% -0.5% -13 0.1% Sales Market Summary IPSWICH 340 438 4.9% 9.2% 86 70 -7.2% -5.1% -22.4% -4.3% 16 2.1% LOGAN 1,157 1,279 6.9% 9.3% 81 63 -6.7% -5.3% -9.5% -2.4% 18 1.4% MORETON BAY 2,085 2,094 7.6% 9.1% 64 68 -4.7% -4.0% -0.4% -1.5% -4 0.6% REDLAND 608 734 7.2% 10.3% 56 62 -3.3% -3.9% -17.2% -3.0% -6 -0.6%
GOLD COAST 9,944 11,290 8.3% 9.5% 53 44 -4.9% -4.3% -11.9% -1.2% 9 0.6% SUNSHINE COAST SD 5,250 4,326 10.9% 8.9% 51 53 -4.0% -3.8% 21.4% 1.9% -2 0.2% SUNSHINE COAST 3,299 3,401 8.4% 8.9% 48 50 -3.5% -3.7% -3.0% -0.5% -2 -0.2% NOOSA 780 925 8.2% 9.1% 42 64 -4.5% -4.2% -15.7% -0.8% -22 0.3% FRASER COAST 538 531 8.6% 11.7% 96 101 -4.7% -6.6% 1.3% -3.1% -5 -1.9% CAIRNS 1,999 1,893 8.4% 8.9% 59 65 -6.2% -5.4% 5.6% -0.5% -6 0.8%
BUNDABERG 491 396 8.4% 10.9% 85 113 -5.0% -5.3% 24.0% -2.4% -28 -0.3% GLADSTONE 320 298 7.1% 7.9% 76 84 -8.1% -10.4% 7.4% -0.9% -8 -2.4% MACKAY 397 383 5.1% 6.1% 79 86 -8.6% -9.6% 3.7% -1.1% -8 -1.0% ROCKHAMPTON 253 171 5.3% 7.2% 91 96 -8.4% -7.7% 48.0% -1.9% -5 0.7% TOOWOOMBA 751 599 6.6% 7.1% 72 84 -5.0% -5.0% 25.4% -0.5% -13 0.0% TOWNSVILLE 996 840 5.7% 6.8% 64 64 -8.1% -7.7% 18.6% -1.1% 0 0.4%
* Figures are preliminary ** Days on Market and Vendor Discount calculation methodology changed from a average calculation to a median calculation MEDIAN DAYS ON MARKET- UNITS Source: REIQ. Data Supplied by CoreLogic RP Data Market Trends *12mths to the end of NovFeb Source: REIQ, data supplied by CoreLogic RP Data 120 2018 2019*
100
80
60
40
20
0 NOOSA C AI RN S L OG AN IPSWICH MACKAY R EDL AN D GLADSTONE BUNDABERG TOWN SVILL E GOLD COAST GOLD BRISBANE LGA BRISBANE FRASER COAST FRASER TOOWOOMBA MORETON BAY ROCKHAM PTON SUNSHINE COAST SUNSHINE GREATER BRISBANE GREATER SUNSHINE COAST SD COAST SUNSHINE
0.0%
-2.0%
-4.0%
-6.0%
-8.0%
-10.0%
2018 2019* -12.0% MEDIAN VENDOR DISCOUNTING - UNITS
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 19 Rental Market Summary
QUARTER STATISTICS SUMMARY
RENTAL TRENDS MEDIAN WEEKLY RENT GROSS RENTAL YIELDS
LGA/REGION 3-BED HOUSE 2-BED FLAT 3-BED TOWNHOUSE HOUSES UNITS
GREATER BRISBANE QUARTERLY QUARTERLY QUARTERLY QUARTERLY QUARTERLY TREND TREND TREND TREND TREND
BRISBANE LGA $450 UP $430 STEADY $425 STEADY 3.5% STEADY 5.3% STEADY
IPSWICH $315 STEADY $265 STEADY $320 UP 4.7% STEADY 4.5% STEADY
LOGAN $350 STEADY $290 STEADY $335 STEADY 4.6% STEADY 6.2% STEADY
MORETON BAY $365 UP $295 STEADY $345 STEADY 4.3% STEADY 4.7% STEADY
REDLAND $403 STEADY $373 UP $410 UP 4.0% STEADY 5.1% UP TOURISM CENTRES
GOLD COAST $500 STEADY $450 UP $450 STEADY 4.2% STEADY 5.5% STEADY
SUNSHINE COAST $450 STEADY $380 STEADY $438 STEADY 4.0% STEADY 4.8% STEADY
NOOSA $480 UP $420 UP $563 UP* 3.5% STEADY 3.9% STEADY
FRASER COAST $320 UP $260 UP $343 DOWN 5.3% STEADY 5.0% UP*
CAIRNS $390 UP $315 STEADY $435 UP 5.1% STEADY 7.3% DOWN* REGIONAL QLD
BUNDABERG $300 STEADY $245 UP $330 n.a 5.7% STEADY 5.5% DOWN*
GLADSTONE $223 STEADY $170 UP $220 UP 4.4% DOWN* 4.5% UP*
MACKAY $350 UP $270 STEADY $320 UP 5.5% STEADY 6.5% DOWN*
ROCKHAMPTON $290 UP $220 STEADY $320 DOWN 5.7% UP* 3.8% N/A
TOOWOOMBA $315 STEADY $260 STEADY $340 DOWN 4.7% DOWN 4.7% UP
TOWNSVILLE $318 UP $280 UP $320 DOWN 5.3% STEADY 5.8% DOWN*
*rent change of $20 or more or 0.5 pts or more (yields) N/A Not available
20 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 RESIDENTIAL VACANCY RATES GROSS YIELDS HOUSES1 UNITS2
COUNCIL / REGION MAR-19 DEC-18 TREND STATUS LOCAL GOVERNMENT AREA MAR-19 DEC-18 MAR-19 DEC-18 BRISBANE SD 2.2% 2.3% STEADY TIGHT GREATER BRISBANE BRISBANE CITY 2.5% 2.5% STEADY TIGHT BRISBANE 3.5% 3.3% 5.3% 5.1% BRISBANE INNER (0-5KM) 2.1% 4.0% DOWN TIGHT
IPSWICH 4.7% 4.6% 4.5% 4.5% Market Summary Rental BRISBANE REMAINDER (5KM+) 2.7% 2.0% UP HEALTHY LOGAN 4.6% 4.5% 6.2% 5.8% BRISBANE SURROUNDS 2.0% 2.0% STEADY TIGHT MORETON BAY 4.3% 4.3% 4.7% 4.5% IPSWICH CITY 2.3% 1.8% UP TIGHT REDLAND 4.0% 4.0% 5.1% 5.0% LOGAN CITY 2.4% 2.4% STEADY TIGHT MORETON BAY 1.7% 2.0% STEADY TIGHT TOURISM CENTRES MORETON BAY - CABOOLTURE 1.6% 2.2% DOWN TIGHT GOLD COAST 4.2% 4.1% 5.5% 5.4% MORETON BAY - PINE RIVERS 1.8% 1.7% STEADY TIGHT SUNSHINE COAST 4.0% 4.0% 4.8% 4.7% MORETON BAY - REDCLIFFE 1.6% 2.4% DOWN TIGHT NOOSA 3.5% 3.8% 3.9% 4.0% REDLAND CITY 1.7% 1.6% STEADY TIGHT FRASER COAST 5.3% 5.1% 5.0% 5.7% REDLAND CITY - MAINLAND 1.5% 1.6% STEADY TIGHT CAIRNS 5.1% 5.1% 7.3% 6.8% REDLAND CITY - BAY ISLANDS 3.4% 1.3% UP HEALTHY REGIONAL/RESOURCE AREAS GOLD COAST CITY 1.8% 1.6% STEADY TIGHT BUNDABERG 5.7% 5.7% 5.5% 4.9% SUNSHINE COAST SD 2.6% 1.8% UP HEALTHY GLADSTONE 4.4% 4.1% 4.5% 6.3% SUNSHINE COAST 3.0% 1.7% UP HEALTHY MACKAY 5.5% 5.1% 6.5% 5.8% SUNSHINE COAST - CALOUNDRA 1.5% 1.1% UP TIGHT ROCKHAMPTON 5.7% 6.2% 3.8% N/A SUNSHINE COAST - MAROOCHY 2.9% 1.4% UP HEALTHY TOOWOOMBA 4.7% 4.3% 4.7% 4.5% SUNSHINE COAST - HINTERLAND* 3.2% 3.4% STEADY HEALTHY TOWNSVILLE 5.3% 4.9% 5.8% 5.1% NOOSA 2.0% 1.5% UP TIGHT OTHER REGIONAL AREAS FRASER COAST 1.1% 1.2% STEADY TIGHT FRASER COAST - HERVEY BAY 1.1% 1.0% STEADY TIGHT BURDEKIN 6.9% N/A N/A N/A FRASER COAST - MARYBOROUGH N/A 1.6% N/A N/A CASSOWARY COAST 7.4% 7.8% N/A N/A CAIRNS 1.3% 1.7% DOWN TIGHT CENTRAL HIGHLANDS 5.7% 6.5% N/A N/A BUNDABERG 3.1% 2.0% UP HEALTHY CHARTERS TOWERS N/A N/A N/A N/A GLADSTONE 3.1% 4.2% DOWN HEALTHY DOUGLAS 4.7% 4.5% 7.5% 6.1% MACKAY 2.9% 2.8% STEADY HEALTHY GOONDIWINDI N/A N/A N/A N/A ROCKHAMPTON 2.0% 2.0% STEADY TIGHT TOOWOOMBA 1.6% 1.8% STEADY TIGHT GYMPIE 5.4% 5.6% N/A N/A TOWNSVILLE 1.5% 4.3% DOWN TIGHT HINCHINBROOK N/A N/A N/A N/A BANANA 3.7% 3.0% UP WEAK ISAAC 7.8% 7.2% N/A N/A BURDEKIN 6.3% N/A N/A WEAK LIVINGSTONE 4.4% 4.2% N/A N/A CASSOWARY COAST 4.6% 5.9% DOWN WEAK LOCKYER VALLEY 6.7% 6.4% N/A N/A CENTRAL HIGHLANDS 3.9% 4.1% STEADY WEAK MAREEBA N/A 5.6% N/A N/A GYMPIE 1.1% N/A N/A TIGHT ISAAC 8.6% N/A N/A WEAK MOUNT ISA 10.1% N/A N/A N/A LIVINGSTONE 1.0% 2.1% DOWN TIGHT NORTH BURNETT N/A N/A N/A N/A LOCKYER VALLEY 3.2% 2.6% UP HEALTHY SCENIC RIM 4.2% 4.6% N/A N/A MARANOA 1.2% N/A N/A TIGHT SOMERSET 5.9% 5.9% N/A N/A MOUNT ISA 2.3% 3.2% DOWN TIGHT SOUTH BURNETT 6.7% 6.1% N/A N/A MURWEH N/A N/A N/A N/A SOUTHERN DOWNS 6.2% 5.7% N/A N/A SCENIC RIM 3.6% 3.0% UP WEAK TABLELANDS 6.0% 5.5% N/A N/A SOMERSET N/A N/A N/A N/A WESTERN DOWNS 6.9% 6.2% N/A N/A SOUTH BURNETT N/A N/A N/A N/A WHITSUNDAY 4.9% 4.7% 7.3% 6.9% SOUTHERN DOWNS 2.3% 2.5% STEADY TIGHT TABLELANDS 4.1% 2.3% UP WEAK Yields comparison based on preliminary data for Mar-19 3.8% N/A N/A WEAK WESTERN DOWNS N/A: Any region with less than 20 transactions is not included in yield calculations WHITSUNDAY 5.1% 3.8% UP WEAK ¹ Based upon rents for 3-bedroom houses ; source: Residential Tenancies Authority, Bond Lodgements ² Based upon rents for 2-bedroom flats ; source: Residential Tenancies Authority, Bond Lodgements
* Noosa Hinterland included in Sunshine Coast Hinterland Rental Yield Trend: Steady = +/- 0 to 0.3%pts Vacancy trend Market Status Up = + 0.3%pts or more steady = between -0.3% to 0.3% Tight <2.5% Down = - 0.3%pts or more up = +0.3% or more Healthy 2.5-3.5% down = -0.3% or more Weak >3.5% Source: REIQ Residential Rental Survey
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 21 Rental Market Summary
ANNUAL STATISTICS SUMMARY
RENTAL TRENDS MEDIAN WEEKLY RENT GROSS RENTAL YIELDS
LGA/REGION 3-BED HOUSE 2-BED FLAT 3-BED TOWNHOUSE HOUSES UNITS
GREATER BRISBANE ANNUAL ANNUAL ANNUAL ANNUAL ANNUAL TREND TREND TREND TREND TREND
BRISBANE LGA $450 UP $430 UP* $425 UP 3.5% STEADY 5.3% STEADY
IPSWICH $315 STEADY $265 STEADY $320 STEADY 4.7% STEADY 4.5% STEADY
LOGAN $350 DOWN $290 UP $335 UP 4.6% STEADY 6.2% DOWN*
MORETON BAY $365 UP $295 STEADY $345 UP 4.3% STEADY 4.7% STEADY
REDLAND $403 STEADY $373 UP $410 UP 4.0% STEADY 5.1% UP TOURISM CENTRES
GOLD COAST $500 UP $450 UP $450 UP* 4.2% STEADY 5.5% STEADY
SUNSHINE COAST $450 STEADY $380 UP $438 UP 4.0% STEADY 4.8% STEADY
NOOSA $480 UP* $420 UP* $563 UP* 3.5% STEADY 3.9% STEADY
FRASER COAST $320 UP $260 UP $343 UP 5.3% STEADY 5.0% UP*
CAIRNS $390 UP $315 UP $435 UP* 5.1% STEADY 7.3% DOWN* REGIONAL QLD
BUNDABERG $300 UP $245 UP $330 n.a. 5.7% UP 5.5% UP*
GLADSTONE $223 UP* $170 UP* $220 UP* 4.4% STEADY 4.5% UP*
MACKAY $350 UP* $270 UP* $320 UP* 5.5% UP 6.5% DOWN*
ROCKHAMPTON $290 UP $220 UP $320 UP* 5.7% UP* 3.8% N/A
TOOWOOMBA $315 UP $260 UP $340 UP 4.7% STEADY 4.7% STEADY
TOWNSVILLE $318 UP $280 UP $320 STEADY 5.3% STEADY 5.8% STEADY
*rent change of $20 or more or 0.5 pts or more (yields) N/A Not available
22 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Rental Market Summary Rental
SIZE OF RENTAL TOTAL BONDS - ANNUAL TREND MARKET LGA/REGION HOUSES UNITS TOWNHOUSES TOTAL
QUEENSLAND 308,494 302,443 2.0% UP 221,343 210,374 5.2% UP 62,187 59,005 5.4% UP 592,024 571,822 3.5% UP % ANNUAL % ANNUAL % ANNUAL % ANNUAL GREATER BRISBANE MAR-19 MAR-18 MAR-19 MAR-18 MAR-19 MAR-18 MAR-19 MAR-18 CHANGE TREND CHANGE TREND CHANGE TREND CHANGE TREND
BRISBANE 59,852 59,504 0.6% STEADY 91,290 86,856 5.1% UP 21,503 20,828 3.2% UP 172,645 167,188 3.3% UP
IPSWICH 22,628 21,646 4.5% UP 4,750 4,367 8.8% UP 2,140 1,849 15.7% UP 29,518 27,862 5.9% UP
LOGAN 24,376 23,280 4.7% UP 5,656 5,205 8.7% UP 5,802 5,623 3.2% UP 35,834 34,108 5.1% UP
MORETON BAY 31,502 30,725 2.5% UP 9,758 9,584 1.8% STEADY 7,812 7,245 7.8% UP 49,072 47,554 3.2% UP
REDLAND 8,713 8,722 -0.1% STEADY 1,662 1,674 -0.7% STEADY 1,788 1,652 8.2% UP 12,163 12,048 1.0% STEADY TOURISM CENTRES
GOLD COAST 29,714 29,567 0.5% STEADY 35,551 35,689 -0.4% STEADY 13,506 13,566 -0.4% STEADY 78,771 78,822 -0.1% STEADY
SUNSHINE COAST 18,182 17,840 1.9% STEADY 12,445 12,297 1.2% STEADY 3,147 2,932 7.3% UP 33,774 33,069 2.1% UP
NOOSA 2,498 2,577 -3.1% DOWN 1,276 1,298 -1.7% STEADY 374 365 2.5% UP 4,148 4,240 -2.2% DOWN
FRASER COAST 7,037 7,234 -2.7% DOWN 2,727 2,688 1.5% STEADY 555 575 -3.5% DOWN 10,319 10,497 -1.7% STEADY
CAIRNS 9,544 9,599 -0.6% STEADY 11,093 11,226 -1.2% STEADY 948 1,002 -5.4% DOWN 21,585 21,827 -1.1% STEADY REGIONAL QLD
BUNDABERG 6,508 6,532 -0.4% STEADY 2,852 2,785 2.4% UP 130 134 -3.0% DOWN 9,490 9,451 0.4% STEADY
GLADSTONE 5,469 5,529 -1.1% STEADY 2,070 2,066 0.2% STEADY 813 804 1.1% STEADY 8,352 8,399 -0.6% STEADY
MACKAY 8,010 8,145 -1.7% STEADY 4,271 4,258 0.3% STEADY 480 492 -2.4% DOWN 12,761 12,895 -1.0% STEADY
ROCKHAMPTON 4,704 4,627 1.7% STEADY 2,623 2,541 3.2% UP 143 123 16.3% UP 7,470 7,291 2.5% UP
TOOWOOMBA 11,523 11,552 -0.3% STEADY 7,372 7,139 3.3% UP 487 478 1.9% STEADY 19,382 19,169 1.1% STEADY
TOWNSVILLE 14,903 14,880 0.2% STEADY 8,892 9,063 -1.9% STEADY 765 804 -4.9% DOWN 24,560 24,747 -0.8% STEADY
Bonds Trend: Steady = - 2% to + 2% change Up = + 2% change or more Down = - 2% change or more
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 23 QUEENSLAND ALL LGAS - WEEKLY MEDIAN RENTS BY DWELLING TYPE
LGA FLAT 1-BED FLAT 2-BED FLAT 3-BED HOUSE 2-BED
MAR-18 MAR-19 % CHANGE MAR-18 MAR-19 % CHANGE MAR-18 MAR-19 % CHANGE MAR-18 MAR-19 % CHANGE
Balonne Shire Council N/A N/A N/A $190 $190 0.0% $330 N/A N/A N/A N/A N/A Rental Market Summary Banana Shire Council $183 $160 -12.3% $250 $250 0.0% N/A N/A N/A N/A $210 N/A Barcaldine Regional Council N/A N/A N/A $200 $150 -25.0% N/A N/A N/A N/A N/A N/A Barcoo Shire Council N/A #N/A N/A N/A #N/A N/A N/A #N/A N/A N/A #N/A N/A Blackall-Tambo Regional Council N/A N/A N/A N/A $95 N/A N/A N/A N/A N/A N/A N/A Boulia Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Brisbane City Council $350 $350 0.0% $420 $430 2.4% $520 $530 1.9% $390 $400 2.6% Bundaberg Regional Council $260 $220 -15.4% $245 $248 1.0% $290 $310 6.9% $260 $250 -3.8% Burdekin Shire Council $140 $180 28.6% $210 $220 4.8% N/A $220 N/A $220 $220 0.0% Cairns Regional Council $235 $240 2.1% $310 $315 1.6% $380 $385 1.3% $330 $330 0.0% Carpentaria Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Cassowary Coast Regional Council $195 $188 -3.8% $230 $230 0.0% $250 $250 0.0% $250 $260 4.0% Central Highlands Regional Council $185 $200 8.1% $190 $200 5.3% $250 $260 4.0% $250 $195 -22.0% Charters Towers Regional Council N/A N/A N/A $200 $200 0.0% N/A N/A N/A $200 $220 10.0% Cloncurry Shire Council $163 N/A N/A $250 N/A N/A N/A N/A N/A N/A N/A N/A Cook Shire Council $173 $270 55.9% $240 N/A N/A N/A N/A N/A $300 $300 0.0% Diamantina Shire Council N/A #N/A N/A N/A #N/A N/A N/A #N/A N/A N/A #N/A N/A Douglas Shire Council $210 $220 4.8% $310 $330 6.5% $370 N/A N/A N/A N/A N/A Flinders Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Fraser Coast Regional Council $200 $210 5.0% $250 $260 4.0% $330 $330 0.0% $260 $275 5.8% Gladstone Regional Council $145 $153 5.2% $150 $170 13.3% $200 $220 10.0% $178 $190 7.0%
Gold Coast City Council $340 $350 2.9% $440 $450 2.3% $490 $500 2.0% $400 $393 -1.9% Goondiwindi Regional Council $133 $160 20.8% $220 $230 4.5% N/A N/A N/A $220 $255 15.9% Gympie Regional Council $195 $185 -5.1% $223 $230 3.4% $285 $295 3.5% $265 $270 1.9% Hinchinbrook Shire Council N/A N/A N/A $180 $180 0.0% N/A N/A N/A $210 N/A N/A Ipswich City Council $240 $235 -2.1% $265 $265 0.0% $300 $300 0.0% $275 $275 0.0% Isaac Regional Council $250 $145 -42.0% $190 $200 5.3% $283 $180 -36.3% $210 $185 -11.9% Livingstone Shire Council $215 $225 4.7% $260 $275 5.8% $288 $315 9.6% $260 $270 3.8% Lockyer Valley Regional Council $200 N/A N/A $258 $250 -2.9% $280 $283 0.9% $290 $250 -13.8% Logan City Council $250 $250 0.0% $288 $290 0.9% $340 $330 -2.9% $300 $300 0.0% Longreach Regional Council N/A N/A N/A $160 $175 9.4% N/A N/A N/A $215 N/A N/A Mackay Regional Council $200 $230 15.0% $230 $270 17.4% $320 $335 4.7% $270 $280 3.7% Maranoa Regional Council N/A N/A N/A $170 $183 7.4% $270 $278 2.8% $165 $185 12.1% Mareeba Shire Council $200 $190 -5.0% $258 $260 1.0% N/A $310 N/A $325 $300 -7.7% Moreton Bay Regional Council $235 $250 6.4% $285 $295 3.5% $330 $340 3.0% $300 $310 3.3% Mount Isa City Council $180 $170 -5.6% $200 $220 10.0% $305 $320 4.9% $265 $290 9.4% Murweh Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A $170 $163 -4.4% Noosa Shire Council $293 $303 3.4% $400 $420 5.0% $550 $545 -0.9% $383 $418 9.2% North Burnett Regional Council N/A N/A N/A $175 $220 25.7% N/A N/A N/A N/A $200 N/A Paroo Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Quilpie Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Redland City Council $240 $235 -2.1% $350 $373 6.4% $390 $420 7.7% $285 $320 12.3% Richmond Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Rockhampton Regional Council $170 $160 -5.9% $210 $220 4.8% $280 $290 3.6% $230 $230 0.0% Scenic Rim Regional Council $233 $238 2.2% $270 $280 3.7% $300 $323 7.5% $280 $315 12.5% Somerset Regional Council $203 N/A N/A N/A $280 N/A N/A N/A N/A $280 $283 0.9% South Burnett Regional Council $150 $160 6.7% $195 $195 0.0% $248 $265 7.1% $220 $240 9.1% Southern Downs Regional Council $140 N/A N/A $210 $225 7.1% $285 $268 -6.1% $240 $245 2.1% Sunshine Coast Regional Council $300 $300 0.0% $365 $380 4.1% $440 $435 -1.1% $370 $375 1.4% Tablelands Regional Council $165 $210 27.3% $240 $240 0.0% N/A $300 N/A $250 $265 6.0% Toowoomba Regional Council $190 $190 0.0% $255 $260 2.0% $305 $305 0.0% $260 $275 5.8% Torres Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Townsville City Council $220 $215 -2.3% $250 $280 12.0% $350 $400 14.3% $256 $270 5.5% Weipa - part of Cook N/A N/A N/A $500 N/A N/A N/A N/A N/A N/A N/A N/A Western Downs Regional Council $147 $150 1.7% $170 $200 17.6% $200 $215 7.5% $190 $210 10.5% Whitsunday Regional Council $250 $230 -8.0% $310 $310 0.0% $350 $355 1.4% $280 $320 14.3% Winton Shire Council #N/A N/A N/A #N/A N/A N/A #N/A N/A N/A #N/A N/A N/A
24 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 QUEENSLAND ALL LGAS - WEEKLY MEDIAN RENTS BY DWELLING TYPE (CONT’D)
LGA HOUSE 3-BED HOUSE 4-BED TOWNHOUSE 2-BED TOWNHOUSE 3-BED
MAR-18 MAR-19 % CHANGE MAR-18 MAR-19 % CHANGE MAR-18 MAR-19 % CHANGE MAR-18 MAR-19 % CHANGE
Balonne Shire Council $225 $235 4.4% $320 $300 -6.3% N/A N/A N/A N/A N/A N/A Banana Shire Council $278 $280 0.9% $350 $370 5.7% N/A N/A N/A N/A N/A N/A Barcaldine Regional Council $190 $253 32.9% N/A N/A N/A N/A N/A N/A N/A N/A N/A Barcoo Shire Council N/A #N/A N/A N/A #N/A N/A N/A #N/A N/A N/A #N/A N/A Blackall-Tambo Regional Council $155 $135 -12.9% N/A N/A N/A N/A N/A N/A N/A N/A N/A Boulia Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Brisbane City Council $440 $450 2.3% $540 $545 0.9% $390 $395 1.3% $420 $425 1.2% Bundaberg Regional Council $290 $298 2.6% $350 $350 0.0% $250 N/A N/A $280 $330 17.9%
Burdekin Shire Council $250 $250 0.0% $300 $280 -6.7% N/A N/A N/A N/A N/A N/A Market Summary Rental Cairns Regional Council $380 $390 2.6% $450 $460 2.2% $270 $293 8.3% $393 $435 10.8% Carpentaria Shire Council $300 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Cassowary Coast Regional Council $293 $300 2.6% $345 $350 1.4% $250 N/A N/A N/A N/A N/A Central Highlands Regional Council $200 $258 28.8% $340 $360 5.9% N/A $210 N/A $290 $315 8.6% Charters Towers Regional Council $270 $280 3.7% $350 $310 -11.4% N/A N/A N/A N/A N/A N/A Cloncurry Shire Council $300 $320 6.7% $375 $280 -25.3% N/A N/A N/A N/A N/A N/A Cook Shire Council $300 $300 0.0% $300 $400 33.3% N/A N/A N/A N/A N/A N/A Diamantina Shire Council N/A #N/A N/A N/A #N/A N/A N/A #N/A N/A N/A #N/A N/A Douglas Shire Council $400 $395 -1.3% $400 $480 20.0% $325 $350 7.7% $417 $420 0.7% Flinders Shire Council N/A $183 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Fraser Coast Regional Council $300 $320 6.7% $360 $375 4.2% $285 $300 5.3% $320 $343 7.0% Gladstone Regional Council $200 $220 10.0% $260 $280 7.7% $150 $158 5.0% $200 $220 10.0%
Gold Coast City Council $495 $500 1.0% $490 $510 4.1% $395 $400 1.3% $435 $450 3.4% Goondiwindi Regional Council N/A $300 N/A N/A $380 N/A N/A N/A N/A N/A N/A N/A Gympie Regional Council $285 $300 5.3% $340 $350 2.9% $275 $244 -11.4% N/A N/A N/A Hinchinbrook Shire Council $250 $250 0.0% $300 $295 -1.7% N/A N/A N/A N/A N/A N/A Ipswich City Council $310 $315 1.6% $370 $380 2.7% $275 $270 -1.8% $320 $320 0.0% Isaac Regional Council $250 $280 12.0% $320 $350 9.4% $298 N/A N/A $283 $385 36.3% Livingstone Shire Council $280 $300 7.1% $320 $340 6.3% N/A N/A N/A $340 $350 2.9% Lockyer Valley Regional Council $300 $300 0.0% $350 $350 0.0% $250 $250 0.0% N/A N/A N/A Logan City Council $345 $350 1.4% $400 $400 0.0% $285 $278 -2.6% $335 $335 0.0% Longreach Regional Council $250 $260 4.0% $260 $300 15.4% N/A N/A N/A N/A N/A N/A Mackay Regional Council $320 $350 9.4% $390 $400 2.6% $300 $340 13.3% $320 $320 0.0% Maranoa Regional Council $210 $230 9.5% $300 $310 3.3% N/A N/A N/A N/A N/A N/A Mareeba Shire Council $320 $330 3.1% $398 $400 0.6% N/A N/A N/A N/A N/A N/A Moreton Bay Regional Council $360 $365 1.4% $415 $420 1.2% $295 $310 5.1% $345 $345 0.0% Mount Isa City Council $350 $360 2.9% $460 $470 2.2% N/A N/A N/A N/A N/A N/A Murweh Shire Council $220 $230 4.5% N/A $230 N/A N/A N/A N/A N/A N/A N/A Noosa Shire Council $460 $480 4.3% $600 $600 0.0% $430 $470 9.3% $508 $563 10.8% North Burnett Regional Council $235 $250 6.4% $250 $275 10.0% N/A N/A N/A N/A N/A N/A Paroo Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Quilpie Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Redland City Council $400 $405 1.3% $490 $495 1.0% $355 $345 -2.8% $405 $410 1.2% Richmond Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Rockhampton Regional Council $275 $290 5.5% $360 $390 8.3% $260 $275 5.8% $330 $320 -3.0% Scenic Rim Regional Council $350 $335 -4.3% $395 $380 -3.8% N/A $275 N/A $310 $320 3.2% Somerset Regional Council $300 $285 -5.0% $305 $320 4.9% N/A N/A N/A N/A N/A N/A South Burnett Regional Council $250 $265 6.0% $300 $318 5.8% N/A N/A N/A N/A N/A N/A Southern Downs Regional Council $270 $270 0.0% $325 $328 0.8% N/A N/A N/A N/A $260 N/A Sunshine Coast Regional Council $450 $450 0.0% $530 $530 0.0% $380 $390 2.6% $430 $438 1.7% Tablelands Regional Council $300 $310 3.3% $380 $380 0.0% N/A N/A N/A N/A N/A N/A Toowoomba Regional Council $310 $315 1.6% $385 $400 3.9% $298 $295 -0.8% $320 $340 6.3% Torres Shire Council N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Townsville City Council $300 $315 5.0% $360 $380 5.6% $250 $260 4.0% $300 $320 6.7% Weipa - part of Cook $635 $725 14.2% N/A $750 N/A N/A N/A N/A N/A N/A N/A Western Downs Regional Council $230 $240 4.3% $280 $285 1.8% N/A $255 N/A $200 $210 5.0% Whitsunday Regional Council $330 $330 0.0% $450 $410 -8.9% $283 $350 23.9% $365 $415 13.7% Winton Shire Council #N/A N/A N/A #N/A N/A N/A #N/A N/A N/A #N/A N/A N/A
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 25 Greater Brisbane
EMPLOYMENT MARKET EMPLOYMENT MARKET EMPLOYMENT MARKET
IPSWICH SA4 LOGAN - BEAUDESERT SA4 MORETON BAY - NORTH SA4
Unemployment Rate Unemployment Rate Unemployment Rate 6.6% 7.9% 9.4%
Participation Rate Participation Rate Participation Rate 64.5% 63.5% 58.1%
EMPLOYMENT MARKET Stable, reliable, promising
MORETON BAY - SOUTH SA4 The Greater Brisbane house market has been relatively stable throughout the past 12-months although – as should be expected Unemployment Rate across an area that encompasses the LGAs of Brisbane, Ipswich, Logan, Moreton Bay and Redland – some locations performed better 5.1% than others.
The Greater Brisbane house market stayed reasonably buoyant on the whole, with Participation Rate the region seeing growth of 1.9 per cent for the year. Individual results across all the jurisdictions remained below 2.0 per cent, except for Moreton Bay which saw house 73.3% prices rise by 2.5 per cent over the year.
The unit and townhouse sector across Greater Brisbane has had a less convincing year with the markets generally underperforming, according to the analysis. The region as a whole saw price retraction of 1.5 per cent. Moreton Bay and Redland had the least impressive outcomes for the year, while Ipswich – which saw its prices remain The Greater Brisbane steady over the 12 months – recorded the best result for the region. The wider metrics house market stayed suggest all LGAs are in the downward sector of the price cycle. reasonably buoyant on One market that’s performing well is rentals. Vacancy rates remain reasonably tight across all LGAs in the Greater Brisbane region. While there has been talk of oversupply the whole, with the region in investment-grade attached housing, this does not seem to have extended to the seeing growth of 1.9 per outer suburbs where demand for quality rental accommodation remains good. cent for the year. Regional Economy and Infrastructure Investment Logan
A landmark agreement has been signed between the State Government, Logan City Council and nine key developers to deliver $1.2 billion of essential infrastructure for the Yarrabilba and Greater Flagstone priority development areas. The agreement provides the necessary funding and framework to deliver local roads, water and sewerage facilities.
Some 170 kilometres of council roads will be upgraded through these developer contributions. Over the next six years, the agreement will see up to $400 million in infrastructure investment, which will support more than 130 construction jobs each year.
In addition, funding via the State Government’s transport and roads program has included work with Transurban to upgrade a major connection with the Logan Motorway and Mt Lindesay Highway, particularly at the congested Wembley Road interchange.
26 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Greater Brisbane Greater
HOUSE MARKET (<2400M2) HOUSE MARKET (<2400M2) HOUSE MARKET (<2400M2)
GREATER BRISBANE IPSWICH LOGAN
Annual Annual Annual Quarter Annual median Quarter Annual median Quarter Annual median median price price median price price median price price $525,000 $530,000 $345,000 $346,000 $395,000 $400,000
5yrs 5yrs 5yrs
Annual volume Annual median Annual volume Annual median Annual volume Annual median of sales price 5yrs ago of sales price 5yrs ago of sales price 5yrs ago 27,040 $452,000 2,889 $305,000 3,219 $342,000
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 27 Greater Brisbane HOUSE MARKET (<2400M2) Ipswich State Government funding is assisting on $400 million Ipswich Motorway upgrade, MORETON BAY including the Darra to Rocklea duplication which is progressing. According to the government, this 470-job project will reduce congestion for around 85,000 motorists every day.
Construction is also underway on the new $7.5 million, two-story Rosewood Library, which will promote liveability and community in the district. Annual Moreton Bay Quarter Annual median median price price Medical upgrades via state funding is bolstering progress in the northern corridor. $445,000 $450,000 “We will deliver 612 jobs each year, plus 328 beds in the system, thanks to our Logan and Caboolture redevelopments,” according to Queensland’s Minister for Health, Steven Miles.
5yrs “Meanwhile, 15 new jobs are being supported by the new Caboolture Hospital Emergency Department which is currently under construction,” he said.
The Moreton Bay region has recently seen a new multi-million-dollar football precinct officially opened in Burpengary too. Annual volume Annual median of sales price 5yrs ago The Moreton Bay Central Sports Complex Football Precinct has the opportunity to attract national exhibition games, carnivals and state-level fixtures, plus the chance to 5,962 $385,000 host twilight social matches.
Redland
An $18 million upgrade of Leslie Harrison Dam to secure Redland City’s water supply has been completed three months ahead of schedule, according to the state HOUSE MARKET (<2400M2) government.
REDLAND The dam provides approximately 25 per cent of Redland’s water supply and the upgrade, which will help it withstand more extreme weather events, was the first in more than 30 years.
Works included strengthened and widened the dam wall to make it more resilient to extreme floods and extreme events, while the concrete spillway was anchored into the bedrock to increase resilience. Annual Quarter Annual median Market Outlook median price price Our analysis indicate that while the overall housing sector has performed positively $530,000 $533,250 but modestly, the Brisbane LGA and Redland market are within the rising sector of the price cycle, while Ipswich, Logan and Moreton Bay have some price consolidation to come.
5yrs In relation to the unit markets, all areas are within the downward trend sector of the cycle. Brisbane LGA, Ipswich and Logan have past their peak pricing. Moreton Bay looks to steadying in it’s the downward cycle while Redland is approaching the bottom on the cycle.
Annual volume Annual median HOUSE MARKET (<2400m2) of sales price 5yrs ago The Brisbane LGA saw its annual median house price rise 1.5 per cent to March 2019 2,350 $460,000 reaching $680,000, which placed its annual gain below Ipswich (1.8 per cent), Logan (1.3 per cent) and Moreton Bay (2.5 per cent).
For those LGAs outside of Brisbane, it was Redland that had the most expensive housing with a median of $533,250, while Ipswich had the most affordable with an annual median of $346,000.
Looking at the medium-term data, the median house price in outer Brisbane localities grew within the range of 13.4 per cent to 17.0 per cent over the 5 year period to date. This continues to support the assessment of a region benefiting from steady capital gains.
28 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 HOUSE MARKET ALL HOUSE MARKET ALL HOUSE MARKET ALL GREATER BRISBANE IPSWICH LOGAN
Median days on Median days on Median days on market market market Brisbane Greater 40 Days 48 Days 45 Days
Median vendor Median vendor Median vendor discount discount discount -4.3% -5.0% -4.5%
Stock on market Stock on market Stock on market 7.4% 8.3% 7.8%
HOUSE MARKET ALL HOUSE MARKET ALL MORETON BAY REDLAND
Median days on Median days on market market 37 Days 43 Days
Median vendor Median vendor discount discount -3.9% -4.5%
Stock on market Stock on market 8.0% 8.5%
General Activity
For Greater Brisbane, annual total listing volume rose 16.2 per cent for the year, from 41,738 in February 2018 to 48,488 in February 2019.
Stock on markets was up 1.0 percentage point for the year coming in at 7.4 per cent.
The period also brought an increase in the median days on market, with a 2019 selling time of 40 days, which was six days longer than the 2018 result. Vendor discounting increased marginally as well from a 4.0 per cent discount in 2018 to a 4.3 per cent discount in 2019.
Of all markets studied outside of the Brisbane LGA, it was Moreton Bay that saw the lowest days on market at 37 – an increase of three days based on its previous year’s result.
Moreton also had the tightest vendor discount at 3.9 per cent, just slightly more than the very tight 3.6 per cent result recorded in 2018.
Stock on market widened across all the outer LGAs. The 2019 figures ranged from 7.8 per cent in Logan to 8.5 per cent in Redland.
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 29 UNIT MARKET UNIT MARKET UNIT MARKET
GREATER BRISBANE IPSWICH LOGAN
Annual Annual Annual
Quarter Annual Quarter Annual Quarter Annual median price median price median price median price median price median price $392,800 $409,000 $308,000 $325,000 $245,000 $280,000
5yrs 5yrs 5yrs
Annual volume Annual median Annual volume Annual median Annual volume Annual median of sales price 5 yrs ago of sales price 5 yrs ago of sales price 5 yrs ago 13,359 $405,000 520 $285,000 948 $255,000
30 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 UNIT MARKET Overall, the numbers show the wider Brisbane region is tracking well. There have been no extraordinary changes in the metric across the year and, with reasonable days on MORETON BAY market and tight vendor discounts, it appears appropriately priced property is finding buyers.
Annual UNIT MARKET Greater Brisbane Greater The Brisbane LGA unit market saw its annual median sale price drop, recording negative 2.0 per cent to $441,144 to the end of March 2019. In comparison across all other regions, there were falls in Logan (-2.4 per cent), Moreton Bay (-5.6 per cent), and Redland (-3.6 per cent). The Ipswich median unit price held steady over the Quarter Annual annual measure. median price median price Outside of Brisbane, the most expensive jurisdiction for units based on annual $324,500 $335,000 median sale price was Redland at $405,000, while the least expensive was Logan at $280,000.
Over the past five years, all unit market prices improved, but the degree of gains 5yrs varied. Redlands 15.7 per cent median price gain and the Ipswich gain of 14.0 per cent since February 2014 were the outstanding results. However, Logan at 9.8 per cent Moreton Bay with 3.1 per cent were less impressive.
On a macro level, Ipswich, in particular, looks challenging for sellers, although supply Annual volume Annual median is being absorbed. Ipswich recorded a 22.4 per cent drop in total listing number for of sales price 5 yrs ago 2019, while its stock on market result fell 4.3 percentage points. In addition, days on market increased by 16 to reach a median of 86 days, while vendor discounting 1,821 $325,000 increased from 5.1 per cent in 2018, to 7.2 per cent in 2019. The key to achieving sales seems to be, as always, appropriate pricing.
Across the metrics, Moreton Bay appeared the most resilient for units and townhouses. The region saw a fall in total listing numbers of 0.4 per cent to reach 2085 listings, while the stock-on-market fell 1.5 percentage points to come in at 7.6 UNIT MARKET per cent.
REDLAND RENTAL MARKET March quarter median gross rental yields across Outer Brisbane regions ranged from Annual 4.0 per cent to 4.7 per cent for houses, and 4.5 per cent to 6.2 per cent for units.
Yield movements from the previous quarter were minor across all LGAs.
Median annual rent for Outer Brisbane three-bedroom houses ranged from $315 per week in Ipswich to $403 per week in Redland. The same measure for units ranged Quarter Annual $265 per week in Ipswich to $373 per week in Redland. median price median price The Greater Brisbane vacancy rate was at 2.2 per cent in the quarter – a drop of 0.1 $380,000 $405,000 percentage points – so demand for rentals remained tight. The number has stayed within the 2.2 to 2.8 range for the past eight quarters.
Interestingly, it was those locations beyond the 20-kilometre radius that saw the 5yrs tightest outcome with the combined Outer Brisbane regions of Ipswich, Logan, Moreton Bay, and Redland recording 2.0 per cent vacancy.
The most interesting result was Moreton Bay, which at 1.7 per cent vacancy is a drop of 0.3 percentage points from last quarter. While this LGA has had strong supply Annual volume Annual median of housing come online due to several large-scale developments, there are a limited of sales price 5 yrs ago number of those new house-and-land packages making it onto the rental market. 590 $350,000
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 31 GREATER BRISBANE HOUSE MARKETS GREATER BRISBANE UNIT MARKETS Mar Qtr 2019 Mar Qtr 2019
Ipswich Ipswich Brisbane (LGA) Logan
RISING FALLING RISING FALLING
Ipswich Logan Moreton Bay Brisbane (LGA) Moreton Bay Logan STEADY STEADY STEADY STEADY
RECOVERING STABILISING RECOVERING STABILISING Redland
Source: REIQ Source: REIQ Based on the previous 4 quarters median sale price change and the annual change Based on the previous 4 quarters median sale price change and the annual change Houses < 2400 m2
32 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 UNIT MARKET UNIT MARKET UNIT MARKET
GREATER BRISBANE IPSWICH LOGAN
Median days on Median days on Median days on market market market
61 Days 86 Days 81 Days Brisbane Greater
Median vendor Median vendor Median vendor discount discount discount -4.8% -7.2% -6.7%
Stock on market Stock on market Stock on market 9.2% 4.9% 6.9%
UNIT MARKET OUTER BRISBANE HOUSE SALES Sep-18 Dec-18 Mar -19 * MORETON BAY 1,678 1,629
Median days on 1,187 1,212 1,002 1,084 market 883 792 64 Days 630
54 52 26 Median vendor <$350K $350K+ $500k+ $1M+ discount *Preliminary data Houses<2400m2
-4.7% OUTER BRISBANE UNIT SALES Sep-18 Dec-18 Mar-19 *
Stock on market 420
322 7.6% 302 269 227 199 159 152 128 120 110 Moreton Bay UNIT MARKET 65 26 11 6 REDLAND <$250k $250K+ $350K+ $500k+ $1M+ *Preliminary data
Median days on market OUTER BRISBANE LAND SALES 56 Days Sep-18 Dec-18 Mar-19 *
803 739 Median vendor discount
341 -3.3% 308 250
96 57 47 Stock on market 52 18 32 14
<$250k $250K+ $350K+ $500k+ 7.2% *Preliminary data
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 33 SALES MARKET - HOUSES <2400m2 SALES MARKET - HOUSES <2400m2 (CONT’D) ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN SUBURB/ QTRLY 1YR 5YR SUBURB/ QTRLY 1YR 5YR NO. MEDIAN NO. MEDIAN SALE SALE NO. MEDIAN NO. MEDIAN SALE SALE LGA CHANGE CHANGE CHANGE LGA CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS
Greater Brisbane AGO) AGO) AGO) AGO) GREATER 5010 $525,000 -1.9% 27040 $530,000 $520,000 1.9% $452,000 17.3% EAGLEBY 24 $323,000 -3.6% 120 $326,750 $317,000 3.1% $250,000 30.7% BRISBANE EDENS LANDING 16 N/A N/A 69 $372,000 $391,000 -4.9% $339,800 9.5% GREATER 401 $667,250 -4.7% 2329 $675,000 $665,000 1.5% $555,000 21.6% BRISBANE ^ FORESTDALE ^ 5 N/A N/A 32 $777,000 $783,750 -0.9% $654,500 18.7% GREENBANK ^ 16 N/A N/A 86 $621,250 $595,000 4.4% $508,000 22.3% IPSWICH (LGA) 543 $345,000 -1.4% 2889 $346,000 $340,000 1.8% $305,000 13.4% HERITAGE PARK 14 N/A N/A 89 $458,000 $447,000 2.5% $380,000 20.5% IPSWICH 41 $585,000 13.6% 218 $527,500 $530,000 -0.5% $457,500 15.3% HILLCREST 13 N/A N/A 72 $360,000 $379,000 -5.0% $322,000 11.8% (LGA) ^ HOLMVIEW 10 N/A N/A 52 $405,000 $397,500 1.9% $345,000 17.4% JIMBOOMBA 1 N/A N/A 9 N/A $352,500 N/A $305,000 N/A AUGUSTINE 11 N/A N/A 73 $515,000 $540,000 -4.6% $511,250 0.7% HEIGHTS JIMBOOMBA ^ 12 N/A N/A 73 $555,500 $535,500 3.7% $450,000 23.4% BELLBIRD PARK 19 N/A N/A 106 $367,000 $363,750 0.9% $325,000 12.9% KINGSTON 14 N/A N/A 109 $305,000 $310,000 -1.6% $250,500 21.8% BASIN POCKET 2 N/A N/A 13 N/A $263,750 N/A $205,000 N/A LOGAN CENTRAL 7 N/A N/A 53 $290,000 $315,000 -7.9% $252,000 15.1% BOOVAL 6 N/A N/A 37 $330,000 $297,500 10.9% $260,000 26.9% LOGAN RESERVE 9 N/A N/A 53 $386,000 $390,009 -1.0% $328,000 17.7% BRASSALL 37 $325,000 -0.9% 191 $328,000 $340,000 -3.5% $315,000 4.1% LOGAN VILLAGE ^ 11 N/A N/A 39 $590,000 $605,000 -2.5% $495,000 19.2% BROOKWATER 1 N/A N/A 1 N/A $- N/A $- N/A LOGANHOLME 15 N/A N/A 93 $387,000 $400,000 -3.3% $361,250 7.1% BUNDAMBA 18 N/A N/A 91 $310,000 $305,000 1.6% $275,000 12.7% LOGANLEA 16 N/A N/A 65 $377,000 $385,000 -2.1% $286,000 31.8% CAMIRA 20 $433,500 7.0% 78 $416,750 $395,000 5.5% $328,500 26.9% MARSDEN 32 $380,500 1.2% 147 $376,000 $365,000 3.0% $309,000 21.7% COALFALLS 5 N/A N/A 23 $396,000 $330,000 20.0% $270,050 46.6% MEADOWBROOK 3 N/A N/A 26 $428,000 $435,000 -1.6% $347,800 23.1% COLLINGWOOD MOUNT WARREN 21 $319,000 -5.5% 107 $330,000 $340,000 -2.9% $298,500 10.6% 11 N/A N/A 81 $395,000 $384,500 2.7% $339,000 16.5% PARK PARK DEEBING HEIGHTS 11 N/A N/A 45 $449,000 $435,750 3.0% $414,950 8.2% MUNRUBEN ^ 3 N/A N/A 18 N/A $585,000 N/A $505,000 N/A EAST IPSWICH 8 N/A N/A 39 $285,000 $269,250 5.9% $238,500 19.5% NEW BEITH ^ 8 N/A N/A 50 $636,500 $620,000 2.7% $540,000 17.9% EASTERN HEIGHTS 16 N/A N/A 65 $336,000 $320,000 5.0% $252,500 33.1% REGENTS PARK 38 $397,500 -0.6% 167 $410,000 $400,000 2.5% $350,000 17.1% FLINDERS VIEW 11 N/A N/A 65 $364,000 $390,000 -6.7% $350,000 4.0% ROCHEDALE SOUTH 37 $515,000 1.3% 198 $515,000 $517,000 -0.4% $425,000 21.2% GAILES 1 N/A N/A 20 $260,000 $250,000 4.0% $235,000 10.6% SHAILER PARK 32 $545,000 -2.2% 148 $550,000 $570,000 -3.5% $465,000 18.3% GOODNA 26 $302,500 2.5% 128 $305,000 $315,000 -3.2% $272,500 11.9% SLACKS CREEK 19 N/A N/A 98 $345,000 $355,000 -2.8% $281,250 22.7% IPSWICH 7 N/A N/A 39 $350,000 $360,000 -2.8% $283,750 23.3% SPRINGWOOD 27 $530,000 -0.9% 107 $520,000 $515,000 1.0% $416,000 25.0% KARALEE ^ 7 N/A N/A 42 $570,000 $590,000 -3.4% $507,500 12.3% TANAH MERAH 10 N/A N/A 64 $450,000 $439,250 2.5% $372,500 20.8% LEICHHARDT 11 N/A N/A 52 $243,000 $241,000 0.8% $205,000 18.5% UNDERWOOD 14 N/A N/A 80 $542,500 $561,500 -3.4% $465,000 16.7% NEWTOWN 8 N/A N/A 30 $360,000 $330,000 9.1% $310,000 16.1% WATERFORD 17 N/A N/A 91 $395,000 $407,000 -3.0% $360,000 9.7% NORTH BOOVAL 13 N/A N/A 50 $271,250 $270,000 0.5% $233,000 16.4% WATERFORD WEST 9 N/A N/A 72 $352,500 $350,000 0.7% $286,500 23.0% NORTH IPSWICH 20 $319,500 0.2% 91 $320,000 $280,000 14.3% $239,000 33.9% WINDAROO 10 N/A N/A 46 $460,000 $441,333 4.2% $395,000 16.5% ONE MILE 5 N/A N/A 34 $270,000 $256,825 5.1% $220,000 22.7% WOODRIDGE 17 N/A N/A 79 $300,000 $313,750 -4.4% $248,000 21.0% RACEVIEW 25 $318,000 -6.1% 177 $335,000 $317,000 5.7% $292,650 14.5% YARRABILBA 18 N/A N/A 143 $400,000 $404,900 -1.2% $371,361 7.7% REDBANK 1 N/A N/A 21 $329,000 $325,000 1.2% $265,097 24.1% REDBANK PLAINS 49 $322,000 -0.5% 253 $328,000 $335,000 -2.1% $290,000 13.1% MORETON BAY 1048 $445,000 0.0% 5962 $450,000 $439,000 2.5% $385,000 16.9% (LGA) RIPLEY 17 N/A N/A 52 $394,400 $348,000 13.3% $319,500 23.4% MORETON BAY 150 $660,000 -1.5% 884 $676,000 $660,000 2.4% $555,000 21.8% RIVERVIEW 9 N/A N/A 33 $242,500 $244,000 -0.6% $226,500 7.1% (LGA) ^ ROSEWOOD 9 N/A N/A 44 $311,000 $292,000 6.5% $256,000 21.5% SADLIERS 6 N/A N/A 39 $330,000 $343,000 -3.8% $315,000 4.8% ALBANY CREEK 35 $633,000 -2.2% 215 $610,000 $583,750 4.5% $505,000 20.8% CROSSING ARANA HILLS 18 N/A N/A 96 $550,000 $540,000 1.9% $445,500 23.5% SILKSTONE 8 N/A N/A 61 $309,000 $316,000 -2.2% $269,000 14.9% BANKSIA BEACH 24 $555,000 -4.6% 127 $597,500 $557,500 7.2% $445,250 34.2% SPRINGFIELD 12 N/A N/A 83 $435,000 $420,000 3.6% $381,000 14.2% BEACHMERE 15 N/A N/A 86 $381,500 $375,000 1.7% $290,000 31.6% SPRINGFIELD 54 $439,000 1.5% 318 $430,000 $438,875 -2.0% $385,146 11.6% LAKES BELLARA 13 N/A N/A 60 $400,000 $365,000 9.6% $308,000 29.9% WOODEND 11 N/A N/A 31 $371,000 $390,000 -4.9% $285,000 30.2% BELLMERE 21 $357,000 1.6% 113 $352,500 $342,500 2.9% $315,000 11.9% WULKURAKA 2 N/A N/A 16 N/A $302,000 N/A $308,500 N/A BONGAREE 16 N/A N/A 107 $479,000 $447,750 7.0% $385,000 24.4% YAMANTO 20 $393,500 9.9% 74 $360,500 $365,500 -1.4% $335,000 7.6% BRAY PARK 25 $448,000 0.9% 166 $441,250 $417,000 5.8% $350,250 26.0% BUNYA ^ 0 N/A N/A 22 $927,500 $872,000 6.4% $742,500 24.9% LOGAN (LGA) 599 $395,000 -2.2% 3219 $400,000 $395,000 1.3% $342,000 17.0% BURPENGARY 26 $412,500 -3.0% 129 $420,000 $405,000 3.7% $340,000 23.5% LOGAN (LGA) ^ 129 $602,500 -3.6% 723 $610,000 $605,000 0.8% $500,000 22.0% BURPENGARY ^ 10 N/A N/A 51 $626,000 $630,000 -0.6% $525,000 19.2% BURPENGARY EAST 3 N/A N/A 46 $517,500 $460,000 12.5% $399,000 29.7% BEENLEIGH 18 N/A N/A 98 $350,000 $339,000 3.2% $285,000 22.8% BURPENGARY 12 N/A N/A 53 $630,000 $640,000 -1.6% $495,000 27.3% BETHANIA 12 N/A N/A 67 $355,000 $360,000 -1.4% $282,500 25.7% EAST ^ BORONIA HEIGHTS 17 N/A N/A 102 $350,000 $348,500 0.4% $305,000 14.8% CABOOLTURE 59 $327,000 -3.8% 358 $342,500 $325,000 5.4% $287,000 19.3% BROWNS PLAINS 12 N/A N/A 68 $369,750 $356,500 3.7% $310,000 19.3% CABOOLTURE ^ 6 N/A N/A 53 $570,000 $536,000 6.3% $447,500 27.4% CABOOLTURE CEDAR GROVE ^ 4 N/A N/A 24 $453,500 $456,000 -0.6% $415,000 9.3% 19 N/A N/A 120 $307,500 $300,000 2.5% $264,250 16.4% SOUTH CEDAR VALE ^ 12 N/A N/A 52 $500,000 $491,000 1.8% $447,000 11.9% CASHMERE 7 N/A N/A 33 $770,000 $675,000 14.1% $592,500 30.0% CHAMBERS FLAT ^ 2 N/A N/A 14 N/A $654,000 N/A $492,500 N/A CLONTARF 28 $447,500 -4.8% 140 $457,500 $453,500 0.9% $359,500 27.3% CORNUBIA ^ 0 N/A N/A 10 N/A $765,000 N/A $650,000 N/A DAKABIN 11 N/A N/A 97 $468,000 $451,500 3.7% $418,000 12.0% CORNUBIA 21 $608,500 17.0% 85 $585,000 $590,000 -0.9% $455,000 28.6% DECEPTION BAY 53 $362,500 1.1% 306 $357,500 $351,500 1.7% $290,000 23.3% CRESTMEAD 35 $322,495 -1.4% 161 $328,000 $340,000 -3.5% $279,000 17.6% EATONS HILL 17 N/A N/A 86 $585,500 $591,500 -1.0% $526,000 11.3% DAISY HILL 18 N/A N/A 91 $490,000 $495,000 -1.0% $413,500 18.5%
34 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - HOUSES <2400m2 (CONT’D) SALES MARKET - HOUSES <2400m2 (CONT’D) ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN SUBURB/ QTRLY 1YR 5YR SUBURB/ QTRLY 1YR 5YR NO. MEDIAN NO. MEDIAN SALE SALE NO. MEDIAN NO. MEDIAN SALE SALE LGA CHANGE CHANGE CHANGE LGA CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) AGO) AGO)
ELIMBAH ^ 7 N/A N/A 58 $610,000 $622,500 -2.0% $500,000 22.0% SURROUNDS EVERTON HILLS 16 N/A N/A 86 $590,000 $549,500 7.4% $475,000 24.2% GATTON 14 N/A N/A 86 $250,000 $251,000 -0.4% $255,000 -2.0% KENSINGTON FERNY HILLS 23 $586,500 3.1% 123 $565,000 $537,500 5.1% $456,150 23.9% 7 N/A N/A 43 $425,000 $405,000 4.9% $320,000 32.8% GROVE ^ GRIFFIN 21 $472,500 3.9% 115 $467,500 $468,500 -0.2% $420,000 11.3% LAIDLEY 12 N/A N/A 71 $234,000 $241,500 -3.1% $205,000 14.1% JOYNER 6 N/A N/A 43 $501,000 $510,000 -1.8% $505,000 -0.8% LAIDLEY HEIGHTS ^ 5 N/A N/A 25 $330,000 $332,500 -0.8% $326,750 1.0% KALLANGUR 49 $407,500 4.6% 311 $398,500 $390,000 2.2% $331,000 20.4% Brisbane Greater REGENCY DOWNS ^ 5 N/A N/A 29 $355,000 $337,500 5.2% $305,000 16.4% KIPPA-RING 27 $432,500 3.0% 121 $437,000 $425,000 2.8% $355,000 23.1% N/A LAWNTON 13 N/A N/A 73 $415,000 $401,000 3.5% $325,000 27.7% SCENIC RIM 61 $410,000 3.8% 384 $415,000 $399,950 3.8% $355,000 16.9% MANGO HILL 22 $527,400 -2.0% 155 $540,000 $515,900 4.7% $424,000 27.4% (LGA) SCENIC RIM MARGATE 21 $448,500 -4.2% 121 $451,500 $445,000 1.5% $365,000 23.7% 49 $580,000 -3.1% 320 $575,000 $542,500 6.0% $460,000 25.0% (LGA) ^ MORAYFIELD 38 $350,000 1.5% 296 $349,000 $345,000 1.2% $300,000 16.3% BEAUDESERT 15 N/A N/A 105 $336,500 $330,000 2.0% $315,500 6.7% MORAYFIELD ^ 19 N/A N/A 71 $600,000 $605,000 -0.8% $505,000 18.8% BOONAH 7 N/A N/A 41 $305,000 $301,500 1.2% $280,000 8.9% MURRUMBA 24 $467,500 -17.6% 127 $555,000 $520,000 6.7% $439,000 26.4% DOWNS KOORALBYN ^ 5 N/A N/A 42 $348,500 $360,000 -3.2% $311,000 12.1% NARANGBA 50 $475,000 -0.8% 261 $480,000 $464,250 3.4% $425,000 12.9% TAMBORINE ^ 12 N/A N/A 60 $619,500 $612,500 1.1% $499,950 23.9% TAMBORINE NARANGBA ^ 1 N/A N/A 31 $770,000 $725,000 6.2% $642,500 19.8% 28 $500,000 -4.8% 150 $550,000 $485,000 13.4% $409,000 34.5% MOUNTAIN NEWPORT 12 N/A N/A 87 $730,000 $852,500 -14.4% $781,250 -6.6% TAMBORINE 4 N/A N/A 42 $890,000 $856,250 3.9% $605,000 47.1% NINGI 11 N/A N/A 52 $380,000 $382,000 -0.5% $349,000 8.9% MOUNTAIN ^ NINGI ^ 8 N/A N/A 30 $635,000 $580,000 9.5% $471,000 34.8% NORTH LAKES 79 $460,000 -5.3% 422 $484,500 $490,000 -1.1% $440,000 10.1% SOMERSET (LGA) 42 $250,000 -9.2% 201 $257,750 $245,000 5.2% $254,000 1.5% SOMERSET PETRIE 27 $460,250 5.5% 132 $447,700 $435,000 2.9% $365,000 22.7% 23 $389,000 -7.4% 217 $410,000 $387,500 5.8% $345,060 18.8% (LGA) ^ REDCLIFFE 26 $444,250 1.0% 155 $439,500 $445,000 -1.2% $367,000 19.8% FERNVALE 7 N/A N/A 33 $350,000 $341,250 2.6% $341,000 2.6% ROTHWELL 19 N/A N/A 89 $420,000 $427,500 -1.8% $360,000 16.7% KILCOY 9 N/A N/A 37 $265,000 $262,500 1.0% $235,000 12.8% SAMFORD 6 N/A N/A 40 $917,500 -13.4% $816,500 12.4% VALLEY ^ $1,060,000 LOWOOD 13 N/A N/A 48 $240,000 $235,000 2.1% $267,000 -10.1% SANDSTONE POINT 18 N/A N/A 86 $449,500 $440,000 2.2% $380,000 18.3% SCARBOROUGH 23 $575,000 2.7% 132 $552,500 $537,500 2.8% $455,000 21.4% STRATHPINE 36 $416,000 -6.5% 220 $454,000 $410,000 10.7% $341,500 32.9% SALES MARKET - UNITS & TOWNHOUSES TOORBUL 2 N/A N/A 18 N/A $325,000 N/A $317,000 N/A ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN UPPER SUBURB/ QTRLY 1YR 5YR 7 N/A N/A 39 $375,000 $360,000 4.2% $316,000 18.7% NO. MEDIAN NO. MEDIAN SALE SALE CABOOLTURE LGA CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS UPPER AGO) AGO) 8 N/A N/A 35 $605,000 $600,000 0.8% $520,000 16.3% CABOOLTURE ^ GREATER 2072 $392,800 -4.2% 13359 $409,000 $415,000 -1.5% $405,000 1.0% WAMURAN ^ 7 N/A N/A 32 $568,500 $593,500 -4.2% $465,000 22.3% BRISBANE WARNER 41 $535,000 2.8% 179 $520,000 $515,000 1.0% $460,000 13.0% WARNER ^ 4 N/A N/A 22 $847,500 $785,000 8.0% $645,000 31.4% IPSWICH (LGA) 57 $308,000 -8.6% 520 $325,000 $325,000 0.0% $285,000 14.0% WOODY POINT 13 N/A N/A 78 $500,000 $440,000 13.6% $375,000 33.3% BRASSALL 6 N/A N/A 23 $275,000 $275,000 0.0% $252,000 9.1% BROOKWATER 11 N/A N/A 81 $650,000 $475,500 36.7% $365,000 78.1% REDLAND (LGA) 504 $530,000 0.0% 2350 $533,250 $530,000 0.6% $460,000 15.9% BUNDAMBA 2 N/A N/A 15 N/A $272,500 N/A $292,500 N/A REDLAND 25 $1,057,500 11.3% 147 $975,000 $938,875 3.9% $780,000 25.0% (LGA) ^ GOODNA 3 N/A N/A 23 $230,000 $210,000 9.5% $310,000 -25.8% REDBANK PLAINS 3 N/A N/A 42 $318,900 $319,900 -0.3% $225,000 41.7% SPRINGFIELD ALEXANDRA HILLS 63 $441,500 -9.9% 276 $465,000 $465,000 0.0% $404,000 15.1% 1 N/A N/A 15 N/A $342,000 N/A $360,500 N/A LAKES BIRKDALE 46 $616,000 16.2% 165 $580,000 $560,000 3.6% $478,500 21.2% CAPALABA 35 $499,000 6.2% 179 $480,000 $480,000 0.0% $413,000 16.2% LOGAN (LGA) 118 $245,000 -13.1% 948 $280,000 $287,000 -2.4% $255,000 9.8% CAPALABA ^ 6 N/A N/A 41 $970,000 $947,500 2.4% $825,000 17.6% BEENLEIGH 9 N/A N/A 63 $233,000 $236,500 -1.5% $175,000 33.1% CLEVELAND 42 $584,750 -0.9% 241 $630,000 $615,000 2.4% $515,000 22.3% BORONIA HEIGHTS 3 N/A N/A 23 $265,000 $329,000 -19.5% $231,000 14.7% MACLEAY ISLAND 21 $208,000 -4.2% 104 $220,000 $241,000 -8.7% $200,000 10.0% DAISY HILL 5 N/A N/A 24 $307,000 $307,750 -0.2% $280,000 9.6% MOUNT COTTON 25 $560,000 3.7% 128 $547,500 $535,000 2.3% $467,000 17.2% EAGLEBY 8 N/A N/A 105 $241,000 $260,000 -7.3% $276,375 -12.8% ORMISTON 26 $707,500 -2.4% 105 $700,000 $670,000 4.5% $550,000 27.3% REDLAND BAY 47 $535,000 -4.8% 275 $560,000 $550,000 1.8% $482,000 16.2% EDENS LANDING 4 N/A N/A 13 N/A $225,000 N/A $200,000 N/A RUSSELL ISLAND 21 $182,500 -8.8% 123 $205,000 $190,000 7.9% $200,000 2.5% HILLCREST 6 N/A N/A 37 $276,250 $299,500 -7.8% $216,250 27.7% THORNESIDE 8 N/A N/A 36 $525,000 $505,000 4.0% $390,000 34.6% KINGSTON 3 N/A N/A 25 $239,850 $280,000 -14.3% $236,500 1.4% THORNLANDS 57 $560,000 -8.2% 238 $593,500 $610,000 -2.7% $513,250 15.6% LOGAN CENTRAL 2 N/A N/A 12 N/A $180,000 N/A $165,000 N/A THORNLANDS ^ 5 N/A N/A 26 $1,050,000 $1,142,500 -8.1% $817,500 28.4% MARSDEN 4 N/A N/A 48 $344,400 $343,900 0.2% $320,000 7.6% VICTORIA POINT 46 $520,000 -1.9% 201 $530,000 $530,000 0.0% $465,000 14.0% MEADOWBROOK 3 N/A N/A 25 $250,000 $265,000 -5.7% $235,000 6.4% WELLINGTON MOUNT WARREN 48 $622,000 6.6% 195 $619,944 $619,000 0.2% $520,000 19.2% 4 N/A N/A 21 $230,000 $215,000 7.0% $210,000 9.5% POINT PARK ROCHEDALE SOUTH 5 N/A N/A 24 $297,500 $287,000 3.7% $264,000 12.7% SHAILER PARK 4 N/A N/A 34 $314,500 $373,500 -15.8% $264,500 18.9% SURROUNDS SLACKS CREEK 7 N/A N/A 43 $211,000 $215,000 -1.9% $192,500 9.6% LOCKYER VALLEY 32 $234,000 -6.4% 209 $244,500 $255,000 -4.1% $240,000 1.9% (LGA) SPRINGWOOD 5 N/A N/A 50 $263,500 $316,000 -16.6% $250,000 5.4% LOCKYER VALLEY 60 $418,000 8.2% 328 $390,000 $370,000 5.4% $329,000 18.5% UNDERWOOD 4 N/A N/A 35 $411,000 $397,000 3.5% $384,000 7.0% (LGA) ^ WATERFORD WEST 0 N/A N/A 23 $200,000 $214,500 -6.8% $185,000 8.1% WOODRIDGE 12 N/A N/A 73 $180,000 $197,000 -8.6% $176,000 2.3%
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 35 SALES MARKET - UNITS & TOWNHOUSES (CONT’D) SALES MARKET - VACANT LAND <2400m2 (CONT’D) ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN SUBURB/ QTRLY 1YR 5YR SUBURB/ QTRLY 1YR 5YR NO. MEDIAN NO. MEDIAN SALE SALE NO. MEDIAN NO. MEDIAN SALE SALE LGA CHANGE CHANGE CHANGE LGA CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS
Greater Brisbane AGO) AGO) AGO) AGO)
MORETON BAY (LGA) 270 $324,500 -3.1% 1821 $335,000 $355,000 -5.6% $325,000 3.1% LOGAN RESERVE 25 $197,500 -6.8% 208 $210,000 $203,000 3.5% $156,625 34.1% ALBANY CREEK 2 N/A N/A 31 $520,000 $479,000 8.6% $370,000 40.5% LOGAN VILLAGE 1 N/A N/A 20 $281,250 $268,750 4.7% $260,000 8.2% BELLARA 8 N/A N/A 35 $334,000 $315,000 6.0% $272,500 22.6% LOGANLEA 3 N/A N/A 61 $235,000 $235,000 0.0% $192,500 22.1% BONGAREE 11 N/A N/A 65 $340,000 $337,000 0.9% $290,000 17.2% MARSDEN 2 N/A N/A 9 N/A $242,000 N/A $180,000 N/A BRENDALE 13 N/A N/A 104 $286,750 $286,000 0.3% $265,000 8.2% NEW BEITH ^ 1 N/A N/A 31 $319,000 $301,000 6.0% $265,000 20.4% BURPENGARY 9 N/A N/A 54 $270,500 $255,000 6.1% $234,000 15.6% WATERFORD 0 N/A N/A 0 N/A $362,000 N/A $179,000 N/A CABOOLTURE 15 N/A N/A 82 $203,000 $215,000 -5.6% $227,000 -10.6% YARRABILBA 18 N/A N/A 259 $184,000 $174,500 5.4% $150,000 22.7% CLONTARF 5 N/A N/A 30 $322,500 $327,000 -1.4% $416,000 -22.5% DECEPTION BAY 12 N/A N/A 79 $265,000 $289,000 -8.3% $280,000 -5.4% MORETON BAY (LGA) 96 $237,500 -1.0% 1210 $243,500 $250,500 -2.8% $209,900 16.0% MORETON BAY KALLANGUR 13 N/A N/A 78 $292,700 $305,000 -4.0% $315,000 -7.1% 14 N/A N/A 168 $300,000 $300,000 0.0% $265,000 13.2% (LGA) ^ KIPPA-RING 8 N/A N/A 39 $290,000 $290,000 0.0% $256,500 13.1% BANKSIA BEACH 1 N/A N/A 25 $609,000 $570,500 6.8% $445,000 36.9% LAWNTON 3 N/A N/A 19 N/A $239,500 N/A $210,000 N/A BURPENGARY 10 N/A N/A 144 $242,500 $214,200 13.2% $209,900 15.5% MANGO HILL 9 N/A N/A 69 $399,900 $383,200 4.4% $355,000 12.6% CABOOLTURE 11 N/A N/A 103 $206,000 $205,000 0.5% $178,000 15.7% MARGATE 9 N/A N/A 40 $360,000 $415,625 -13.4% $349,000 3.2% CABOOLTURE ^ 4 N/A N/A 19 N/A $298,250 N/A $260,000 N/A MORAYFIELD 13 N/A N/A 87 $325,000 $294,250 10.5% $287,500 13.0% DAKABIN 0 N/A N/A 3 N/A $351,750 N/A $199,900 N/A MURRUMBA DOWNS 5 N/A N/A 50 $275,000 $305,000 -9.8% $349,000 -21.2% GRIFFIN 7 N/A N/A 139 $295,000 $280,000 5.4% $209,125 41.1% NORTH LAKES 11 N/A N/A 96 $410,000 $467,000 -12.2% $359,000 14.2% KALLANGUR 1 N/A N/A 8 N/A $280,000 N/A $200,000 N/A PETRIE 3 N/A N/A 14 N/A $315,000 N/A $334,000 N/A MANGO HILL 14 N/A N/A 142 $230,000 $280,000 -17.9% $223,000 3.1% REDCLIFFE 34 $364,500 4.9% 140 $375,500 $415,000 -9.5% $345,000 8.8% MORAYFIELD 16 N/A N/A 135 $192,270 $200,000 -3.9% $172,000 11.8% SCARBOROUGH 10 N/A N/A 83 $485,000 $492,500 -1.5% $387,000 25.3% NARANGBA 1 N/A N/A 99 $223,200 $238,900 -6.6% $199,950 11.6% STRATHPINE 3 N/A N/A 22 $262,000 $326,450 -19.7% $252,500 3.8% NORTH LAKES 2 N/A N/A 16 N/A $290,000 N/A $225,000 N/A WOODY POINT 9 N/A N/A 73 $385,000 $462,500 -16.8% $355,000 8.5% WARNER 4 N/A N/A 12 N/A $287,000 N/A $225,000 N/A WOORIM 4 N/A N/A 24 $402,750 $346,000 16.4% $280,500 43.6%
REDLAND (LGA) 115 $22,600 -23.3% 684 $32,000 $256,000 -87.5% $235,000 -86.4% REDLAND (LGA) 82 $380,000 -1.3% 590 $405,000 $420,000 -3.6% $350,000 15.7% BIRKDALE 1 N/A N/A 3 N/A $358,000 N/A $305,000 N/A BIRKDALE 2 N/A N/A 28 $382,750 $396,000 -3.4% $367,500 4.1% MACLEAY ISLAND 29 $25,000 -23.3% 113 $28,000 $29,750 -5.9% $25,000 12.0% CAPALABA 23 $331,000 -11.7% 106 $345,000 $350,000 -1.4% $295,000 16.9% MOUNT COTTON 0 N/A N/A 1 N/A $- N/A $255,000 N/A CLEVELAND 26 $390,000 9.8% 150 $400,000 $400,000 0.0% $385,000 3.9% REDLAND BAY 3 N/A N/A 72 $278,000 $280,000 -0.7% $265,000 4.9% ORMISTON 2 N/A N/A 30 $420,000 $459,000 -8.5% $350,000 20.0% RUSSELL ISLAND 71 $18,000 -11.1% 317 $19,900 $20,000 -0.5% $20,000 -0.5% THORNESIDE 4 N/A N/A 32 $320,625 $305,000 5.1% $311,000 3.1% THORNLANDS 3 N/A N/A 92 $305,000 $310,000 -1.6% $280,000 8.9% THORNLANDS 2 N/A N/A 41 $424,000 $422,000 0.5% $477,750 -11.3% WELLINGTON POINT 2 N/A N/A 13 N/A $377,250 N/A $330,000 N/A VICTORIA POINT 5 N/A N/A 57 $417,500 $404,000 3.3% $350,000 19.3% WELLINGTON POINT 8 N/A N/A 37 $435,000 $480,000 -9.4% $365,000 19.2% SURROUNDS LOCKYER VALLEY 11 N/A N/A 37 $125,000 $129,000 -3.1% $99,000 26.3% (LGA) SALES MARKET - VACANT LAND <2400m2 LOCKYER VALLEY 8 N/A N/A 76 $152,500 $153,000 -0.3% $122,750 24.2% ANNUAL ANNUAL (LGA) ^ QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN SUBURB/ QTRLY 1YR 5YR NO. MEDIAN NO. MEDIAN SALE SALE LGA CHANGE CHANGE CHANGE KENSINGTON GROVE ^ 0 N/A N/A 4 N/A $172,000 N/A $137,500 N/A SALES SALE SALES SALE (1YR (5YRS AGO) AGO) GREATER BRISBANE 506 $228,000 0.4% 5535 $233,000 $230,000 1.3% $210,000 11.0% SCENIC RIM (LGA) 7 N/A N/A 58 $194,950 $190,000 2.6% $179,200 8.8% GREATER BRISBANE SCENIC RIM (LGA) ^ 4 N/A N/A 38 $197,500 $193,000 2.3% $208,000 -5.0% 45 $315,000 -0.8% 443 $316,000 $316,750 -0.2% $260,000 21.5% ^ GLENEAGLE 1 N/A N/A 6 N/A $185,000 N/A $179,500 N/A
IPSWICH (LGA) 68 $187,000 -5.1% 1130 $199,900 $195,000 2.5% $176,000 13.6% SOMERSET (LGA) 6 N/A N/A 48 $97,000 $145,000 -33.1% $135,000 -28.1% IPSWICH (LGA) ^ 13 N/A N/A 76 $325,000 $330,000 -1.5% $245,000 32.7% FERNVALE 1 N/A N/A 13 N/A $159,000 N/A $142,000 N/A BELLBIRD PARK 2 N/A N/A 72 $230,000 $230,000 0.0% $197,000 16.8% BRASSALL 3 N/A N/A 47 $200,000 $195,000 2.6% $180,000 11.1% BROOKWATER 0 N/A N/A 0 N/A $845,000 N/A $- N/A DEEBING HEIGHTS 7 N/A N/A 86 $192,350 $185,425 3.7% $153,000 25.7% KARALEE ^ 6 N/A N/A 35 $325,000 $325,000 0.0% $255,000 27.5% LEICHHARDT 3 N/A N/A 11 N/A $175,000 N/A $165,000 N/A REDBANK PLAINS 6 N/A N/A 107 $187,200 $178,000 5.2% $142,000 31.8% SPRINGFIELD LAKES 0 N/A N/A 4 N/A $280,000 N/A $181,000 N/A
LOGAN (LGA) 115 $227,000 3.2% 1291 $220,000 $209,000 5.3% $175,500 25.4%
LOGAN (LGA) ^ 13 N/A N/A 155 $315,000 $310,000 1.6% $253,500 24.3% BUCCAN ^ 0 N/A N/A 2 N/A $360,000 N/A $295,000 N/A CORNUBIA 2 N/A N/A 6 N/A $315,000 N/A $345,000 N/A CRESTMEAD 1 N/A N/A 5 N/A $233,000 N/A $175,000 N/A HOLMVIEW 8 N/A N/A 71 $222,900 $220,500 1.1% $180,500 23.5% JIMBOOMBA 2 N/A N/A 5 N/A $220,500 N/A $175,000 N/A JIMBOOMBA ^ 4 N/A N/A 25 $303,000 $310,000 -2.3% $209,900 44.4%
36 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 RENTAL MARKET - 3 BED HOUSES RENTAL MARKET - 3 BED HOUSES (CONT’D) MAR-19 MAR-18 MAR-14 MAR-19 MAR-18 MAR-14 POST POST CODE L $ / NEW $ / NEW $ / NEW $ / NEW $ / NEW $ / NEW LOCALITY CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS IPSWICH CITY 315 724 $310 703 $300 773 REDLAND CITY 402.5 292 $400 316 $380 340
4300 Goodna/ Bellbird Pk/ Camira/ Springfield 357.5 192 $350 163 $335 196 4157 Capalaba/ Sheldon 410 37 $400 41 $380 42 4301 Redbank/ Redbank Plns/ Collingwood Pk 320 121 $320 116 $310 109 4158 Thornside 395 7 $390 11 $375 8 4303 Dinmore/ Riverview 275 16 $280 17 $270 30 4159 Birkdale/ Aquatic Paradise/ Meridian Pt 420 31 $430 25 $390 23 Booval/ Blackstone/ Bundamba/ Ebbw Vale/ 4304 295 68 $290 84 $285 75 4160 Ormiston/ Wellington Pt/ Erobin 430 25 $430 25 $400 31 Silkstone 4161 Alexandra Hills/ Burwood Hts 415 49 $420 51 $390 45
Ipswich/ Brassall/ Bremer/ Churchill/ Flinders Brisbane Greater 4305 300 256 $300 245 $280 287 View/ Leichardt/ Raceview/ Tivoli/ Yamanto 4163 Cleveland/ Raby Bay 440 28 $430 21 $390 39 Amberley/ Fernvale/ Karana Downs/ Mt 4164 Thornlands/ Pinklands 415 12 $420 16 $370 15 4306 360 45 $330 50 $300 53 Crosby/ Peak Crossing/ Swanbank/ Willowbank Mt Cotton/ Pt Halloran/ Pt Talburpin/ Redland 4165 410 48 $400 59 $400 63 Rosewood/ Ashwell/ Calvert/ Ebenezer/ Bay/ Victoria Pt 4340 290 20 $300 25 $285 19 Grandchester/ Moorang/ Mt Forbes/ Rosevale 4183 Amity Pt/ Dunwich/ Pt Lookout n.a. 4 $380 7 n.a. 3 LOGAN CITY 350 962 $345 982 $330 903 Coochiemudlo Is/ Karragarra Is/ Lamb Is/ 4184 265 51 $260 60 $235 71 4114 Kingston/ Logan City/ Trinder Pk/ Woodridge 315 152 $310 173 $315 163 Macleay Is/ Peel Is/ Russell Is Browns Plains/Brownsleigh/ Forestdale/ LOCKYER VALLEY REGIONAL 300 68 $300 102 $280 132 4118 350 94 $350 84 $340 96 Heritage Pk/ Hillcrest/ Regents Pk 4341 Blenheim 300 31 $310 44 $270 64 4119 Underwood 365 9 $380 11 $385 9 4342 Crowley Vale 297.5 6 $300 12 $280 16 4123 Priests Gully/ Rochedale 400 51 $395 45 $380 56 4343 Adare 300 29 $295 39 $290 42 4124 Boronia Hts/ Greenbank/ New Beith 350 38 $350 45 $330 48 SOMERSET REGIONAL 285 35 $300 44 $260 60 4125 Munruben/ Park Ridge 375 24 n.a. 3 $425 6 4311 Atkinsons Dam 285 13 $323 12 $270 25 Chatswood Hills/ Daisy Hill/ Preistdale/ Slacks 4127 385 92 $365 111 $350 94 Ck/ Springwood 4312 Bryden n.a. 4 $258 10 $220 9 Kimberley Pk/ Logan Hyperdome/ Shailer Pk/ 4313 Biarra 260 7 $245 10 $230 13 4128 415 26 $385 38 $380 26 Tanah Merah 4515 Glenfern 340 11 $328 12 $290 13 4129 Logandale/ Loganholme 390 18 $380 29 $350 22 4130 Carbrook/ Cornubia 410 11 $395 15 $355 10 4131 Loganlea/ Meadowbrook 342.5 38 $360 27 $330 31 4132 Crestmead/ Marsden 340 104 $338 120 $325 86 RENTAL MARKET 4133 Chambers Flat/ Logan Reserve/ Waterford 350 46 $350 44 $360 28 4205 Bethania 350 26 $350 15 $310 17 GREATER BRISBANE 4207 Beenleigh/Eaglby/Mt Warren Pk 340 216 $340 195 $330 186 MORETON BAY REGIONAL 365 1018 $360 1048 $330 1042 Redcliffe Region 375 183 $360 195 $350 184 Vacancy Rates Clontarf/ Humpybong/ Margate/ Scotts Pt/ FOR 4019 375 73 $360 76 $350 72 Woody Pt RENT Redcliffe/ Scarborough/ Newport Waters/ 2.2% 4020 390 66 $365 63 $350 67 Suttons Bch 4021 Kippa-Ring 370 34 $378 36 $340 24 4022 Rothwell 340 10 $348 20 $350 21 Pine Rivers Region 385 439 $380 418 $360 383 4035 Albany Ck/ Bridgeman Downs/ Cashs Crossing 455 16 $440 36 $400 24 RENTAL MARKET 4037 Eatons Hill 430 10 $440 8 n.a. 2 4055 Bunya/ Ferny Grove/ Ferny Hills/ Kedron Upper 460 33 $460 35 $430 37 IPSWICH Bray Pk/ Brendale/ Cashmere/ Clear Mountain/ 4500 387.5 98 $380 67 $350 90 Joyner/ Strathpine/ Warner 4501 Lawnton 355 18 $360 21 $330 23 FOR Vacancy Rates 4502 Frenchs Forest/ Petrie 380 33 $370 19 $330 26 RENT Dakabin/ Dohles Rocks/ Griffin/ Kallangur/ 4503 370 138 $360 132 $350 93 Kurwongbah 2.3% 4509 Mango Hill 390 78 $390 89 $375 74 Camp Mountain/ Cedar Ck/ Mt Glorious/ Mt 4520 520 8 $500 5 $440 9 Nebo/ Mt Samson/ Samford/ Yugar Dayboro/ Mt Mee/ Mt Pleasant/ Ocean View/ 4521 430 7 $410 6 $350 5 House Yields Rush Ck Caboolture Region 330 396 $325 435 $300 475 4504 Narangba 375 19 $370 25 $330 28 4.7% 4505 Burpengary 355 34 $355 28 $335 27 4506 Morayfield/ Moorina 330 53 $313 56 $290 59 Banksia Beach/ Bellara/ Bongaree/ Bribie 4507 385 48 $380 45 $330 42 Is/ Woorim Unit Yields 4508 Deception Bay 330 62 $320 97 $305 106 Caboolture/ Beachmere/ Donnybrook/ 4510 Balingool/ Bellmere/ Meledale/ Moodlu/ 310 148 $310 149 $290 176 4.5% Rocksberg/ Toorbul 4511 Godwin Beach/ Ningi/ Sandstone Pt/ Toorbul Pt 370 13 $325 12 $305 14 Woodford/ Bellthorpe/ Bracalba/ Cedarton/ 4514 D'Aguilar/ Delaneys Ck/ Neurum/ Stanmore/ 330 14 $340 15 $310 16 Stoney Ck/ Villeneuve
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 37 Greater Brisbane RENTAL MARKET - 2 BED UNITS RENTAL MARKET - 3 BED TOWNHOUSES MAR-19 MAR-18 MAR-14 MAR-19 MAR-18 MAR-14 POST POST $ / NEW $ / NEW $ / NEW $ / NEW $ / NEW $ / NEW CODE LOCALITYL CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS IPSWICH CITY 265 151 $265 155 $248 155 IPSWICH CITY 320 233 $320 192 $310 134
4300 Goodna/ Bellbird Pk/ Camira/ Springfield 285 34 $290 34 $255 37 4300 Goodna/ Bellbird Pk/ Camira/ Springfield 365 66 $350 70 $330 56 4301 Redbank/ Redbank Plns/ Collingwood Pk 265 17 $260 22 $260 21 4301 Redbank/ Redbank Plns/ Collingwood Pk 330 66 $320 37 $310 20 Booval/ Blackstone/ Bundamba/ Ebbw Vale/ Booval/ Blackstone/ Bundamba/ Ebbw Vale/ 4304 260 24 $263 30 $240 15 4304 300 33 $290 40 $305 26 Silkstone Silkstone Ipswich/ Brassall/ Bremer/ Churchill/ Ipswich/ Brassall/ Bremer/ Churchill/ Flinders 4305 320 33 $318 30 $305 30 4305 Flinders View/ Leichardt/ Raceview/ Tivoli/ 255 61 $260 64 $240 77 View/ Leichardt/ Raceview/ Tivoli/ Yamanto Yamanto etc LOGAN CITY 335 366 $335 428 $330 455 Amberley/ Fernvale/ Karana Downs/ Mt 4114 Kingston/ Logan City/ Trinder Pk/ Woodridge 320 43 $310 45 $320 61 4306 Crosby/ Peak Crossing/ Swanbank/ Willowbank 280 10 n.a. 4 n.a. 1 etc Browns Plains/Brownsleigh/ Forestdale/ 4118 345 46 $355 61 $340 66 LOGAN CITY 290 318 $288 268 $260 167 Heritage Pk/ Hillcrest/ Regents Pk
4114 Kingston/ Logan City/ Trinder Pk/ Woodridge 255 70 $255 55 $250 52 4119 Underwood 417.5 14 $408 8 $380 16 4123 Priests Gully/ Rochedale n.a. 2 n.a. 3 n.a. 4 4123 Priests Gully/ Rochedale 550 5 $340 9 $350 7 Chatswood Hills/ Daisy Hill/ Preistdale/ Slacks 4124 Boronia Hts/ Greenbank/ New Beith 345 7 $338 6 n.a. 1 4127 300 16 $315 19 $310 19 Ck/ Springwood Chatswood Hills/ Daisy Hill/ Preistdale/ Slacks 4127 322.5 22 $330 41 $320 51 Kimberley Pk/ Logan Hyperdome/ Shailer Pk/ Ck/ Springwood 4128 320 5 $300 9 $290 10 Tanah Merah Kimberley Pk/ Logan Hyperdome/ Shailer Pk/ 4128 370 7 $365 10 $350 7 4131 Loganlea/ Meadowbrook 300 26 $298 8 $260 6 Tanah Merah 4132 Crestmead/ Marsden 290 34 $290 17 n.a. 4 4131 Loganlea/ Meadowbrook 350 29 $350 33 $350 29 4133 Chambers Flat/ Logan Reserve/ Waterford 285 23 $288 36 $239 6 4132 Crestmead/ Marsden 320 57 $340 52 $340 67 4207 Beenleigh/Eaglby/Mt Warren Pk 290 94 $280 89 $260 57 4133 Chambers Flat/ Logan Reserve/ Waterford 330 17 $320 17 $315 22 MORETON BAY REGIONAL 295 405 $285 503 $280 460 4205 Bethania 345 17 $340 13 n.a. 1 Redcliffe Region 295 136 $285 165 $280 157 4207 Beenleigh/Eaglby/Mt Warren Pk 330 84 $330 103 $320 121 Clontarf/ Humpybong/ Margate/ Scotts Pt/ MORETON BAY REGIONAL 345 817 $345 871 $330 605 4019 280 63 $280 68 $280 71 Woody Pt Caboolture Region 335 207 $330 166 $300 168 Redcliffe/ Scarborough/ Newport Waters/ 4020 313.6 65 $295 87 $310 82 4504 Narangba n.a. 2 $350 5 $340 7 Suttons Bch 4505 Burpengary 335 54 $330 18 $295 38 Pine Rivers Region 300 105 $290 143 $285 118 4506 Morayfield/ Moorina 330 82 $335 56 $310 19 Bray Pk/ Brendale/ Cashmere/ Clear Mountain/ 4500 315 15 $290 22 $290 33 Joyner/ Strathpine/ Warner Banksia Beach/ Bellara/ Bongaree/ Bribie 4507 367.5 6 $405 7 n.a. 1 Is/ Woorim 4501 Lawnton 275 5 $283 10 $280 11 4508 Deception Bay 325 22 $315 31 $300 84 4502 Frenchs Forest/ Petrie 325 6 $345 13 n.a. 4 Caboolture/ Beachmere/ Donnybrook/ Dakabin/ Dohles Rocks/ Griffin/ Kallangur/ 4503 290 37 $280 53 $280 48 4510 Balingool/ Bellmere/ Meledale/ Moodlu/ 310 36 $320 45 $290 19 Kurwongbah Rocksberg/ Toorbul 4509 Mango Hill 330 37 $330 37 $300 18 4511 Godwin Beach/ Ningi/ Sandstone Pt/ Toorbul Pt 340 5 n.a. 4 $0 0 Caboolture Region 285 164 $275 195 $260 185 Pine Rivers Region 350 560 $350 642 $340 360 4505 Burpengary 297.5 8 $280 12 $285 6 4035 Albany Ck/ Bridgeman Downs/ Cashs Crossing 460 50 $430 39 $380 8 4506 Morayfield/ Moorina 287.5 18 $273 20 $265 12 Bray Pk/ Brendale/ Cashmere/ Clear Mountain/ 4500 360 69 $350 98 $340 40 Banksia Beach/ Bellara/ Bongaree/ Bribie Joyner/ Strathpine/ Warner 4507 320 32 $300 52 $285 69 Is/ Woorim 4501 Lawnton 350 15 $350 16 $300 5 4508 Deception Bay 310 22 $308 18 $260 11 4502 Frenchs Forest/ Petrie 345 14 $325 19 $320 11 Caboolture/ Beachmere/ Donnybrook/ Dakabin/ Dohles Rocks/ Griffin/ Kallangur/ 4510 Balingool/ Bellmere/ Meledale/ Moodlu/ 270 78 $270 87 $255 81 4503 345 252 $345 333 $340 183 Kurwongbah Rocksberg/ Toorbul REDLAND CITY 372.5 84 $350 78 $320 72 4509 Mango Hill 360 157 $355 135 $345 111 Redcliffe Region 345 50 $325 63 $335 77 4157 Capalaba/ Sheldon 400 24 $350 9 $320 7 Clontarf/ Humpybong/ Margate/ Scotts Pt/ 4160 Ormiston/ Wellington Pt/ Erobin 330 5 n.a. 2 $300 7 4019 352.5 6 $360 7 $340 15 Woody Pt 4163 Cleveland/ Raby Bay 375 29 $360 29 $350 37 Redcliffe/ Scarborough/ Newport Waters/ 4020 380 10 $360 17 $335 12 LOCKYER VALLEY REGIONAL 250 19 $258 26 $240 15 Suttons Bch 4343 Adare 275 14 $260 23 $240 10 4021 Kippa-Ring 340 32 $320 39 $335 49 REDLAND CITY 410 158 $405 150 $385 114
4157 Capalaba/ Sheldon 380 15 $380 17 $370 17 4158 Thornside 380 13 $390 13 $385 24 4160 Ormiston/ Wellington Pt/ Erobin 407.5 18 $440 40 $385 21 4163 Cleveland/ Raby Bay 400 29 $425 29 $400 28 4164 Thornlands/ Pinklands 410 59 $405 12 n.a. 1 Mt Cotton/ Pt Halloran/ Pt Talburpin/ Redland 4165 405 14 $400 22 $390 16 Bay/ Victoria Pt
38 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 RENTAL MARKET RENTAL MARKET RENTAL MARKET
LOGAN MORETON BAY REDLAND
FOR Vacancy Rates FOR Vacancy Rates FOR Vacancy Rates RENT 2.4% RENT 1.7% RENT 1.7%
House Yields House Yields House Yields 4.6% 4.3% 4.0%
Unit Yields Unit Yields Unit Yields 6.2% 4.7% 5.1%
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 39 Brisbane LGA
EMPLOYMENT MARKET EMPLOYMENT MARKET EMPLOYMENT MARKET
BRISBANE - EAST SA4 BRISBANE - NORTH SA4 BRISBANE - SOUTH SA4
Unemployment Rate Unemployment Rate Unemployment Rate 5.5% 5.0% 6.4%
Participation Rate Participation Rate Participation Rate 71.1% 74.1% 68.4%
EMPLOYMENT MARKET
BRISBANE - WEST SA4 Easy does it
The Brisbane house market continued its easy approach to market Unemployment Rate recovery – and that’s not a bad thing. 5.5% In fact, while its results in isolation might normally be described as ‘subdued’, when compared to other capitals Brisbane was a standout performer.
Participation Rate In terms of detached housing, the annual median house price in the Brisbane LGA reached a new high of $680,000 in March 2019, delivering a growth of 1.5 per cent 60.0% for the year. As mentioned, this was one of the better results for an Australian capital city.
Discussions with local industry sources confirm that the attached housing market – particularly in relation to investor unit stock – has been the weakest sector overall. EMPLOYMENT MARKET The annual median unit price fell two per cent to March, confirming this sector is BRISBANE - INNER CITY SA4 bringing the overall results back down to a ‘steady’ position. Vacant land of less than 2400 square metres rose by a modest 1.1 per cent to reach a median price of $412,000 across the year to March. Unemployment Rate The rental market in Brisbane’s LGA continued delivering healthy results for investors 4.4% in relation to returns and vacancies held steady from last quarter’s result. Regional Economy and Infrastructure Investment
Participation Rate As had been reported previously in our Queensland Market Monitor, the top 10 infrastructure projects have a forecast investment of $17 billion, which will be injected 74.0% within the next six years. Recently, the State Government announced a $250 million underground transformation of Roma Street Station’s busway interchange. The state government believes the project will support 480 additional jobs.
Tourism continues to be an economic driver for the south east, with Brisbane A positive outlook for the providing its own drawcards to visitors. Work has begun on Brisbane's $158 million new International Cruise Terminal which is scheduled to open in October 2020. house market continues The economic boost from this is estimated by the state government at more than a among observers. billion dollars over the next few years. According to the government, the terminal is already supporting an estimated 245 jobs each year during construction, with an additional 49 jobs created each year over the next 20 years.
Market Outlook
A positive outlook for the house market continues among observers.
40 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 HOUSE MARKET (<2400M2) Market sentiment has strengthened on the back of the federal election result. Agents have reported the Coalition’s win brought some immediate relief to many
stakeholders, who were operating more positively in the days following. Brisbane LGA BRISBANE In addition, moves by APRA to relax lending criteria guidelines are seen as a boost to credit approvals. On top of this, reports of a potential interest rate cut prior to year’s end has improved the outlook for those concerned about borrowing costs.
HOUSE MARKET (<2400m2)
Annual Brisbane’s house market has continued to maintain its steady approach to capital gains. Quarter Annual median median price price The median house price fell 3.6 per cent in the March quarter 2019 to record a median of $660,200. $660,200 $680,000 Brisbane is the second most expensive local authority by annual median price, behind Noosa which recorded a median of $750,000.
5yrs Brisbane’s median house price five years ago was $545,000 reflecting steady upward movement over the past half-decade of 24.8 per cent.
Brisbane has 16 suburbs in the $1 million-plus club based on annual median sale price. Teneriffe’s annual median house price of $1.86 million makes it the most expensive suburb in the city. However, the annual volume of house sales in Teneriffe Annual volume Annual median is 21 transactions – and the figure often tracks at approximately 20 per year. As of sales price 5yrs ago such, the quality of the stock traded from year to year can have a significant impact on the median price calculation. 12,620 $545,000 General activity
Sales volumes dropped in the March quarter 2019 – which is not unusual for this time of year. There were 2316 sales in the period, compared to 3368 sales in the previous quarter – a retraction of approximately 32 per cent.
HOUSE MARKET ALL The most popular price range for houses in Brisbane LGA remains within the $500,000 to $749,000, as sales in this range represented about 47 per cent of total house sales.
Median days on The annual volume of house sales followed a downward path, reducing by 13.8 per market cent over the year.
Local agents see significant growth potential in the Brisbane house market as 31 Days general improvement in local economic measures help drive residents from southern capitals toward our more affordable, lifestyle-oriented city.
UNIT AND TOWNHOUSE MARKET Median vendor discount Agents continued to find the investor-level unit sector challenging in the first half of the year. While it’s expect prices will continue to weaken, the landing appears to be softer than once envisaged. In addition, it’s been reported demand for units aimed -4.2% at owner-occupier had firmed.
Unit prices fell 4.7 per cent over the March period, to a quarterly median of $422,000. Stock on market Over the past year, the annual median unit price fell 2 per cent to $441,144. Despite 6.7% this, Brisbane remained the state’s second most expensive market for units behind Noosa.
The long-term performance of units was subdued with the sector having an annual median of $426,000 five years ago. This means capital gains for units over the past half-decade was just 3.6 per cent.
Similar to houses, sale volumes fell during the first quarter of this year to record a result of 1545 transaction – a fall of 35 per cent compared to the previous quarter’s outcome of 2392 sales.
RENTAL MARKET
The overall Brisbane LGA vacancy rate sits at a healthy 2.5 per cent for March Quarter 2019 – a figure which held steady from the final quarter of 2018. This has
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 41 Brisbane LGA UNIT MARKET continued a general steady tightening of vacancies since late 2016 when the rate reached as high as 4.0 per cent.
Annual The number of new rental units pitched specifically toward tenants within close proximity of CBD remains high. While they continue to be absorbed, any increase in rents will likely to be long-term and gradual.
The Brisbane LGA median rent for a three-bedroom house rose to $435 per week over the March quarter, while a three-bedroom townhouse came in at $420 per week. Two-bedroom units recorded a median of $420 per week as well. Quarter Annual median median price price The house gross rental yield of 3.5 per cent was up 0.2 percentage points on last quarter’s result. $422,000 $441,144 Units in Brisbane LGA were also up 0.2 per cent in the quarter to reach a yield of 5.3 per cent.
5yrs
BRISBANE LGA HOUSE SALES
Sep-18 Dec-18 Mar -19 * Annual volume Annual median of sales price 5 yrs ago 2,403 2,316 9,480 $426,000 1,550
564 559 UNIT MARKET 439 429 340 303 65 56 44
<$350K $350K+ $500k+ $1M+ Median days on *Preliminary data market Houses<2400m2 49 Days BRISBANE LGA UNIT SALES
Sep-18 Dec-18 Mar-19 * Median vendor
discount 1,007 971 831 -4.8% 766 609
444 426 416 Stock on market 348
110 104 140 111 6.1% 69 61
<$250k $250K+ $350K+ $500k+ $1M+
*Preliminary data RENTAL MARKET
BRISBANE LGA LAND SALES Vacancy Rates FOR Sep-18 Dec-18 Mar-19 * RENT 2.5% 139
98 100 85 House Yields 64 65 51 3.5% 33 29
7 2 2
<$250k $250K+ $350K+ $500k+
Unit Yields *Preliminary data 5.3%
42 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - HOUSES <2400m2 SALES MARKET - HOUSES <2400m2 (CONT’D) ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) AGO) AGO)
BRISBANE (LGA) 2316 $660,200 -3.6% 12620 $680,000 $670,000 1.5% $545,000 24.8% HAMILTON 4 N/A N/A 39 $1,450,000 $1,300,000 11.5% $1,300,000 11.5% BRISBANE (LGA) 56 $1,200,000 -6.3% 357 $1,268,750 $1,200,000 5.7% $852,500 48.8% HAWTHORNE 14 N/A N/A 79 $1,200,000 $1,147,500 4.6% $980,000 22.4% ^ HEATHWOOD 14 N/A N/A 63 $580,000 $581,500 -0.3% $549,000 5.6% ACACIA RIDGE 12 N/A N/A 92 $395,000 $405,000 -2.5% $318,750 23.9%
HEMMANT 11 N/A N/A 61 $540,000 $495,000 9.1% $397,500 35.8% Brisbane LGA ALBION 4 N/A N/A 27 $827,000 $758,000 9.1% $662,000 24.9% HENDRA 21 $1,003,200 -10.8% 95 $1,100,000 $1,027,500 7.1% $761,250 44.5% ALDERLEY 10 N/A N/A 77 $860,000 $815,000 5.5% $628,000 36.9% HERSTON 2 N/A N/A 17 N/A $819,500 N/A $580,000 N/A ALGESTER 21 $545,000 5.8% 96 $514,500 $518,000 -0.7% $421,444 22.1% HIGHGATE HILL 5 N/A N/A 39 $970,000 $967,000 0.3% $800,000 21.3% ANNERLEY 21 $710,000 -6.3% 88 $722,500 $740,000 -2.4% $595,000 21.4% HOLLAND PARK 26 $694,000 -10.5% 126 $730,000 $730,000 0.0% $544,750 34.0% ASCOT 12 N/A N/A 72 $1,450,000 $1,450,000 0.0% $1,290,000 12.4% HOLLAND PARK ASHGROVE 22 $903,750 -11.8% 149 $970,000 $975,000 -0.5% $770,000 26.0% 19 N/A N/A 92 $702,500 $714,000 -1.6% $555,200 26.5% WEST ASPLEY 28 $625,000 0.0% 156 $612,500 $600,000 2.1% $482,500 26.9% INALA 22 $341,000 -4.2% 117 $360,000 $370,000 -2.7% $285,000 26.3% AUCHENFLOWER 11 N/A N/A 55 $1,202,500 $977,000 23.1% $831,000 44.7% INDOOROOPILLY 18 N/A N/A 124 $850,000 $995,000 -14.6% $700,000 21.4% BALD HILLS 18 N/A N/A 92 $452,000 $440,000 2.7% $370,250 22.1% JAMBOREE HEIGHTS 7 N/A N/A 51 $510,000 $501,250 1.8% $421,000 21.1% BALMORAL 10 N/A N/A 55 $1,050,000 $985,000 6.6% $851,500 23.3% JINDALEE 23 $615,000 13.9% 90 $567,000 $580,000 -2.2% $470,000 20.6% BANYO 16 N/A N/A 87 $545,000 $530,000 2.8% $427,500 27.5% KALINGA 5 N/A N/A 30 $1,200,000 $1,153,500 4.0% $805,000 49.1% BARDON 29 $946,250 1.2% 145 $995,000 $952,500 4.5% $734,000 35.6% KANGAROO POINT 3 N/A N/A 19 N/A $970,000 N/A $758,625 N/A BELLBOWRIE 8 N/A N/A 63 $540,000 $522,500 3.4% $454,250 18.9% KARANA DOWNS 3 N/A N/A 28 $435,000 $439,000 -0.9% $385,000 13.0% BELMONT 10 N/A N/A 46 $670,000 $665,000 0.8% $546,500 22.6% KARANA DOWNS ^ 3 N/A N/A 17 N/A $540,000 N/A $447,500 N/A BOONDALL 25 $495,500 -1.2% 132 $530,000 $505,000 5.0% $420,000 26.2% KEDRON 30 $700,000 -5.3% 124 $737,500 $700,000 5.4% $580,000 27.2% BRACKEN RIDGE 56 $477,500 -3.5% 240 $495,000 $500,000 -1.0% $414,000 19.6% KELVIN GROVE 7 N/A N/A 51 $822,000 $778,250 5.6% $662,500 24.1% BRIDGEMAN DOWNS 19 N/A N/A 114 $767,500 $720,000 6.6% $675,000 13.7% KENMORE 26 $715,000 4.9% 143 $720,000 $670,000 7.5% $562,000 28.1% BRIGHTON 40 $530,000 -0.4% 173 $540,000 $535,000 0.9% $415,000 30.1% KENMORE HILLS 5 N/A N/A 23 $845,000 $775,000 9.0% $684,500 23.4% BROOKFIELD ^ 8 N/A N/A 25 $1,365,000 $1,710,000 -20.2% $1,350,000 1.1% KEPERRA 18 N/A N/A 89 $540,500 $527,750 2.4% $425,250 27.1% BULIMBA 19 N/A N/A 87 $1,357,500 $1,297,500 4.6% $1,000,000 35.8% KURABY 9 N/A N/A 88 $735,000 $683,750 7.5% $560,000 31.3% CALAMVALE 23 $646,000 -9.0% 133 $663,888 $680,000 -2.4% $531,000 25.0% LOTA 7 N/A N/A 63 $625,000 $620,000 0.8% $541,000 15.5% CAMP HILL 48 $870,000 -4.1% 203 $900,000 $920,000 -2.2% $687,500 30.9% LUTWYCHE 4 N/A N/A 22 $797,500 $800,625 -0.4% $640,000 24.6% CANNON HILL 13 N/A N/A 87 $730,000 $800,000 -8.8% $600,500 21.6% MACGREGOR 11 N/A N/A 47 $735,000 $760,000 -3.3% $587,500 25.1% CARINA 21 $695,000 3.0% 135 $680,000 $660,000 3.0% $526,250 29.2% MACKENZIE 4 N/A N/A 21 $804,500 $800,000 0.6% $634,750 26.7% CARINA HEIGHTS 9 N/A N/A 55 $740,000 $716,000 3.4% $547,750 35.1% MANLY 10 N/A N/A 64 $800,000 $753,750 6.1% $615,000 30.1% CARINDALE 26 $895,000 3.2% 170 $870,000 $875,000 -0.6% $685,000 27.0% MANLY WEST 24 $585,000 -4.1% 146 $610,000 $609,000 0.2% $483,500 26.2% CARSELDINE 22 $635,278 -2.9% 94 $650,000 $615,000 5.7% $528,949 22.9% MANSFIELD 12 N/A N/A 122 $680,000 $675,000 0.7% $523,000 30.0% CHAPEL HILL 29 $772,500 -1.3% 135 $800,500 $795,700 0.6% $643,500 24.4% MCDOWALL 14 N/A N/A 96 $667,000 $657,500 1.4% $557,000 19.7% CHELMER 11 N/A N/A 41 $992,500 $1,060,000 -6.4% $827,500 19.9% MIDDLE PARK 9 N/A N/A 57 $620,000 $620,000 0.0% $513,500 20.7% CHERMSIDE 4 N/A N/A 51 $592,500 $623,000 -4.9% $485,000 22.2% MILTON 3 N/A N/A 12 N/A $811,000 N/A $691,250 N/A CHERMSIDE WEST 12 N/A N/A 95 $589,084 $583,500 1.0% $455,000 29.5% MITCHELTON 23 $712,000 11.3% 130 $671,000 $638,500 5.1% $526,000 27.6% CLAYFIELD 10 N/A N/A 83 $1,250,000 $1,125,000 11.1% $850,000 47.1% MOGGILL 14 N/A N/A 73 $575,000 $562,500 2.2% $500,000 15.0% COOPERS PLAINS 5 N/A N/A 63 $560,000 $571,250 -2.0% $462,500 21.1% MOOROOKA 23 $600,000 -6.8% 128 $635,250 $642,500 -1.1% $507,500 25.2% COORPAROO 18 N/A N/A 150 $845,000 $872,500 -3.2% $670,000 26.1% MORNINGSIDE 18 N/A N/A 131 $727,825 $767,250 -5.1% $611,500 19.0% CORINDA 10 N/A N/A 66 $750,125 $775,000 -3.2% $542,500 38.3% MOUNT GRAVATT 10 N/A N/A 46 $640,000 $650,000 -1.5% $535,000 19.6% DARRA 9 N/A N/A 42 $437,000 $420,000 4.1% $327,500 33.4% MOUNT GRAVATT 28 $685,000 5.8% 152 $660,000 $658,750 0.2% $510,000 29.4% DEAGON 21 $410,000 -21.9% 85 $480,000 $465,000 3.2% $368,000 30.4% EAST DOOLANDELLA 10 N/A N/A 51 $485,000 $470,000 3.2% $411,750 17.8% MOUNT OMMANEY 3 N/A N/A 18 N/A $895,000 N/A $745,000 N/A DREWVALE 9 N/A N/A 47 $587,000 $615,000 -4.6% $458,000 28.2% MURARRIE 10 N/A N/A 44 $660,000 $620,000 6.5% $475,050 38.9% DURACK 7 N/A N/A 58 $445,722 $408,000 9.3% $341,500 30.5% NEW FARM 9 N/A N/A 57 $1,520,000 $1,618,000 -6.1% $1,185,250 28.2% EAST BRISBANE 8 N/A N/A 51 $860,000 $881,500 -2.4% $693,000 24.1% NEWMARKET 6 N/A N/A 48 $850,000 $857,000 -0.8% $690,000 23.2% EIGHT MILE PLAINS 18 N/A N/A 112 $750,000 $765,000 -2.0% $630,000 19.0% NORMAN PARK 21 $792,000 -10.5% 99 $890,000 $925,000 -3.8% $686,000 29.7% ELLEN GROVE 0 N/A N/A 20 $284,500 $290,000 -1.9% $230,000 23.7% NORTHGATE 8 N/A N/A 61 $725,000 $640,000 13.3% $551,000 31.6% ENOGGERA 13 N/A N/A 55 $660,000 $700,000 -5.7% $558,500 18.2% NUDGEE 11 N/A N/A 52 $642,500 $586,325 9.6% $539,000 19.2% EVERTON PARK 23 $585,000 -1.7% 109 $602,500 $602,250 0.0% $499,500 20.6% NUNDAH 13 N/A N/A 80 $700,500 $710,000 -1.3% $616,000 13.7% FAIRFIELD 11 N/A N/A 38 $710,000 $709,400 0.1% $560,000 26.8% OXLEY 20 $570,500 -2.5% 137 $572,500 $567,500 0.9% $459,000 24.7% FERNY GROVE 15 N/A N/A 59 $620,000 $605,000 2.5% $534,500 16.0% PADDINGTON 21 $960,000 -11.1% 119 $1,080,000 $1,110,000 -2.7% $900,000 20.0% FIG TREE POCKET 8 N/A N/A 50 $847,217 $925,000 -8.4% $860,000 -1.5% PARKINSON 32 $603,000 -4.6% 115 $643,500 $660,000 -2.5% $541,000 18.9% FITZGIBBON 11 N/A N/A 73 $478,000 $455,000 5.1% $399,000 19.8% PULLENVALE ^ 9 N/A N/A 40 $1,190,000 $1,190,000 0.0% $930,000 28.0% FOREST LAKE 81 $460,000 5.8% 398 $450,000 $439,000 2.5% $390,000 15.4% RED HILL 18 N/A N/A 86 $870,000 $860,000 1.2% $720,000 20.8% GAYTHORNE 3 N/A N/A 22 $660,000 $628,500 5.0% $543,000 21.5% RICHLANDS 5 N/A N/A 20 $439,000 $437,000 0.5% $380,000 15.5% GEEBUNG 14 N/A N/A 80 $570,000 $545,000 4.6% $440,500 29.4% RIVERHILLS 16 N/A N/A 55 $527,000 $475,500 10.8% $427,500 23.3% GORDON PARK 11 N/A N/A 49 $875,000 $780,000 12.2% $647,000 35.2% ROBERTSON 4 N/A N/A 27 $1,064,000 $1,044,000 1.9% $725,000 46.8% GRACEVILLE 23 $908,500 -5.9% 89 $911,000 $846,000 7.7% $742,500 22.7% ROCHEDALE 6 N/A N/A 34 $967,500 $933,000 3.7% $691,500 39.9% GRANGE 18 N/A N/A 76 $945,000 $930,000 1.6% $685,000 38.0% ROCKLEA 4 N/A N/A 30 $405,000 $421,500 -3.9% $325,000 24.6% GREENSLOPES 13 N/A N/A 76 $720,000 $798,450 -9.8% $590,000 22.0% RUNCORN 18 N/A N/A 109 $569,000 $580,000 -1.9% $446,000 27.6%
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 43 SALES MARKET - HOUSES <2400m2 (CONT’D) SALES MARKET - UNITS & TOWNHOUSES ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS
Brisbane LGA AGO) AGO) AGO) AGO)
SALISBURY 15 N/A N/A 105 $607,000 $586,000 3.6% $461,000 31.7% BRISBANE (LGA) 1545 $422,000 -4.7% 9480 $441,144 $450,000 -2.0% $426,000 3.6% SANDGATE 8 N/A N/A 62 $722,500 $672,500 7.4% $550,000 31.4% ACACIA RIDGE 3 N/A N/A 19 N/A $342,000 N/A $382,500 N/A SEVEN HILLS 5 N/A N/A 33 $785,000 $950,000 -17.4% $619,500 26.7% ALBION 11 N/A N/A 73 $415,000 $470,000 -11.7% $460,000 -9.8% SEVENTEEN MILE ALDERLEY 10 N/A N/A 63 $425,000 $389,000 9.3% $437,500 -2.9% 7 N/A N/A 36 $634,500 $705,000 -10.0% $591,500 7.3% ROCKS ALGESTER 8 N/A N/A 37 $310,000 $370,000 -16.2% $305,000 1.6% SHERWOOD 15 N/A N/A 84 $870,000 $855,000 1.8% $725,500 19.9% ANNERLEY 29 $420,000 20.3% 164 $405,000 $471,500 -14.1% $413,750 -2.1% SHORNCLIFFE 7 N/A N/A 25 $720,000 $845,000 -14.8% $730,000 -1.4% ASCOT 7 N/A N/A 80 $502,025 $531,825 -5.6% $398,000 26.1% SINNAMON PARK 12 N/A N/A 65 $742,500 $740,000 0.3% $577,000 28.7% ASHGROVE 7 N/A N/A 49 $435,000 $505,000 -13.9% $442,500 -1.7% SPRING HILL 3 N/A N/A 17 N/A $930,000 N/A $770,500 N/A ASPLEY 12 N/A N/A 53 $431,500 $442,500 -2.5% $371,000 16.3% ST LUCIA 12 N/A N/A 64 $1,119,000 $1,150,000 -2.7% $962,500 16.3% AUCHENFLOWER 14 N/A N/A 68 $480,250 $428,500 12.1% $490,000 -2.0% STAFFORD 18 N/A N/A 93 $633,000 $610,000 3.8% $478,250 32.4% BALMORAL 6 N/A N/A 30 $516,250 $503,500 2.5% $487,500 5.9% STAFFORD HEIGHTS 22 $615,500 0.9% 115 $611,000 $588,000 3.9% $497,000 22.9% BANYO 5 N/A N/A 30 $422,000 $502,500 -16.0% $450,000 -6.2% STRETTON 2 N/A N/A 31 $797,000 $800,000 -0.4% $670,000 19.0% BARDON 4 N/A N/A 26 $613,000 $619,000 -1.0% $530,000 15.7% SUNNYBANK 9 N/A N/A 88 $790,000 $840,000 -6.0% $581,000 36.0% BOWEN HILLS 14 N/A N/A 94 $389,250 $456,250 -14.7% $437,500 -11.0% SUNNYBANK HILLS 25 $640,000 2.4% 165 $650,000 $700,000 -7.1% $540,000 20.4% BRACKEN RIDGE 5 N/A N/A 35 $320,000 $344,500 -7.1% $314,000 1.9% TAIGUM 8 N/A N/A 53 $525,000 $550,000 -4.6% $431,000 21.8% BRIDGEMAN DOWNS 5 N/A N/A 51 $510,000 $485,000 5.2% $295,000 72.9% TARINGA 8 N/A N/A 57 $860,000 $900,000 -4.4% $745,000 15.4% BRISBANE CITY 80 $545,000 9.0% 482 $520,000 $505,700 2.8% $505,000 3.0% TARRAGINDI 27 $789,000 -3.8% 156 $785,000 $785,000 0.0% $572,000 37.2% BULIMBA 16 N/A N/A 116 $565,750 $610,000 -7.3% $575,000 -1.6% TENERIFFE 3 N/A N/A 21 $1,862,500 $2,100,000 -11.3% $1,125,000 65.6% CALAMVALE 17 N/A N/A 129 $368,000 $404,500 -9.0% $370,000 -0.5% TENNYSON 1 N/A N/A 5 N/A $630,500 N/A $554,000 N/A CAMP HILL 7 N/A N/A 35 $500,000 $585,944 -14.7% $430,000 16.3% THE GAP 45 $692,500 -0.7% 209 $686,000 $683,500 0.4% $575,000 19.3% CANNON HILL 6 N/A N/A 41 $439,500 $465,900 -5.7% $435,750 0.9% TINGALPA 13 N/A N/A 93 $549,750 $539,000 2.0% $440,000 24.9% CARINA 22 $471,500 -7.7% 165 $480,000 $480,000 0.0% $425,000 12.9% TOOWONG 11 N/A N/A 47 $904,500 $850,000 6.4% $707,500 27.8% CARINA HEIGHTS 28 $425,000 -7.6% 86 $443,500 $480,000 -7.6% $445,000 -0.3% UPPER KEDRON 9 N/A N/A 41 $635,000 $625,000 1.6% $532,500 19.2% CARINDALE 5 N/A N/A 24 $478,000 $470,000 1.7% $407,000 17.4% UPPER MOUNT 21 $573,500 -13.1% 110 $640,000 $634,000 1.0% $500,000 28.0% CARSELDINE 13 N/A N/A 62 $380,500 $312,500 21.8% $392,000 -2.9% GRAVATT CHERMSIDE 33 $390,000 -7.1% 194 $396,500 $425,000 -6.7% $402,500 -1.5% VIRGINIA 10 N/A N/A 51 $601,000 $597,000 0.7% $451,500 33.1% CLAYFIELD 26 $350,000 -21.8% 127 $390,000 $369,250 5.6% $380,000 2.6% WAKERLEY 19 N/A N/A 120 $780,000 $740,000 5.4% $662,000 17.8% COOPERS PLAINS 5 N/A N/A 30 $407,500 $416,250 -2.1% $395,000 3.2% WAVELL HEIGHTS 43 $672,900 -8.8% 180 $692,000 $713,400 -3.0% $540,000 28.1% COORPAROO 32 $364,500 -11.1% 212 $408,000 $450,000 -9.3% $386,000 5.7% WEST END 3 N/A N/A 42 $1,030,000 $1,030,500 -0.1% $910,000 13.2% CORINDA 7 N/A N/A 48 $439,750 $478,250 -8.1% $370,000 18.9% WESTLAKE 13 N/A N/A 65 $749,500 $685,500 9.3% $645,000 16.2% DARRA 3 N/A N/A 14 N/A $425,000 N/A $284,000 N/A WILSTON 9 N/A N/A 44 $1,005,000 $937,500 7.2% $806,000 24.7% DOOLANDELLA 10 N/A N/A 62 $345,000 $355,000 -2.8% $348,500 -1.0% WINDSOR 11 N/A N/A 72 $810,000 $795,600 1.8% $692,500 17.0% EAST BRISBANE 16 N/A N/A 62 $399,000 $424,000 -5.9% $410,000 -2.7% WISHART 24 $707,500 -6.0% 100 $737,500 $717,250 2.8% $549,000 34.3% EIGHT MILE PLAINS 15 N/A N/A 73 $382,500 $420,000 -8.9% $388,000 -1.4% WOOLLOONGABBA 8 N/A N/A 42 $819,000 $817,000 0.2% $613,000 33.6% ELLEN GROVE 3 N/A N/A 8 N/A $350,500 N/A $346,000 N/A WOOLOOWIN 10 N/A N/A 47 $816,250 $843,000 -3.2% $723,000 12.9% ENOGGERA 7 N/A N/A 30 $337,000 $437,500 -23.0% $415,000 -18.8% WYNNUM 44 $680,000 4.4% 214 $655,000 $640,000 2.3% $528,500 23.9% EVERTON PARK 18 N/A N/A 105 $390,000 $435,000 -10.3% $395,500 -1.4% WYNNUM WEST 35 $515,000 -7.2% 192 $550,000 $525,000 4.8% $445,000 23.6% FAIRFIELD 4 N/A N/A 22 $442,000 $465,000 -5.0% $347,500 27.2% YEERONGPILLY 2 N/A N/A 15 N/A $800,000 N/A $662,500 N/A FITZGIBBON 4 N/A N/A 18 N/A $346,000 N/A $320,000 N/A YERONGA 6 N/A N/A 45 $810,000 $845,000 -4.1% $661,000 22.5% FORTITUDE VALLEY 26 $401,500 3.5% 204 $402,750 $426,500 -5.6% $428,000 -5.9% ZILLMERE 23 $470,000 -3.6% 92 $476,000 $479,000 -0.6% $380,000 25.3% GAYTHORNE 14 N/A N/A 47 $380,000 $400,000 -5.0% $420,000 -9.5% GORDON PARK 7 N/A N/A 38 $414,000 $328,500 26.0% $376,000 10.1% GREENSLOPES 27 $550,000 11.2% 123 $500,000 $459,000 8.9% $384,000 30.2% HAMILTON 18 N/A N/A 164 $492,250 $490,000 0.5% $497,250 -1.0% HAWTHORNE 8 N/A N/A 40 $542,500 $455,000 19.2% $497,500 9.0% HENDRA 2 N/A N/A 23 $565,000 $583,000 -3.1% $497,500 13.6% HERSTON 7 N/A N/A 23 $388,000 $385,500 0.7% $425,000 -8.7% HIGHGATE HILL 6 N/A N/A 44 $533,500 $512,000 4.2% $560,000 -4.7% HOLLAND PARK 5 N/A N/A 42 $402,500 $437,500 -8.0% $380,000 5.9% WEST INDOOROOPILLY 28 $435,000 1.6% 167 $445,000 $520,000 -14.4% $465,000 -4.3% KANGAROO POINT 37 $522,498 -1.8% 231 $524,998 $540,000 -2.8% $495,000 6.1% KEDRON 17 N/A N/A 68 $415,000 $405,000 2.5% $360,000 15.3% KELVIN GROVE 15 N/A N/A 76 $415,000 $421,250 -1.5% $479,000 -13.4% LUTWYCHE 10 N/A N/A 82 $486,500 $458,000 6.2% $410,585 18.5% MANLY 1 N/A N/A 12 N/A $501,250 N/A $417,500 N/A MANLY WEST 12 N/A N/A 45 $405,000 $478,500 -15.4% $355,000 14.1% MCDOWALL 0 N/A N/A 14 N/A $390,000 N/A $405,000 N/A MILTON 9 N/A N/A 53 $415,000 $415,000 0.0% $500,000 -17.0% MITCHELTON 2 N/A N/A 28 $429,000 $426,750 0.5% $347,000 23.6%
44 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - UNITS & TOWNHOUSES (CONT’D) RENTAL MARKET - 3 BED HOUSES ANNUAL ANNUAL MAR-19 MAR-18 MAR-14 POST QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR CODE L $ / NEW $ / NEW $ / NEW SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE LOCALITY CHANGE CHANGE CHANGE WEEK BONDS WEEK BONDS WEEK BONDS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) BRISBANE CITY 450 2959 $440 3207 $420 3234 Bayside 440 113 $420 149 $400 139 MOOROOKA 14 N/A N/A 62 $365,000 $398,500 -8.4% $372,000 -1.9% MORNINGSIDE 29 $455,000 -5.3% 174 $495,000 $469,000 5.5% $465,000 6.5% 4178 Lindum/Lytton/Wynnum 440 64 $415 89 $400 92 4179 Lota/Manly 450 49 $428 60 $415 47 MOUNT GRAVATT 4 N/A N/A 27 $480,000 $450,000 6.7% $430,000 11.6% City - Inner 550 281 $550 298 $530 334 Brisbane LGA MOUNT GRAVATT 4000 Brisbane City/Spring Hill 600 25 $598 18 $580 31 19 N/A N/A 87 $420,000 $438,000 -4.1% $432,500 -2.9% EAST 4005 New Farm/Teneriffe 650 21 $735 22 $795 18 MURARRIE 6 N/A N/A 60 $544,750 $520,000 4.8% $515,000 5.8% 4006 Bowen Hills/Valley/Herston/Newstead 512.5 14 $500 12 $500 20 NEW FARM 46 $580,000 -1.9% 189 $588,000 $602,500 -2.4% $550,000 6.9% 4064 Milton/Paddington/Rosalie 600 65 $588 72 $550 63 NEWMARKET 5 N/A N/A 38 $452,500 $458,000 -1.2% $455,000 -0.5% 4066 Auchenflower/MtCootha/Toowong 555 44 $518 56 $490 68 NEWSTEAD 22 $652,500 1.4% 222 $652,500 $635,000 2.8% $633,000 3.1% 4067 Ironside/St Lucia 525 14 $495 21 $500 32 NORMAN PARK 5 N/A N/A 43 $530,000 $485,000 9.3% $478,000 10.9% 4101 Highgate Hill/South Bris/West End 550 35 $550 37 $580 35 NORTHGATE 6 N/A N/A 62 $358,600 $387,869 -7.6% $370,500 -3.2% 4102 Buranda/Dutton Park/Wooloongabba 500 27 $473 26 $485 21 NUNDAH 39 $377,500 1.3% 235 $390,000 $417,500 -6.6% $430,000 -9.3% 4169 East Bris/Kangaroo Point 535 36 $500 34 $510 46 OXLEY 3 N/A N/A 49 $390,000 $459,000 -15.0% $342,500 13.9% North - Inner 495 296 $475 331 $470 382 PADDINGTON 16 N/A N/A 57 $575,000 $498,500 15.4% $494,606 16.3% 4007 Ascot/Hamilton 550 17 $515 12 $500 22 RED HILL 4 N/A N/A 31 $485,000 $526,000 -7.8% $409,500 18.4% 4010 Albion/Breakfast Creek 530 10 $550 10 $470 6 RICHLANDS 10 N/A N/A 112 $370,000 $370,755 -0.2% $337,000 9.8% 4011 Clayfield/Hendra 510 25 $523 40 $500 43 ROCHEDALE 12 N/A N/A 51 $745,000 $595,000 25.2% $391,000 90.5% 4012 Nundah/Toombul/Wavell Heights 450 69 $445 68 $420 68 ROCKLEA 0 N/A N/A 7 N/A $528,000 N/A $356,000 N/A 4030 Lutwyche/Windsor/Wooloowin 530 41 $475 40 $485 61 RUNCORN 17 N/A N/A 92 $355,500 $350,000 1.6% $337,550 5.3% 4031 Gordon Park/Kedron 475 46 $475 44 $420 53 SALISBURY 5 N/A N/A 10 N/A $421,375 N/A $369,000 N/A Alderley/Enogerra/Gaythorne/Grange/ 4051 520 85 $480 116 $470 127 SHERWOOD 13 N/A N/A 106 $435,500 $452,000 -3.7% $442,000 -1.5% Newmarket/Wilston North - Outer 410 406 $400 440 $390 393 SOUTH BRISBANE 53 $460,500 -7.8% 438 $522,000 $610,000 -14.4% $519,000 0.6% 4013 Northgate 400 13 $405 10 $385 18 SPRING HILL 22 $366,000 -14.9% 137 $381,000 $405,500 -6.0% $381,250 -0.1% 4014 Banyo/Nudgee/Virginia 430 33 $440 36 $390 45 ST LUCIA 27 $500,000 -8.3% 150 $500,000 $507,000 -1.4% $490,000 2.0% 4017 Bracken Ridge/Brighton/Deagon/Sandgate 400 94 $400 99 $400 107 STAFFORD 23 $405,000 1.9% 75 $420,000 $396,000 6.1% $400,000 5.0% 4018 Fitzgibbon/Taigum 400 43 $400 36 $390 30 SUNNYBANK HILLS 5 N/A N/A 42 $402,000 $435,000 -7.6% $326,000 23.3% 4032 Chermside/Craigslea 410 59 $413 68 $400 58 TAIGUM 10 N/A N/A 47 $297,000 $327,000 -9.2% $385,000 -22.9% 4034 Aspley/Boondal/Geebung/Zillmere 415 143 $400 164 $390 113 TARINGA 23 $398,000 4.7% 129 $399,000 $439,250 -9.2% $415,000 -3.9% 4036 Bald Hills 380 21 $390 27 $365 22 TENERIFFE 30 $522,000 -3.8% 140 $543,000 $580,000 -6.4% $570,000 -4.7% North West - Inner 550 120 $530 169 $520 131 THE GAP 5 N/A N/A 42 $492,500 $553,750 -11.1% $455,000 8.2% 4059 Ballymore/Ithaca/Kelvin Grove/Red Hill 565 73 $550 81 $530 58 TINGALPA 7 N/A N/A 48 $342,100 $367,000 -6.8% $326,400 4.8% 4060 Ashgrove/Dorrington/St Johns Wood 512.5 24 $495 41 $490 35 TOOWONG 42 $465,000 9.4% 242 $485,000 $437,500 10.9% $498,000 -2.6% 4065 Bardon/Jubilee/Rainworth 510 23 $520 47 $500 38 UPPER MOUNT 11 N/A N/A 91 $432,000 $441,900 -2.2% $375,000 15.2% GRAVATT North West - Outer 450 280 $440 251 $420 277 WAKERLEY 9 N/A N/A 47 $425,000 $425,000 0.0% $431,900 -1.6% 4053 Brookside/Everton Park/McDowall/Stafford 450 189 $439 161 $420 177 WEST END 27 $536,000 -2.6% 254 $550,000 $548,750 0.2% $505,000 8.9% 4054 Arana Hills/Keperra 440 64 $440 65 $410 59 WINDSOR 11 N/A N/A 60 $488,000 $502,000 -2.8% $455,500 7.1% 4061 The Gap 450 27 $455 25 $425 41 South - Inner 450 389 $440 401 $420 384 WISHART 7 N/A N/A 40 $396,000 $414,000 -4.4% $360,000 10.0% 4103 Annerley/Fairfield 485 49 $470 45 $450 60 WOOLLOONGABBA 15 N/A N/A 132 $515,590 $451,500 14.2% $440,000 17.2% 4104 Yeronga 480 14 $423 14 $450 20 WYNNUM 18 N/A N/A 106 $441,000 $413,750 6.6% $365,000 20.8% 4105 Clifton Hill/Moorooka/Tennyson 430 51 $440 48 $405 52 WYNNUM WEST 9 N/A N/A 49 $345,000 $340,500 1.3% $379,000 -9.0% 4120 Greenslopes/Stones Corner 455 39 $450 30 $450 20 YERONGA 17 N/A N/A 89 $525,000 $447,500 17.3% $415,000 26.5% 4121 Ekibin/Holland Park/Tarragindi/Wellers Hill 487.5 80 $470 108 $430 92 YEERONGPILLY 4 N/A N/A 22 $451,000 $436,500 3.3% $400,000 12.8% 4122 Mansfield/Mt Gravatt/Wishart 430 154 $420 153 $405 136 ZILLMERE 9 N/A N/A 72 $326,500 $332,500 -1.8% $355,000 -8.0% South - Outer 390 329 $390 336 $380 300
4106 Brisbane Market/Rocklea 370 15 $373 16 $380 17 SALES MARKET - VACANT LAND <2400m2 4107 Salisbury 400 37 $425 24 $370 15 ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN 4108 Archerfield/Coopers Plains 372.5 26 $370 29 $375 23 QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS 4109 Altandi/Macgregor/Robertson/Sunnybank 400 98 $400 112 $390 81 AGO) AGO) 4110 Acacia Ridge/Larapinta/Willawong 360 55 $340 46 $345 54 BRISBANE (LGA) 112 $399,000 -2.7% 1220 $412,000 $407,650 1.1% $307,500 34.0% BRISBANE (LGA) 4112 Kuraby 355 8 $395 6 $360 11 3 N/A N/A 39 $960,000 $925,000 3.8% $580,000 65.5% ^ 4113 Eight Miles Plains/Runcorn 400 51 $400 58 $380 65 BRIDGEMAN DOWNS 12 N/A N/A 112 $415,000 $420,000 -1.2% $372,000 11.6% 4115 Algester/Parkinson 400 21 $380 21 $410 17 CARINDALE 3 N/A N/A 26 $515,000 $585,000 -12.0% $490,000 5.1% 4116 Calamvale/Drewvale/Stretton 420 18 $418 24 $415 17 FITZGIBBON 0 N/A N/A 2 N/A $149,000 N/A $172,950 N/A South East - Inner 480 300 $470 341 $460 314 HEATHWOOD 18 N/A N/A 89 $315,000 $306,000 2.9% $265,000 18.9% 4151 Coorparoo 497.5 28 $473 42 $455 55 KENMORE 0 N/A N/A 6 N/A $450,000 N/A $352,500 N/A 4152 Camp Hill/Carina/Carindale 475 125 $468 132 $460 102 KURABY 0 N/A N/A 2 N/A $415,000 N/A $327,500 N/A 4170 Cannon Hill/Morningside/Norman Park 485 97 $455 104 $480 94 ROCHEDALE 7 N/A N/A 161 $475,000 $477,500 -0.5% $399,000 19.0% 4171 Balmoral/Bulimba/Hawthorne 500 36 $520 49 $560 43 UPPER KEDRON 0 N/A N/A 39 $375,000 $383,000 -2.1% $306,750 22.2% 4172 Murarrie 455 14 $430 14 $430 20
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 45 RENTAL MARKET - 3 BED HOUSES (CONT’D) RENTAL MARKET - 2 BED UNITS MAR-19 MAR-18 MAR-14 MAR-19 MAR-18 MAR-14 POST POST $ / NEW $ / NEW $ / NEW $ / NEW $ / NEW $ / NEW CODE LOCALITYL CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS
Brisbane LGA South East - Outer 430 40 $450 42 $400 47 BRISBANE CITY 430 7426 $420 8089 $400 5408
4153 Belmont n.a. 4 $465 7 n.a. 4 Bayside 390 57 $365 69 $335 46 4154 Gumdale/Ransome/Wakerley n.a. 3 n.a. 3 $430 8 4178 Lindum/Lytton/Wynnum 395 43 $365 51 $350 36 4173 Tingalpa 435 22 $445 27 $400 25 4179 Lota/Manly 370 14 $355 18 $270 10 City - Inner 490 3609 $490 3782 $480 2284 4174 Doboy/Hemant 422.5 10 n.a. 3 $400 8 South West - Inner 450 133 $448 148 $450 169 4000 Brisbane City/Spring Hill 530 563 $520 525 $580 399
4068 Chelmer/Indooroopilly/Taringa 492.5 68 $480 69 $480 79 4005 New Farm/Teneriffe 490 282 $480 322 $500 299 4075 Corinda/Graceville/Oxley/Sherwood 435 65 $410 79 $430 90 4006 Bowen Hills/Valley/Herston/Newstead 480 728 $500 831 $490 284 South West - Outer 375 272 $365 301 $360 364 4064 Milton/Paddington/Rosalie 470 112 $420 117 $410 82 4069 Brookfield/Chapel Hill/Kenmore 480 49 $480 43 $445 50 4066 Auchenflower/MtCootha/Toowong 420 376 $410 377 $400 281 4070 Anstead/Bellbowrie/Moggill 400 5 $380 9 $385 10 4067 Ironside/St Lucia 420 228 $420 257 $440 295 4073 Seventeen Mile Rocks/Sinnamon Park 415 13 $433 14 $400 21 4101 Highgate Hill/South Bris/West End 530 728 $525 724 $510 340 4074 Jindalee/MtOmmaney/Sumner/Westlake 400 47 $420 50 $400 67 4102 Buranda/Dutton Park/Wooloongabba 490 293 $480 285 $460 85 4076 Darra/Wacol 335 22 $335 22 $330 26 4169 East Bris/Kangaroo Point 470 299 $460 339 $470 218 North - Inner 390 1225 $380 1365 $360 1027 4077 Doolandella/Durack/Inala/Richlands 330 69 $330 80 $320 87 4007 Ascot/Hamilton 470 220 $450 259 $420 175 4078 Forest Lake/Carole Park 365 67 $360 83 $355 103 4010 Albion/Breakfast Creek 460 71 $435 78 $385 27 4011 Clayfield/Hendra 350 134 $345 166 $360 173 4012 Nundah/Toombul/Wavell Heights 390 224 $388 286 $370 200 4030 Lutwyche/Windsor/Wooloowin 400 274 $395 274 $350 166 4031 Gordon Park/Kedron 350 114 $360 127 $340 84 Alderley/Enogerra/Gaythorne/Grange/ 4051 367.5 188 $350 175 $350 202 Newmarket/Wilston North - Outer 360 330 $360 429 $350 266
4013 Northgate 330 28 $340 31 $295 28 4014 Banyo/Nudgee/Virginia n.a. 3 $306 12 n.a. 4 4017 Bracken Ridge/Brighton/Deagon/Sandgate 320 11 $325 15 $295 18 4018 Fitzgibbon/Taigum n.a. 4 $340 14 $315 13 4032 Chermside/Craigslea 390 210 $380 264 $360 111 4034 Aspley/Boondal/Geebung/Zillmere 337 74 $340 92 $360 92 North West - Inner 440 287 $450 284 $435 224
4059 Ballymore/Ithaca/Kelvin Grove/Red Hill 475 202 $480 212 $480 163 4060 Ashgrove/Dorrington/St Johns Wood 400 57 $423 56 $380 48 4065 Bardon/Jubilee/Rainworth 437.5 28 $398 16 $310 13 North West - Outer 385 134 $380 162 $380 97
4053 Brookside/Everton Park/McDowall/Stafford 380 123 $380 154 $380 95 South - Inner 380 705 $375 726 $360 504
4103 Annerley/Fairfield 360 162 $350 145 $350 134 4104 Yeronga 367.5 46 $370 56 $350 45 4105 Clifton Hill/Moorooka/Tennyson 375 85 $350 100 $350 61 4120 Greenslopes/Stones Corner 380 157 $370 167 $360 122 4121 Ekibin/Holland Park/Tarragindi/Wellers Hill 340 56 $365 54 $345 39 4122 Mansfield/Mt Gravatt/Wishart 420 189 $425 197 $385 96 South - Outer 410 104 $380 73 $325 65
4106 Brisbane Market/Rocklea n.a. 3 $240 5 $299 7 4108 Archerfield/Coopers Plains 415 19 $383 10 $182 9 4109 Altandi/Macgregor/Robertson/Sunnybank 420 44 $400 26 $400 38 4113 Eight Miles Plains/Runcorn 435 25 $438 20 n.a. 1 4115 Algester/Parkinson 305 8 n.a. 3 n.a. 3 South East - Inner 400 555 $400 704 $375 440
4151 Coorparoo 380 219 $405 321 $360 185 4152 Camp Hill/Carina/Carindale 382.5 58 $370 60 $360 46 4170 Cannon Hill/Morningside/Norman Park 420 172 $403 186 $375 96 4171 Balmoral/Bulimba/Hawthorne 425.5 98 $400 118 $425 109 South East - Outer 355 5 $350 9 $320 6
4173 Tingalpa n.a. 3 n.a. 3 $320 5 South West - Inner 385 399 $390 465 $385 426
4068 Chelmer/Indooroopilly/Taringa 380 315 $390 360 $385 358 4075 Corinda/Graceville/Oxley/Sherwood 400 84 $395 105 $365 68 South West - Outer 320 15 $330 21 $335 23
4069 Brookfield/Chapel Hill/Kenmore n.a. 1 n.a. 4 $395 5 4074 Jindalee/MtOmmaney/Sumner/Westlake n.a. 4 n.a. 3 $0 0 4076 Darra/Wacol n.a. 3 n.a. 2 $260 5 4078 Forest Lake/Carole Park n.a. 3 $330 7 $340 12
46 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 RENTAL MARKET - 3 BED TOWNHOUSES RENTAL MARKET - 3 BED TOWNHOUSES MAR-19 MAR-18 MAR-14 (CONT’D) POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL MAR-19 MAR-18 MAR-14 WEEK BONDS WEEK BONDS WEEK BONDS POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL BRISBANE CITY 425 2121 $420 2271 $410 1859 WEEK BONDS WEEK BONDS WEEK BONDS Bayside 410 78 $410 108 $395 77 South - Inner 460 220 $460 212 $450 179
4178 Lindum/Lytton/Wynnum 407.5 54 $410 57 $400 36 4103 Annerley/Fairfield 550 46 $510 52 $500 38 4179 Lota/Manly 412.5 24 $415 51 $395 41 4104 Yeronga 532.5 30 $498 22 $470 23 City - Inner 585 110 $593 140 $570 90 4105 Clifton Hill/Moorooka/Tennyson 450 24 $458 28 $450 25 4000 Brisbane City/Spring Hill n.a. 3 $700 5 $550 8 4120 Greenslopes/Stones Corner 530 21 $520 17 $510 25 4005 New Farm/Teneriffe 690 7 $690 7 n.a. 3 4121 Ekibin/Holland Park/Tarragindi/Wellers Hill 450 9 $445 16 $450 5 4006 Bowen Hills/Valley/Herston/Newstead 650 11 $520 20 $520 13 4122 Mansfield/Mt Gravatt/Wishart 430 90 $428 76 $420 62 4064 Milton/Paddington/Rosalie 600 5 $625 16 $600 10 South - Outer 400 414 $400 419 $390 458
4066 Auchenflower/MtCootha/Toowong 525 29 $575 29 $520 14 4107 Salisbury 440 6 $430 15 $485 6 4067 Ironside/St Lucia 600 25 $595 35 $570 22 4109 Altandi/Macgregor/Robertson/Sunnybank 417.5 52 $410 55 $410 77 4101 Highgate Hill/South Bris/West End 690 19 $685 23 $660 10 4110 Acacia Ridge/Larapinta/Willawong 350 34 $360 31 $340 56 4169 East Bris/Kangaroo Point 580 10 $580 5 $570 8 4112 Kuraby 380 29 $380 29 $375 30 North - Inner 500 156 $488 164 $490 139 4113 Eight Miles Plains/Runcorn 405 140 $410 137 $405 148 4007 Ascot/Hamilton 550 17 $550 12 $580 14 4115 Algester/Parkinson 390 32 $390 37 $385 46 4011 Clayfield/Hendra 600 16 $573 14 $520 14 4116 Calamvale/Drewvale/Stretton 400 114 $390 110 $385 92 4012 Nundah/Toombul/Wavell Heights 510 17 $470 35 $450 20 South East - Inner 500 275 $499 292 $480 259
4030 Lutwyche/Windsor/Wooloowin 600 14 $568 14 $475 21 4151 Coorparoo 520 16 $545 21 $475 24 4031 Gordon Park/Kedron 460 19 $440 23 $450 18 4152 Camp Hill/Carina/Carindale 467.5 130 $450 133 $451 123 Alderley/Enogerra/Gaythorne/Grange/ 4051 490 71 $483 62 $490 52 4170 Cannon Hill/Morningside/Norman Park 525 77 $510 91 $495 71 Newmarket/Wilston 4171 Balmoral/Bulimba/Hawthorne 650 38 $598 32 $610 29 North - Outer 400 251 $395 276 $390 195 4172 Murarrie 532.5 14 $535 15 $485 12 4013 Northgate 450 16 $440 11 $410 15 South East - Outer 427.5 50 $410 57 $410 87 4017 Bracken Ridge/Brighton/Deagon/Sandgate 380 32 $375 32 $365 36 4153 Belmont 430 9 $420 9 $435 12 4018 Fitzgibbon/Taigum 400 51 $385 62 $360 29 4154 Gumdale/Ransome/Wakerley 430 24 $410 22 $410 49 4032 Chermside/Craigslea 420 33 $420 31 $430 36 4173 Tingalpa 400 16 $400 19 $385 24 4034 Aspley/Boondal/Geebung/Zillmere 410 96 $400 107 $390 68 South West - Inner 450 122 $450 88 $475 111 4036 Bald Hills 370 12 $365 19 $360 10 4068 Chelmer/Indooroopilly/Taringa 500 50 $500 40 $525 55 North West - Inner 577.5 36 $550 27 $500 29 4075 Corinda/Graceville/Oxley/Sherwood 400 72 $400 48 $410 56 4059 Ballymore/Ithaca/Kelvin Grove/Red Hill 597.5 18 $550 15 $500 18 South West - Outer 360 304 $355 377 $350 186 4060 Ashgrove/Dorrington/St Johns Wood 550 13 $520 7 $490 7 4069 Brookfield/Chapel Hill/Kenmore 615 8 $495 10 n.a. 2 4065 Bardon/Jubilee/Rainworth 520 5 $600 5 n.a. 4 4073 Seventeen Mile Rocks/Sinnamon Park 415 9 $440 11 $425 9 North West - Outer 445 105 $450 111 $420 49 4074 Jindalee/MtOmmaney/Sumner/Westlake 397.5 14 $498 17 $455 17 4053 Brookside/Everton Park/McDowall/Stafford 450 91 $450 90 $420 38 4076 Darra/Wacol 385 20 $383 18 n.a. 4 4054 Arana Hills/Keperra 420 6 $415 9 $385 10 4077 Doolandella/Durack/Inala/Richlands 360 204 $350 279 $345 123 4061 The Gap 487.5 8 $475 12 n.a. 1 4078 Forest Lake/Carole Park 349 49 $349 42 $360 29
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 47 Gold Coast
EMPLOYMENT MARKET Remaining positive GOLD COAST SA4 Gold Coast residential property displayed a quiet confidence over the first quarter of 2019. Unemployment Rate While activity was subdued, the numbers do indicate an overall optimistic view for 4.8% the long term.
The annual median house price sat at $625,000 in March 2019, following annual Participation Rate median price growth of 0.8 per cent. Tighter vendor discounting and shorter days on market for houses showed there’s 69.9% still good demand.
The unit market remained flat. The quarterly median price fell by just over 4.5 per cent, but this appears to have been mostly seasonal given the annual median price HOUSE MARKET (<2400M2) remained flat. Regional Economy and Investment
Tourism is the mainstay economic driver for the Gold Coast. The 2018 Commonwealth Games proved a boon to the region with the promotion of its lifestyle, attractions and facilities featured to worldwide travellers. Annual While the region continues to attract tourists from its traditional overseas sources, Quarter Annual median there are moves to help make the Gold Coast even more accessible to a wider median price price range of overseas visitors. $625,000 $625,000 For example, new flights direct from Seoul to the Gold Coast are expected to pump more than $176 million into the economy and create close to 2000 jobs over the next three years, according to the state government.
5yrs The new Jetstar route – in partnership with Jeju Air – is set to operate three times a week from December. The state government said the flights were expected to create an extra 660 tourism jobs a year and bring 52,000 inbound airline passengers annually to the Gold Coast.
Annual volume Annual median Beyond tourism, there’s also been investment to bolster the education sector. of sales price 5yrs ago A new $64 million high school at Coomera is underway, with its funding part $485,000 of a $240 million infrastructure program at 16 schools across the Gold Coast. 5,567 According to the government, projects under the program will support 600 full- time jobs.
HOUSE MARKET (<2400m2) HOUSE MARKET ALL While the Gold Coast housing market is holding steady at present, it is considered to be within the rising market sector of the price cycle.
Median days on Prices strengthened slightly this quarter as the median rose 0.8 per cent, to market $625,000 – this was the second strongest quarterly rise in house values across all LGAs included in the QMM, behind Rockhampton’s 15.2 per cent gain.
44 Days For the year to March, the annual median house price rose 0.8 per cent to $625,000 across a total of 5567 transactions. The Gold Coast was the state’s third most expensive LGA for houses based on the annual median price to March Median vendor 2019 behind Noosa ($750,000) and Brisbane ($680,000). discount Medium term investment proved savvy, with the March Quarter 2019 median -4.7% house price having increased over 28.9 per cent since its $485,000 result just five years ago.
Stock on market Sale volumes saw a moderate drop over the March 2019 quarter with 1096 transactions reflecting a fall of around 20 per cent compared to the December 9.7% 2018 quarter.
48 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 UNIT MARKET Most homes traded in the $500,000 to $1 million bracket. Sales in this price
sector made up 64 per cent of all transactions in the March 2019 quarter. Gold Coast
Eight suburbs were in the million-dollar-median club in the March 2019 quarter: Annual • Surfers Paradise • Mermaid Beach • Broadbeach Waters • Currumbin • Bundall • Clear Island Waters Quarter Annual median • Paradise Point median price price • Mermaid Waters
$422,000 $435,000 General Activity
Market trends data reveals conditions are holding fairly steady, with balanced results for vendors. 5yrs Total annual house listing numbers fell to 12,942 for the year ending February 2019.
Median days on market tightened slightly to 44 days for the year ending Annual volume Annual median February 2019. This is compared to 46 days for the previous quarter to December of sales price 5 yrs ago 2018. The median vendor discount came in at -4.7 per cent to February 2019. This was 9,326 $358,000 a decrease on the -5.3 per cent to December 2018, indicating vendors positions have strengthened over the quarter.
LAND
UNIT MARKET For vacant land <2400 square metres, prices held reasonably steady in the March Quarter 2019 across the Gold Coast LGA to come in at $287,750.
Median days on Sales volume for the quarter also held steady at 78 transactions. Most sites traded for between $250,000 and $350,000 with around 50 per cent of all sales market falling within this bracket. 53 Days The annual measures show that for the year to March 2019, vacant land of this size rose 2.2 per cent in value to a 12-month median of $284,000.
The Gold Coast was the state’s third most expensive LGA for vacant land under Median vendor 2400 square metres, based on its annual median price to March 2019, behind discount Brisbane ($412,000) and Noosa ($360,000). -4.9% UNIT MARKET Gold Coast units are in the recovery phase of the property cycle according to our overall research, although units and townhouses dropped over the quarter by 4.5 Stock on market per cent to record a quarterly median of $422,000.
For the year to March, the annual median remained flat at $435,000. This was 8.3% across a total of 9326 sales which was a slight fall on last year’s number.
The Gold Coast was the state’s third most expensive LGA for units based on the annual median price to March 2019 behind Noosa ($566,250) and Brisbane ($441,144).
Medium-term price performance has been positive with units recording a price rise of 21.5 per cent on the $358,000 figure from five years ago.
Most units traded in the $350,000 to $500,000 bracket. Sales in this price sector made up 34 per cent of all transaction in the March 2019 quarter.
The five most-expensive unit markets based on the quarterly median to March 2019 were Main Beach ($800,000), Hollywell ($722,500), Clear Island Waters ($630,000), Hope Island ($627,500) and Benowa ($602,500).
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 49 Gold Coast
Suburbs which saw the greatest percentage rise in their annual median unit price RENTAL MARKET over the year were Broadbeach Waters, Bilinga, Highland Park, Mermaid Beach, and Runaway Bay. FOR Vacancy Rates RENTAL MARKET RENT 1.8% The March quarter vacancy rate of 1.8 per cent reflects a tight market, and is only marginally higher than the December quarter 2018 result of 1.6 per cent. That said, recent feedback from local agents indicates the rental market has moved significantly in April, and May is much softer.
House Yields While the rental market in our major tourism centre is affected by seasonality where demand slows heading into winter, there has been a strong level of new rental 4.2% supply come online and this has had an immediate impact on the market. There is a lag in the available data, and while the current statistics suggest tight demand, we expect this to relax in the next two quarters.
The median rental price in March quarter 2019 for houses was $500 per week and Unit Yields for units was $450 per week. This reflects no change to weekly rents for houses 5.5% and a $10 per week increase for units when compared to the prior quarter’s results. March quarter yields was 4.2 per cent for houses and 5.5 per cent for units – both of which area marginal 0.1 percentage point rise on the previous quarter’s results.
Market trends data reveals conditions are holding fairly steady, with balanced results for vendors.
50 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - HOUSES <2400m2 SALES MARKET - HOUSES <2400m2 (CONT’D) ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) AGO) AGO)
GOLD COAST (LGA) 1096 $625,000 0.8% 5567 $625,000 $620,000 0.8% $485,000 28.9% MERMAID WATERS 32 $1,002,500 14.7% 158 $905,000 $875,000 3.4% $640,000 41.4% GOLD COAST 96 $825,000 -3.5% 585 $860,000 $850,000 1.2% $660,000 30.3% MERRIMAC 15 N/A N/A 60 $532,500 $526,750 1.1% $410,000 29.9% (LGA) ^ MIAMI 11 N/A N/A 52 $780,000 $765,500 1.9% $540,000 44.4% ARUNDEL 22 $590,250 -7.1% 124 $617,750 $600,000 3.0% $472,500 30.7% MOLENDINAR 21 $580,000 -4.9% 80 $592,250 $607,000 -2.4% $480,000 23.4% ASHMORE 31 $551,250 -13.2% 152 $590,000 $580,000 1.7% $458,500 28.7% MUDGEERABA 26 $580,000 -1.0% 120 $586,500 $587,250 -0.1% $460,000 27.5% BENOWA 20 $825,000 1.9% 107 $868,500 $925,000 -6.1% $693,750 25.2% MUDGEERABA ^ 10 N/A N/A 38 $830,000 $830,000 0.0% $635,000 30.7% BIGGERA WATERS 13 N/A N/A 56 $731,500 $646,000 13.2% $560,000 30.6% NERANG 30 $435,000 -6.6% 158 $453,000 $460,000 -1.5% $365,000 24.1% BONOGIN ^ 8 N/A N/A 50 $802,500 $830,000 -3.3% $568,250 41.2% NERANG ^ 0 N/A N/A 24 $900,000 $825,000 9.1% $707,500 27.2% BROADBEACH WATERS 30 $1,140,000 6.2% 167 $1,135,000 $1,122,500 1.1% $800,000 41.9% ORMEAU 42 $490,000 -1.0% 204 $490,000 $470,500 4.1% $407,000 20.4% BUNDALL 22 $1,082,500 0.2% 102 $1,055,000 $1,015,000 3.9% $777,500 35.7% ORMEAU HILLS 16 N/A N/A 78 $508,750 $522,500 -2.6% $453,271 12.2% BURLEIGH HEADS 16 N/A N/A 76 $872,500 $831,250 5.0% $584,000 49.4% OXENFORD 25 $506,875 -1.9% 154 $529,000 $530,000 -0.2% $439,000 20.5% BURLEIGH WATERS 41 $710,000 -12.4% 178 $787,500 $800,000 -1.6% $565,000 39.4% PACIFIC PINES 34 $517,500 -2.7% 225 $540,000 $540,000 0.0% $458,500 17.8% CARRARA 22 $615,500 2.9% 129 $600,500 $583,500 2.9% $450,000 33.4% PALM BEACH 23 $890,000 4.4% 121 $860,000 $820,000 4.9% $537,500 60.0% CLEAR ISLAND 10 N/A N/A 52 $1,076,000 $1,082,500 -0.6% $768,500 40.0% WATERS PARADISE POINT 18 N/A N/A 107 $1,097,500 $987,750 11.1% $815,000 34.7% COOLANGATTA 7 N/A N/A 23 $796,000 $800,000 -0.5% $537,750 48.0% PARKWOOD 23 $595,000 8.7% 113 $590,000 $603,000 -2.2% $460,000 28.3% COOMBABAH 20 $442,500 -10.6% 86 $507,500 $497,500 2.0% $392,000 29.5% PIMPAMA 22 $474,950 9.2% 171 $485,000 $480,000 1.0% $397,000 22.2% COOMERA 30 $444,000 0.9% 114 $441,000 $451,250 -2.3% $350,051 26.0% REEDY CREEK 13 N/A N/A 72 $827,500 $805,000 2.8% $610,000 35.7% CURRUMBIN 5 N/A N/A 18 N/A $837,500 N/A $727,500 N/A ROBINA 49 $667,000 -0.7% 258 $675,000 $695,000 -2.9% $499,000 35.3% CURRUMBIN VALLEY ^ 8 N/A N/A 28 $920,000 $870,000 5.8% $770,000 19.5% RUNAWAY BAY 19 N/A N/A 111 $955,000 $985,000 -3.1% $750,000 27.3% CURRUMBIN WATERS 16 N/A N/A 86 $659,500 $670,000 -1.6% $500,000 31.9% SOUTHPORT 44 $622,500 7.7% 190 $580,000 $600,000 -3.3% $437,500 32.6% ELANORA 24 $711,500 5.0% 164 $685,000 $670,000 2.2% $495,000 38.4% SPRINGBROOK 2 N/A N/A 11 N/A $399,000 N/A $275,000 N/A GILSTON 5 N/A N/A 34 $572,500 $615,000 -6.9% $473,500 20.9% SURFERS PARADISE 19 N/A N/A 90 $1,550,000 $1,350,000 14.8% $1,183,750 30.9% HELENSVALE 45 $625,000 0.8% 239 $615,000 $580,000 6.0% $475,000 29.5% TALLAI ^ 8 N/A N/A 53 $960,000 $920,000 4.4% $740,000 29.7% HIGHLAND PARK 14 N/A N/A 102 $561,250 $557,500 0.7% $411,000 36.6% TALLEBUDGERA ^ 5 N/A N/A 44 $924,000 $920,000 0.4% $678,000 36.3% HOLLYWELL 13 N/A N/A 42 $770,000 $782,000 -1.5% $530,000 45.3% TALLEBUDGERA 6 N/A N/A 20 $1,010,000 $1,000,000 1.0% $757,500 33.3% VALLEY ^ HOPE ISLAND 14 N/A N/A 55 $667,500 $670,000 -0.4% $486,500 37.2% TUGUN 13 N/A N/A 59 $672,500 $630,000 6.8% $495,000 35.9% JACOBS WELL 7 N/A N/A 30 $510,000 $467,000 9.2% $358,000 42.5% UPPER COOMERA 79 $485,000 -1.0% 402 $493,500 $485,000 1.8% $388,500 27.0% LABRADOR 14 N/A N/A 72 $562,500 $540,000 4.2% $410,000 37.2% VARSITY LAKES 27 $657,500 6.9% 127 $620,425 $620,000 0.1% $475,575 30.5% LOWER BEECHMONT 1 N/A N/A 12 N/A $459,000 N/A $327,750 N/A WONGAWALLAN ^ 1 N/A N/A 19 N/A $995,000 N/A $667,500 N/A MAUDSLAND 15 N/A N/A 54 $550,000 $540,000 1.9% $445,000 23.6% WORONGARY 6 N/A N/A 41 $510,000 $507,500 0.5% $380,000 34.2% MERMAID BEACH 12 N/A N/A 54 $1,387,500 $1,660,000 -16.4% $875,000 58.6% WORONGARY ^ 8 N/A N/A 35 $732,500 $735,000 -0.3% $593,500 23.4%
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 51 SALES MARKET - UNITS & TOWNHOUSES SALES MARKET - UNITS & TOWNHOUSES (CONT’D) ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS
Gold Coast AGO) AGO) AGO) AGO)
GOLD COAST (LGA) 1629 $422,000 -4.5% 9326 $435,000 $435,000 0.0% $358,000 21.5% PARKWOOD 3 N/A N/A 18 N/A $352,000 N/A $302,500 N/A ARUNDEL 16 N/A N/A 75 $365,000 $348,750 4.7% $302,250 20.8% PIMPAMA 17 N/A N/A 172 $404,450 $398,900 1.4% $369,900 9.3% ASHMORE 14 N/A N/A 86 $339,000 $333,500 1.7% $268,000 26.5% REEDY CREEK 10 N/A N/A 68 $389,000 $370,000 5.1% $279,500 39.2% BENOWA 13 N/A N/A 117 $602,500 $631,000 -4.5% $539,500 11.7% ROBINA 56 $435,000 -3.1% 314 $455,000 $460,000 -1.1% $436,500 4.2% BIGGERA WATERS 55 $369,500 0.2% 309 $395,500 $460,000 -14.0% $400,000 -1.1% RUNAWAY BAY 23 $460,000 -18.6% 169 $530,000 $480,000 10.4% $442,500 19.8% BILINGA 5 N/A N/A 45 $690,000 $595,000 16.0% $428,750 60.9% SOUTHPORT 125 $367,500 -5.5% 743 $376,000 $390,000 -3.6% $329,000 14.3% BROADBEACH 78 $570,000 1.8% 386 $564,000 $545,000 3.5% $439,000 28.5% SURFERS PARADISE 237 $340,000 -15.0% 1289 $380,000 $380,000 0.0% $351,890 8.0% BROADBEACH WATERS 13 N/A N/A 74 $565,000 $462,000 22.3% $375,000 50.7% TUGUN 23 $448,500 -4.6% 140 $472,000 $466,500 1.2% $365,000 29.3% BUNDALL 8 N/A N/A 51 $400,000 $446,405 -10.4% $332,000 20.5% UPPER COOMERA 18 N/A N/A 133 $350,000 $385,000 -9.1% $293,000 19.5% BURLEIGH HEADS 60 $550,000 2.8% 363 $530,000 $500,000 6.0% $370,000 43.2% VARSITY LAKES 56 $439,000 -2.3% 271 $442,500 $447,000 -1.0% $375,500 17.8% BURLEIGH WATERS 23 $457,000 3.9% 126 $452,125 $450,000 0.5% $337,500 34.0% CARRARA 34 $434,000 -11.8% 204 $457,500 $470,894 -2.8% $405,000 13.0% CLEAR ISLAND 7 N/A N/A 41 $450,000 $448,250 0.4% $444,500 1.2% WATERS SALES MARKET - VACANT LAND <2400m2 COOLANGATTA 50 $525,000 -7.9% 264 $594,000 $545,000 9.0% $380,000 56.3% SEP-18 SEP-17 SEP-13 POST $ / NEW $ / NEW $ / NEW COOMBABAH 27 $340,000 -10.1% 144 $357,500 $357,000 0.1% $300,000 19.2% CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS COOMERA 37 $396,500 -22.3% 258 $480,000 $470,000 2.1% $375,000 28.0% GOLD COAST (LGA) 78 $285,750 0.4% 949 $284,000 $278,000 2.2% $229,000 24.0% GOLD COAST CURRUMBIN 12 N/A N/A 63 $555,000 $590,000 -5.9% $396,500 40.0% 11 N/A N/A 106 $485,000 $450,000 7.8% $360,000 34.7% (LGA) ^ CURRUMBIN WATERS 11 N/A N/A 64 $415,000 $500,000 -17.0% $300,000 38.3% COOMERA 14 N/A N/A 249 $275,000 $268,125 2.6% $220,000 25.0% ELANORA 17 N/A N/A 80 $422,300 $396,250 6.6% $294,000 43.6% ELANORA 0 N/A N/A 2 N/A $396,000 N/A $306,000 N/A HELENSVALE 26 $570,000 9.6% 161 $492,000 $498,500 -1.3% $355,000 38.6% GILSTON 1 N/A N/A 4 N/A $335,000 N/A $253,000 N/A HIGHLAND PARK 7 N/A N/A 29 $350,000 $310,000 12.9% $270,900 29.2% HELENSVALE 9 N/A N/A 65 $394,900 $389,900 1.3% $445,000 -11.3% HOLLYWELL 11 N/A N/A 34 $691,000 $738,000 -6.4% $619,900 11.5% HOPE ISLAND 0 N/A N/A 3 N/A $700,000 N/A $307,500 N/A HOPE ISLAND 79 $627,500 -12.2% 430 $680,000 $700,000 -2.9% $430,000 58.1% MAUDSLAND 8 N/A N/A 59 $289,000 $286,250 1.0% $232,500 24.3% LABRADOR 89 $360,000 -5.3% 457 $365,000 $360,000 1.4% $320,000 14.1% ORMEAU 2 N/A N/A 63 $248,500 $244,000 1.8% $220,000 13.0% MAIN BEACH 33 $800,000 0.0% 214 $732,250 $723,250 1.2% $590,000 24.1% ORMEAU HILLS 1 N/A N/A 12 N/A $253,375 N/A $214,000 N/A MERMAID BEACH 37 $470,000 0.0% 240 $467,500 $420,000 11.3% $342,375 36.5% PACIFIC PINES 0 N/A N/A 1 N/A $485,000 N/A $222,999 N/A MERMAID WATERS 21 $382,000 -12.4% 134 $402,000 $383,250 4.9% $292,000 37.7% PIMPAMA 20 $263,000 -3.0% 261 $275,000 $266,000 3.4% $220,000 25.0% MERRIMAC 20 $352,500 1.6% 119 $365,000 $399,900 -8.7% $380,000 -3.9% REEDY CREEK 0 N/A N/A 10 N/A $385,000 N/A $305,000 N/A MIAMI 27 $448,500 -7.1% 185 $513,000 $500,500 2.5% $338,000 51.8% UPPER COOMERA 5 N/A N/A 33 $309,500 $286,500 8.0% $228,900 35.2% MUDGEERABA 31 $486,500 6.9% 150 $480,000 $457,500 4.9% $320,000 50.0% WILLOW VALE 0 N/A N/A 3 $190,000 N/A $200,000 N/A NERANG 25 $330,000 3.6% 143 $320,000 $329,000 -2.7% $270,000 18.5% ORMEAU 7 N/A N/A 65 $388,000 $370,000 4.9% $305,000 27.2% OXENFORD 17 N/A N/A 87 $330,000 $330,000 0.0% $265,000 24.5% PACIFIC PINES 24 $367,500 0.7% 110 $368,000 $365,000 0.8% $365,000 0.8% PALM BEACH 53 $410,000 -11.3% 296 $442,500 $465,000 -4.8% $345,000 28.3% PARADISE POINT 24 $540,000 -16.9% 123 $680,750 $701,000 -2.9% $550,000 23.8%
GOLD COAST HOUSE SALES GOLD COAST UNIT SALES Sep-18 Dec-18 Mar-19 * Sep-18 Dec-18 Mar -19 * 925 1,032 812 767 685 848 675 544 535 468 412 352
312 294 223 229 229 174 157 143 134 179 147 104 10 6 7
<$350K $350K+ $500k+ $1M+ <$250k $250K+ $350K+ $500k+ $1M+ *Preliminary data *Preliminary data Houses<2400m2
52 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 RENTAL MARKET - 3 BED HOUSES RENTAL MARKET - 3 BED TOWNHOUSES MAR-19 MAR-18 MAR-14 MAR-19 MAR-18 MAR-14 POST POST $ / NEW $ / NEW $ / NEW $ / NEW $ / NEW $ / NEW CODE LOCALITYL CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS GOLD COAST CITY 500 807 $495 899 $430 1032 GOLD COAST CITY 450 951 $435 931 $380 1135
4208 Gilberton/Jacobs Well/Ormeau 425 16 $400 23 $380 32 4208 Gilberton/Jacobs Well/Ormeau 387.5 8 $398 10 $370 14 Canowindra/Coomera/ Pimpama/ Willow Vale/ Canowindra/Coomera/ Pimpama/ Willow Vale/ 4209 410 132 $393 138 $370 106 4209 390 144 $388 158 $355 160 Yawalpah Yawalpah Gold Coast 4210 Oxenford/Studio Village/Wongawallan 432.5 14 $440 16 $420 18 4210 Oxenford/Studio Village/Wongawallan 412.5 14 $390 11 $350 13 Advancetown/Beechmont/ Binna Burra/Carrara/ Advancetown/Beechmont/ Binna Burra/Carrara/ 4211 450 83 $450 91 $400 130 4211 415 150 $405 167 $365 202 Gaven/ Nerang Gaven/ Nerang 4212 Boykambil/Helensvale/Hope Island/Sanctuary Cove 540 41 $540 43 $449 61 4212 Boykambil/Helensvale/Hope Island/Sanctuary Cove 490 75 $480 55 $420 42 Austinville/Mudgeeraba/Springbrook/ Tallai/ Austinville/Mudgeeraba/Springbrook/ Tallai/ 4213 545 26 $530 34 $430 42 4213 450 27 $420 24 $385 27 Worongary Worongary 4214 Arundel/Ashmore/Ernest/ Parkwood 480 69 $480 75 $420 90 4214 Arundel/Ashmore/Ernest/ Parkwood 420 51 $410 40 $365 52 4215 Chirn Pk/Southport/Labrador/Keebra Pk 480 113 $470 107 $400 115 4215 Chirn Pk/Southport/Labrador/Keebra Pk 450 100 $440 89 $380 133 Biggera Wtrs/ Coombabah/Hollywell/ Paradise Pt/ Biggera Wtrs/ Coombabah/Hollywell/ Paradise Pt/ 4216 495 51 $495 61 $400 76 4216 440 57 $450 49 $370 78 Runaway Bay Runaway Bay Benowa/Bundall/Main Bch/ Sorrento/ Surfers Benowa/Bundall/Main Bch/ Sorrento/ Surfers 4217 650 33 $630 37 $550 54 4217 550 35 $500 31 $450 52 Paradise Paradise 4218 Broadbeach/Mermaid Bch/ Nobby Bch/Rialto 640 42 $690 37 $510 56 4218 Broadbeach/Mermaid Bch/ Nobby Bch/Rialto 540 23 $555 25 $400 25 4220 Andrews/Burleigh/Miami/Tally Valley 600 45 $600 51 $470 52 4220 Andrews/Burleigh/Miami/Tally Valley 545 22 $523 30 $395 35 4221 Elanora/Palm Bch 595 26 $625 46 $460 43 4221 Elanora/Palm Bch 530 29 $495 25 $380 32 4223 Currumbin/Currumbin Valley 647.5 16 $550 19 $460 27 4223 Currumbin/Currumbin Valley 530 18 $480 18 $360 10 4224 Tugun 635 8 $490 5 $400 9 4224 Tugun 545 8 $530 23 $430 28 4226 Kerrydale/Merrimac/Robina 550 57 $550 71 $460 70 4226 Kerrydale/Merrimac/Robina 525 128 $530 116 $430 154 4227 Reedy Ck/Stephens/Varsity Lakes 577.5 26 $520 33 $460 42 4227 Reedy Ck/Stephens/Varsity Lakes 500 60 $480 57 $420 77
Scenic Rim Regional $350 75 $333 98 $295 127 Tamborine/ Biddaddaba/ Boyland/ Mundoolun/ 4270 517.5 6 $488 6 $370 5 Wonglepong 4272 Mt Tamborine 450 11 $450 14 $380 19 RENTAL MARKET - 2 BED UNITS Beaudesert/ Cedar Vale/ Innisplain/ Kooralbyn/ MAR-19 MAR-18 MAR-14 4285 330 39 $325 38 $300 51 POST Lamington $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS 4309 Aratula/ Kalbar n.a. 4 $300 5 n.a. 4 GOLD COAST CITY 450 2358 $440 2245 $360 2771 4310 Boonah/ Duganden/ Mt Alford 300 13 $285 14 $275 15 Canowindra/Coomera/ Pimpama/ Willow Vale/ 4209 330 15 $355 13 $285 8 Yawalpah 4210 Oxenford/Studio Village/Wongawallan 350 18 $325 16 $295 21 Advancetown/Beechmont/ Binna Burra/Carrara/ 4211 385 38 $460 65 $330 44 Gaven/ Nerang 4212 Boykambil/Helensvale/Hope Island/Sanctuary Cove 430 52 $420 39 $390 52 4214 Arundel/Ashmore/Ernest/ Parkwood 397 16 $365 19 $216 27 4215 Chirn Pk/Southport/Labrador/Keebra Pk 430 682 $420 618 $350 704 Biggera Wtrs/ Coombabah/Hollywell/ Paradise 4216 430 196 $430 191 $350 218 Pt/ Runaway Bay Benowa/Bundall/Main Bch/ Sorrento/ Surfers 4217 475 432 $475 371 $400 603 Paradise 4218 Broadbeach/Mermaid Bch/ Nobby Bch/Rialto 450 268 $420 226 $360 321 4220 Andrews/Burleigh/Miami/Tally Valley 475 173 $450 172 $380 195 4221 Elanora/Palm Bch 422.5 90 $400 115 $310 151 GOLD COAST LAND SALES 4223 Currumbin/Currumbin Valley 445 20 $430 29 $365 39 Sep-18 Dec-18 Mar-19 * 4224 Tugun 450 35 $440 35 $340 58 Bilinga/Coolangatta/Greenmount/ Kirra/ 4225 400 98 $400 96 $330 120 Rainbow Bay 153 4226 Kerrydale/Merrimac/Robina 455 92 $463 122 $400 53 4227 Reedy Ck/Stephens/Varsity Lakes 472.5 128 $460 113 $370 151 Scenic Rim Regional 280 25 $270 26 $216 42
89 Beaudesert/ Cedar Vale/ Innisplain/ Kooralbyn/ 4285 275 15 $270 17 $210 26 Lamington/ etc 56 46 40 36 38 33 26 21 10 13 9 5 2
<$250k $250K+ $350K+ $500k+ $1M+ *Preliminary data
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 53 Toowoomba
EMPLOYMENT MARKET Steady market conditions TOOWOOMBA SA4 The Toowoomba property market continued to record steady results over the medium term, according to the latest QMM data. Unemployment Rate While the region’s median house prices continued to be quite volatile on a 5.0% quarterly basis, its annual result tells a different story with prices mostly flat.
Participation Rate The same can be said of the region’s small, but growing, unit sector with its median price recorded a flat result for the year ending March.
62.3% While no statistical growth was reported, in comparison to other major unit markets in Queensland, the result was better than many other areas.
HOUSE MARKET (<2400M2) As well as its impressive major infrastructure program, Toowoomba’s rental market continues to shine.
Its residential vacancy rate of just 1.6 per cent is not only tight, but the region has been recording similar figures for many years – unlike many other locations.
Given that, the region clearly has more demand than supply, so rents are rising Annual and investors are enjoying solid yields for both houses and units. Quarter Annual median Regional Economy and Infrastructure Investment median price price The region’s important position as a key transport hub for freight continues to $345,000 $352,000 help drive the local economy.
With so many heavy vehicles using the Warrego Highway every day, safety has always been paramount. 5yrs With this top of mind, more than $75 million is being invested by the Australian and Queensland governments in a safer Warrego Highway from Oakey to Miles over coming months.
Annual volume Annual median Construction tenders have been awarded to the Georgiou Group for the $63.6 of sales price 5yrs ago million Dalby-Miles Pavement Widening and Safety Upgrades project and the $11.7 million Oakey-Miles Safety Upgrades Package 2. 1,893 $325,000 The two projects will be delivered together and incorporate four safety elements identified during roadside safety reviews along the busy stretch.
Six new car and truck stopping bays will be established between Oakey and Miles, HOUSE MARKET ALL and some trees removed within the clear zones, to reduce off-road crashes.
Queensland Transport and Main Roads Minister Mark Bailey said improving the safety of the Warrego Highway for western motorists and freight operators was a Median days on priority. market The Warrego Highway is an important link to western Queensland for freight and 49 Days visitors exploring the region for the Year of Outback Tourism, he said.
An average of 244 direct jobs and local skills are being supported over the life of Median vendor the two projects. discount Escarpment parks along Toowoomba’s iconic Great Dividing Range will also -5.1% undergo a $7.4 million upgrade. The project will improve recreational facilities in the parks to help draw more Stock on market people to the region.
According to the State Government, new lookouts will be built to maximise the 8.3% vistas from the range and across the Lockyer Valley.
Multi-use concrete paths, suitable for bikes, prams and wheelchairs, and more
54 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Toowoomba
UNIT MARKET nature trails will also be created, while way-finding and interpretive signage, and enhancements to visitor facilities, will significantly improve park accessibility.
Annual Eight parks in total will benefit from improvement works, including the JE Duggan, Redwood, Glen Lomond and Jubilee parks.
House market
Toowoomba has had a year of fluctuating median house prices, however, its annual Quarter Annual result is stable. median price median price The March quarter this year saw Toowoomba’s median house reduce by 5.5 per $287,000 $305,000 cent to $345,000, following a slight drop the previous quarter. Over the year ending March, though, its median house reduced by only 0.5 per cent to be $352,000. 5yrs Sales activity over the year was weaker, similar to many other locations across the State, due to myriad factors such as the Federal Election and tighter lending environment.
Annual volume Annual median The volume of house was down 11.8 per cent over the year. of sales price 5 yrs ago Given the volatility of price changes in the region over the quarter, looking at the 474 $285,000 annual results shows that affordability remains a key consideration for buyers.
The suburb of Harristown, with a median house price of $319,500, recorded a 5.8 per cent increase.
UNIT MARKET Crows Nest, which is outside the city itself, also had a strong year, with its median house price increasing by 9.7 per cent to $318,000.
The annual median house price in the local government area increased $27,000 Median days on over past five years, from $325,000 in March 2014 to $352,000 in March 2019. market 72 Days Unit market Similar to its housing sector, Toowoomba’s unit market recorded moderate results for the year ending March. Median vendor discount Whereas its median unit price decreased by 4.2 per cent over the quarter, its -5.0% annual result was flat at $305,000. Over the year, the volume of unit sales reduced by 16.4 per cent.
Stock on market Interestingly, while Toowoomba’s unit market recorded a zero per cent change over the year, it was statistically one of the better performers for all major regions in Queensland, which does highlight the weakness of the unit market generally 6.6% over recent times.
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 55 Toowoomba East Toowoomba was again the best suburb for units over the RENTAL MARKET - 2 BED UNITS MAR-19 MAR-18 MAR-14 year, with its median price up by 10.8 per cent to $380,000. POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS Another desirable location also performed well, with TOOWOOMBA REGIONAL 260 423 $255 488 $245 408 Rangeville’s median unit price up by 4.6 per cent to $377,000. Centenary Heights/Darling Heights/Drayton/ Glenvale/Harlaxton/Harristown/Kearney Springs/ 4350 260 389 N/A N/A $250 385 Affordability is no doubt part of the reason for Wilsonton’s solid Middle Ridge/Mount Lofty/Newtown/Rangeville/ performance, with its median unit price increasing 4.4 per cent Rockville/Toowoomba/Westbrook/Wilsonton to $299,500 over the year. Cabarlah/Gowrie Junction/Hampton/Highfields/ 4352 Hodgson Vale/Kleinton/Meringandan/ 290 9 N/A N/A n.a. 3 Ravensbourne/Withcott/Wyreema Rental market 4401 Oakey 220 7 N/A N/A $170 6 While many other locations around the state have recorded 4614 Yarraman n.a. 1 N/A N/A n.a. 3 high vacancy rates over recent years, Toowoomba has GOONDIWINDI REGIONAL 230 29 $220 26 $180 35 remained one of the most consistent. 4390 Goondiwindi 230 29 $220 25 $180 31 SOUTHERN DOWNS REGIONAL 225 55 $210 57 $200 68
Warwick/Rosenthal Heights/Womina/Freestone/ This quarter is no exception with its vacancy rate reducing 4370 227.5 38 $210 37 $200 51 to 1.6 per cent in March, down from 1.8 per cent the previous Maryvale Stanthorpe/Broadwater/Mount Tully/Severnlea/ 4380 210 14 $210 17 $195 12 quarter. Sugarloaf/Greenlands/Pikedale/Eukey WESTERN DOWNS REGIONAL 200 55 N/A N/A $270 58 The region’s enviable vacancy rate is partly due to its 4405 Dalby 220 34 N/A N/A $250 39 affordability but also because it is home to a large contingent of students attending the University of Southern Queensland. 4413 Chinchilla 185 19 N/A N/A $380 18
Given its low rate of vacancy, rents for all dwelling types are increasing in the area. TOOWOOMBA HOUSE SALES The median weekly rent for a three-bedroom house increased Sep-18 Dec-18 Mar-19 * $5 to $315 over the year, while two-bedroom units also increased by $5 per week to $260. 255 230 The median weekly rent for three-bedroom townhouse also 203 183 increased – up an impressive $20 in a year to $340. 170
The relative affordability of property in Toowoomba, coupled 112 87 with healthy weekly rents, has resulted in solid gross rental 76 yields for investors. 48
The gross rental yields for houses and unit were both 4.7 per cent in March. <$350K $350K+ $500k+ *Preliminary data Houses<2400m2
TOOWOOMBA UNIT SALES Sep-18 Dec-18 Mar-19 *
RENTAL MARKET 49 50
Vacancy Rates 35 34 FOR 30 32 31 RENT 1.6% 19 19
9 9 7
House Yields <$250k $250K+ $350K+ $500k+ 4.7% *Preliminary data TOOWOOMBA LAND SALES Sep-18 Dec-18 Mar-19 *
Unit Yields 62 4.7% 48
28
17 14 9 5 4 2
<$250k $250K+ $350K+ *Preliminary data
56 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - HOUSES <2400m2 SALES MARKET - UNITS & TOWNHOUSES ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) AGO) AGO) TOOWOOMBA (LGA) 335 $345,000 -5.5% 1893 $352,000 $353,600 -0.5% $325,000 8.3% TOOWOOMBA (LGA) 94 $287,500 -4.2% 474 $305,000 $305,000 0.0% $285,000 7.0% TOOWOOMBA 84 $531,000 0.9% 460 $535,000 $520,000 2.9% $477,000 12.2% CENTENARY HEIGHTS 9 N/A N/A 37 $335,000 $340,500 -1.6% $311,250 7.6% (LGA) ^ EAST TOOWOOMBA 9 N/A N/A 54 $380,000 $343,000 10.8% $245,000 55.1% CENTENARY HEIGHTS 25 $369,500 -0.1% 110 $365,000 $370,000 -1.4% $340,000 7.4%
HARRISTOWN 7 N/A N/A 33 $275,000 $305,000 -9.8% $255,500 7.6% Toowoomba CROWS NEST 5 N/A N/A 26 $318,000 $290,000 9.7% $247,000 28.7% HIGHFIELDS 2 N/A N/A 8 N/A $340,000 N/A $320,000 N/A DARLING HEIGHTS 8 N/A N/A 54 $327,700 $342,500 -4.3% $322,000 1.8% KEARNEYS SPRING 8 N/A N/A 52 $312,500 $300,000 4.2% $285,000 9.6% EAST TOOWOOMBA 12 N/A N/A 73 $511,250 $472,250 8.3% $405,000 26.2% NEWTOWN 8 N/A N/A 60 $237,500 $270,000 -12.0% $278,750 -14.8% GLENVALE 12 N/A N/A 76 $356,000 $355,000 0.3% $335,000 6.3% RANGEVILLE 6 N/A N/A 35 $377,000 $360,500 4.6% $319,000 18.2% GLENVALE ^ 3 N/A N/A 17 N/A $552,500 N/A $482,000 N/A SOUTH TOOWOOMBA 11 N/A N/A 42 $313,000 $315,000 -0.6% $279,000 12.2% HARLAXTON 4 N/A N/A 34 $280,500 $287,500 -2.4% $270,000 3.9% WILSONTON 5 N/A N/A 23 $299,500 $287,000 4.4% $259,000 15.6% HARRISTOWN 17 N/A N/A 146 $319,500 $302,000 5.8% $300,000 6.5% HIGHFIELDS 6 N/A N/A 38 $475,500 $480,000 -0.9% $459,750 3.4% HIGHFIELDS ^ 17 N/A N/A 68 $545,000 $541,000 0.7% $505,000 7.9% SALES MARKET - VACANT LAND <2400m2 KEARNEYS SPRING 19 N/A N/A 126 $385,000 $389,000 -1.0% $349,500 10.2% ANNUAL ANNUAL KINGSTHORPE 7 N/A N/A 22 $327,500 $323,000 1.4% $275,000 19.1% QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE KLEINTON 3 N/A N/A 26 $518,750 $514,500 0.8% $455,000 14.0% SALES SALE SALES SALE (1YR (5YRS AGO) AGO) MERINGANDAN WEST ^ 4 N/A N/A 22 $405,500 $426,000 -4.8% $320,000 26.7% TOOWOOMBA (LGA) 24 $166,500 0.0% 228 $167,500 $175,000 -4.3% $154,000 8.8% MIDDLE RIDGE 19 N/A N/A 107 $540,000 $520,000 3.9% $462,000 16.9% TOOWOOMBA 11 N/A N/A 100 $242,500 $233,750 3.7% $176,000 37.8% MOUNT LOFTY 12 N/A N/A 69 $430,000 $477,500 -10.0% $365,000 17.8% (LGA) ^ NEWTOWN 37 $320,000 0.9% 170 $315,000 $300,000 5.0% $281,000 12.1% CRANLEY 0 N/A N/A 0 N/A $167,500 N/A $155,000 N/A NORTH TOOWOOMBA 10 N/A N/A 60 $355,000 $301,500 17.7% $290,000 22.4% GLENVALE 0 N/A N/A 10 N/A $165,000 N/A $170,000 N/A OAKEY 5 N/A N/A 31 $180,000 $246,500 -27.0% $221,400 -18.7% KEARNEYS SPRING 0 N/A N/A 14 N/A $195,500 N/A $171,500 N/A PITTSWORTH 8 N/A N/A 30 $285,000 $311,500 -8.5% $280,000 1.8% KLEINTON 2 N/A N/A 22 $191,500 $196,000 -2.3% $151,500 26.4% RANGEVILLE 20 $427,500 -6.6% 146 $435,000 $447,000 -2.7% $386,000 12.7% MIDDLE RIDGE 5 N/A N/A 9 N/A $372,500 N/A $209,000 N/A ROCKVILLE 3 N/A N/A 34 $251,000 $280,000 -10.4% $256,000 -2.0% WESTBROOK 2 N/A N/A 24 $190,000 $205,000 -7.3% $154,000 23.4% SOUTH TOOWOOMBA 19 N/A N/A 90 $320,000 $326,000 -1.8% $305,000 4.9% WYREEMA 1 N/A N/A 9 N/A $167,350 N/A $130,000 N/A TOOWOOMBA CITY 7 N/A N/A 36 $376,000 $343,500 9.5% $315,000 19.4% WESTBROOK 10 N/A N/A 63 $443,500 $444,000 -0.1% $430,000 3.1% SURROUNDS SOUTHERN DOWNS WILSONTON 19 N/A N/A 77 $285,000 $322,500 -11.6% $295,000 -3.4% 6 N/A N/A 55 $98,000 $91,500 7.1% $79,000 24.1% (LGA) WILSONTON HEIGHTS 8 N/A N/A 48 $258,750 $270,000 -4.2% $277,000 -6.6% WYREEMA 5 N/A N/A 25 $340,000 $335,000 1.5% $295,000 15.3% RENTAL MARKET - 3 BED HOUSES SURROUNDS MAR-19 MAR-18 MAR-14 POST $ / NEW $ / NEW $ / NEW GOONDIWINDI (LGA) 14 N/A N/A 76 $285,000 $281,000 1.4% $225,550 26.4% CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS GOONDIWINDI 10 N/A N/A 53 $340,000 $320,000 6.3% $280,000 21.4% TOOWOOMBA REGIONAL 315 571 $310 656 $300 710
Centenary Heights/Darling Heights/Drayton/ SOUTHERN DOWNS 50 $225,000 -10.0% 332 $250,000 $254,250 -1.7% $245,000 2.0% Glenvale/Harlaxton/Harristown/Kearney (LGA) 4350 Springs/Middle Ridge/Mount Lofty/Newtown/ 320 447 N/A N/A $310 549 SOUTHERN DOWNS Rangeville/Rockville/Toowoomba/Westbrook/ 20 $360,000 0.0% 169 $347,000 $360,000 -3.6% $315,000 10.2% (LGA) ^ Wilsonton
STANTHORPE 8 N/A N/A 74 $247,500 $260,000 -4.8% $225,000 10.0% Cabarlah/Gowrie Junction/Hampton/Highfields/ 4352 Hodgson Vale/Kleinton/Meringandan/ 340 26 N/A N/A $325 29 WARWICK 28 $280,000 7.7% 168 $265,000 $255,000 3.9% $253,750 4.4% Ravensbourne/Withcott/Wyreema 4355 Crows Nest/Emu Creek 282.5 8 N/A N/A $260 15 WESTERN DOWNS 48 $181,500 -5.4% 269 $185,000 $190,000 -2.6% $293,000 -36.9% 4356 Pittsworth/Mount Tyson 282.5 14 N/A N/A $260 23 (LGA) 4357 Millmerran 270 9 N/A N/A $270 5 WESTERN DOWNS 23 $220,000 -40.8% 99 $255,000 $310,000 -17.7% $416,500 -38.8% (LGA) ^ 4358 Cambooya/Ramsay 310 11 $310 7 n.a. 4 CHINCHILLA 18 N/A N/A 86 $182,500 $195,000 -6.4% $347,000 -47.4% 4361 Clifton 280 5 N/A N/A $220 7 DALBY 23 $205,000 -7.9% 138 $216,250 $222,500 -2.8% $261,750 -17.4% 4400 Kingsthorpe 300 7 N/A N/A $260 7 DALBY ^ 6 N/A N/A 23 $400,000 $400,000 0.0% $455,000 -12.1% 4401 Oakey 275 25 N/A N/A $270 35 GOONDIWINDI REGIONAL 300 34 n.a. 47 $270 37
RENTAL MARKET - 3 BED TOWNHOUSES 4387 Inglewood n.a. 3 n.a. 3 $200 5 MAR-19 MAR-18 MAR-14 POST 4390 Goondiwindi 320 27 $300 36 $290 27 $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS SOUTHERN DOWNS REGIONAL 270 98 $270 122 $255 148 TOOWOOMBA REGIONAL 340 34 $320 34 $310 28 4362 Allora/Hendon/Talgai/Berat/Deuchar n.a. 4 n.a. 3 $265 11 Centenary Heights/Darling Heights/Drayton/ Warwick/Rosenthal Heights/Womina/ 4370 270 65 $270 67 $260 89 Glenvale/Harlaxton/Harristown/Kearney Freestone/Maryvale 4350 Springs/Middle Ridge/Mount Lofty/Newtown/ 340 34 #N/A #N/A $310 28 Rangeville/Rockville/Toowoomba/Westbrook/ Stanthorpe/Broadwater/Mount Tully/ Wilsonton 4380 Severnlea/Sugarloaf/Greenlands/Pikedale/ 260 23 $290 40 $250 35 Eukey SOUTHERN DOWNS REGIONAL 260 10 n.a. 3 $240 5 WESTERN DOWNS REGIONAL 240 115 $230 123 $330 140 Warwick/Rosenthal Heights/Womina/ 4370 260 9 n.a. 2 n.a. 4 Freestone/Maryvale 4405 Dalby 260 62 N/A N/A $310 78 WESTERN DOWNS REGIONAL 210 8 #N/A #N/A $475 6 4410 Jandowae n.a. 2 N/A N/A n.a. 4
4405 Dalby #N/A #N/A n.a. 1 4413 Chinchilla 220 28 N/A N/A $410 32 4413 Chinchilla n.a. 4 #N/A #N/A $480 5 4415 Miles 190 9 N/A N/A $400 15
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 57 Sunshine Coast SD1
HOUSE MARKET (<2400M2) HOUSE MARKET (<2400M2) HOUSE MARKET (<2400M2)
SUNSHINE COAST SD SUNSHINE COAST NOOSA
Annual Annual Annual Quarter Annual median Quarter Annual median Quarter Annual median median price price median price price median price price $598,000 $600,000 $585,000 $585,000 $715,000 $750,000
5yrs 5yrs 5yrs
Annual volume Annual median Annual volume Annual median Annual volume Annual median of sales price 5yrs ago of sales price 5yrs ago of sales price 5yrs ago 4,869 $460,000 4,087 $452,500 782 $520,000
EMPLOYMENT MARKET Coast readies for next growth wave
SUNSHINE COAST SA4 The Sunshine Coast sales and rental markets took a breather in March, however, so did many other locations around the state and the country with the federal election looming. Unemployment Rate 6.4% Now that is behind us, and with lending restrictions looking likely to be eased, the coast is on track for solid market conditions, partly due to the plethora of major projects happening in the region.
Participation Rate While its median prices didn’t do anything spectacular over the March quarter, over 62.2% the year ending March, the region was still classified as one of the best performers. Plus, there is no doubt that the Sunshine Coast has outshone the state capital over the past five years with the SD’s median house price up by 30.4 per cent.
Its unit market was also the strongest major market performer in Queensland over The median house price in the same period, posting a median price increase of 22.9 per cent. Brisbane’s much discussed new unit oversupply, on the other hand, meant its units the Sunshine Coast LGA only increased by 3.6 per cent over the past five years. was flat at $585,000 over Regional Economy and Infrastructure Investment the quarter but posted Two major projects are set to transform the Sunshine Coast in the years ahead. growth of 3.5 per cent The largest ever expansion of public transport on the Sunshine Coast will be created over the year under a planning partnership between the Palaszczuk Government and Sunshine ending March. Coast Regional Council, which was announced recently. According to the State Government, the blueprint would be central to future planning for transport and jobs growth on the Sunshine Coast.
58 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 The blueprint will look at how a better public transport network can However, solid price growth last year, meant that annual price be built within the region, so the travelling needs of people living in growth remained the best on the State. the fastest growing parts of the Sunshine Coast will be met. The median house price in the Sunshine Coast LGA was flat at Funding has been provided to develop a detailed business case for $585,000 over the quarter but posted growth of 3.5 per cent over the first stage of an integrated urban public transport solution for the year ending March. the coast, including pricing options for light rail. In Noosa, its median house price contracted by 4.7 per cent over Sunshine Coast Regional Council Mayor Mark Jamieson said public the quarter to be $715,000 – still the highest major region median transport in the urban coastal corridor – where 80 per cent of coast house price in the State. residents live – was a significant missing piece of the puzzle.” Over the year, it posted an increase of 8.7 per cent to take out the He said the ability to now develop the business case for an number one position for best LGA performer. integrated urban public transport solution – with council’s preference being light rail – was an important step in meeting the Sales activity reduced in-line with these more moderate conditions, needs of residents today and the more than 500,000 people who with the annual number of house sales down by 14.3 per cent on will call the Sunshine Coast home in the future. the Sunshine Coast and down 20.1 per cent in Noosa.
The second stage of the new Maroochydore CBD is also under way, Unit market with expressions of interest called. Again, the coast’s unit markets were steady over the quarter, but in The EOI process has called for experienced urban development and the top three of best annual performers. capital funding partners to help develop key precincts in the next The Noosa median unit price increased by 1.8 percent to $565,000 stage. over the quarter and posted yearly growth of 6.8 per cent to take The campaign offered 67,500 square metres of commercial space out second spot for LGAs. and 25,900 square metres of retail floorspace, along with 1,390 The median unit market in the Sunshine Coast LGA reduced residential apartments across a number of precincts in the new city marginally, by 2 per cent, to $410,000 over the quarter and posted centre. flat growth over the year. The site of the new Maroochydore CBD has been declared a The Sunshine Coast SD, which includes Noosa, posted annual unit Priority Development Area by the State Government. growth of 1.2 per cent. This status allows for streamlined planning, approval and The number of unit sales fell over the year, with sales down 26 per development processes, which include a proposed light rail network. cent in Noosa and 24.6 per cent in the Sunshine Coast LGA. The new CBD is expected to create 15,000 permanent jobs on the However, the coast’s unit market remains a bright spot for the State Sunshine Coast with its construction generating $5.9 billion in over the past five years. output and $2.3 billion in value-add to the Queensland economy over the project’s 15-20 year life. While the Brisbane unit market could only produce a paltry unit price change of 3.6 per cent, Noosa recorded spectacular growth of House market 49 per cent over the same period. The Sunshine Coast and Noosa markets recorded relatively flat conditions during the March quarter.
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 59 Sunshine Coast SD HOUSE MARKET ALL HOUSE MARKET ALL HOUSE MARKET ALL
SUNSHINE COAST SD SUNSHINE COAST NOOSA
Median days on Median days on Median days on market market market 47 Days 40 Days 46 Days
Median vendor Median vendor Median vendor discount discount discount -4.2% -3.9% -4.6%
Stock on market Stock on market Stock on market 9.0% 8.8% 9.7%
Rental market UNIT MARKET UNIT MARKET The Sunshine Coast vacancy rate eased over the March quarter, increasing from 1.8 per SUNSHINE COAST LGA NOOSA cent to 2.6 per cent.
However, the region’s rental market is Annual Annual impacted by seasonal peaks and troughs of demand given its strong tourism sector.
In-line with the fairly benign sales market conditions over the quarter, the region’s rental market was steady as she goes as well. Quarter Annual median Quarter Annual median median price price median price price The median rent for a three-bedroom house in the Sunshine Coast region was flat at $410,000 $415,000 $565,000 $566,250 $450 per week, while in Noosa, landlords were achieving $480 per week for the same dwelling type, up from the previous year. 5yrs 5yrs The median rent for a two-bedroom unit is $380 on the Sunshine Coast and $420 in Noosa.
The higher property prices in Noosa have Annual volume Annual median Annual volume Annual median again impacted the gross rental yields of sales price 5 yrs ago of sales price 5 yrs ago achieved in that region with houses recording 3.5 per cent and units 3.9 per cent. 2,810 $345,000 727 $380,000
Down the road, however, investors are achieving gross rental yields of 4 per cent for houses and 4.8 per cent for units on the Sunshine Coast more generally.
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QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 61 Sunshine Coast SD UNIT MARKET UNIT MARKET RENTAL MARKET
SUNSHINE COAST LGA NOOSA SUNSHINE COAST LGA
Median days on Median days on FOR Vacancy Rates market market RENT 3.0% 48 Days 42 Days
House Yields Median vendor Median vendor discount discount 4.0% -3.5% -4.5%
Unit Yields Stock on market Stock on market 4.8% 8.4% 8.2%
RENTAL MARKET
NOOSA
FOR Vacancy Rates RENT 2.0%
SUNSHINE COAST & NOOSA HOUSE SALES
Sep-18 Dec-18 Mar-19 * House Yields 843 778 3.5% 576
293 282 215 Unit Yields 165 137 94 30 29 14 3.9% <$350K $350K+ $500k+ $1M+
*Preliminary data Houses<2400m2
SUNSHINE COAST & NOOSA UNIT SALES SUNSHINE COAST & NOOSA LAND SALES
Sep-18 Dec-18 Mar-19 * Sep-18 Dec-18 Mar-19 * 367 349 158
265 247 248 99 98 175 153 164 66 109 52 51 39 76 36 60 70 28 57 21 21 17 36 30 11 6 2
<$250k $250K+ $350K+ $500k+ $1M+ <$250k $250K+ $350K+ $500k+ $1M+
*Preliminary data *Preliminary data
62 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - HOUSES <2400m2 SALES MARKET - HOUSES <2400m2 (CONT’D) ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) AGO) AGO) SUNSHINE COAST 926 $598,000 0.2% 4869 $600,000 $580,000 3.5% $460,000 30.4% NAMBOUR 42 $412,500 5.8% 201 $399,000 $385,000 3.6% $324,250 23.1% (SD) NINDERRY ^ 5 N/A N/A 27 $715,000 $652,500 9.6% $527,500 35.5% SUNSHINE COAST
166 $705,000 -2.1% 1107 $720,000 $680,000 5.9% $540,000 33.3% SD Sunshine Coast (SD) ^ PACIFIC PARADISE 12 N/A N/A 40 $485,000 $463,500 4.6% $365,000 32.9% PALMWOODS 18 N/A N/A 88 $505,000 $500,000 1.0% $417,500 21.0% SUNSHINE COAST 785 $585,000 0.0% 4087 $585,000 $565,000 3.5% $452,500 29.3% PARREARRA 15 N/A N/A 63 $750,000 $671,000 11.8% $555,000 35.1% (LGA) SUNSHINE COAST PELICAN WATERS 31 $740,000 1.5% 149 $749,000 $750,000 -0.1% $600,000 24.8% 108 $699,000 -4.9% 744 $725,000 $675,000 7.4% $540,500 34.1% (LGA) ^ PEREGIAN SPRINGS 19 N/A N/A 119 $655,000 $636,944 2.8% $551,000 18.9% ALEXANDRA HEADLAND 5 N/A N/A 33 $1,185,000 $1,005,000 17.9% $705,500 68.0% SIPPY DOWNS 24 $535,000 8.1% 155 $510,000 $499,000 2.2% $417,000 22.3% AROONA 13 N/A N/A 63 $555,000 $560,000 -0.9% $432,500 28.3% TANAWHA ^ 3 N/A N/A 15 N/A $900,000 N/A $680,000 N/A BATTERY HILL 4 N/A N/A 33 $565,000 $580,000 -2.6% $412,000 37.1% TWIN WATERS 18 N/A N/A 64 $917,500 $795,000 15.4% $660,000 39.0% BEERWAH 19 N/A N/A 103 $460,000 $450,000 2.2% $379,500 21.2% WARANA 10 N/A N/A 47 $667,500 $660,000 1.1% $495,000 34.8% BIRTINYA 7 N/A N/A 65 $699,000 $665,000 5.1% $613,000 14.0% WOOMBYE 9 N/A N/A 46 $527,500 $455,000 15.9% $382,000 38.1% BLI BLI 24 $515,000 -5.5% 132 $537,000 $535,000 0.4% $410,000 31.0% WURTULLA 28 $708,750 14.1% 100 $652,500 $560,000 16.5% $436,000 49.7% BOKARINA 4 N/A N/A 22 $687,500 $703,000 -2.2% $527,500 30.3% YANDINA 4 N/A N/A 31 $439,000 $434,500 1.0% $330,000 33.0% BUDDINA 11 N/A N/A 61 $820,000 $772,000 6.2% $550,000 49.1% YAROOMBA 6 N/A N/A 32 $721,000 $670,000 7.6% $522,500 38.0% BUDERIM 99 $625,000 -6.0% 464 $650,000 $650,000 0.0% $517,750 25.5%
BUDERIM ^ 3 N/A N/A 35 $1,175,000 $1,072,000 9.6% $775,000 51.6% NOOSA (LGA) 141 $715,000 -4.7% 782 $750,000 $690,000 8.7% $520,000 44.2% BURNSIDE 9 N/A N/A 47 $443,750 $429,499 3.3% $365,000 21.6% NOOSA (LGA) ^ 58 $740,000 5.0% 363 $712,500 $686,000 3.9% $535,000 33.2% CALOUNDRA 1 N/A N/A 25 $570,000 $540,000 5.6% $425,000 34.1% BLACK MOUNTAIN ^ 7 N/A N/A 33 $640,000 $640,000 0.0% $515,000 24.3% CALOUNDRA WEST 24 $505,000 6.3% 120 $492,500 $473,500 4.0% $405,900 21.3% COORAN 2 N/A N/A 23 $405,000 $370,000 9.5% $300,000 35.0% COES CREEK 5 N/A N/A 39 $442,000 $430,000 2.8% $365,000 21.1% COORAN ^ 5 N/A N/A 30 $557,500 $525,000 6.2% $465,000 19.9% COOLUM BEACH 31 $678,000 -3.1% 132 $688,750 $680,000 1.3% $462,250 49.0% COOROIBAH ^ 4 N/A N/A 27 $720,000 $749,000 -3.9% $575,000 25.2% CURRIMUNDI 18 N/A N/A 83 $550,000 $530,000 3.8% $431,000 27.6% COOROY 8 N/A N/A 48 $525,000 $497,500 5.5% $396,000 32.6% DICKY BEACH 8 N/A N/A 29 $865,000 $870,000 -0.6% $580,000 49.1% DOONAN ^ 18 N/A N/A 78 $867,500 $895,000 -3.1% $648,500 33.8% EUMUNDI 2 N/A N/A 19 N/A $512,000 N/A $415,000 N/A NOOSA HEADS 17 N/A N/A 90 $1,137,500 $965,000 17.9% $655,000 73.7% EUMUNDI ^ 2 N/A N/A 35 $910,000 $827,500 10.0% $654,500 39.0% NOOSAVILLE 25 $807,000 -34.3% 138 $980,000 $947,000 3.5% $676,000 45.0% GLASS HOUSE PEREGIAN BEACH 7 N/A N/A 68 $878,750 $775,000 13.4% $605,000 45.2% 20 $512,500 12.6% 75 $510,000 $479,000 6.5% $399,000 27.8% MOUNTAINS POMONA 6 N/A N/A 35 $490,000 $445,000 10.1% $344,500 42.2% GLASS HOUSE 3 N/A N/A 25 $620,000 $515,000 20.4% $402,500 54.0% POMONA ^ 2 N/A N/A 28 $698,500 $600,000 16.4% $480,000 45.5% MOUNTAINS ^ SUNRISE BEACH 16 N/A N/A 72 $880,000 $800,000 10.0% $615,000 43.1% GOLDEN BEACH 19 N/A N/A 90 $585,000 $578,000 1.2% $425,000 37.6%
KULUIN 5 N/A N/A 35 $499,000 $505,000 -1.2% $390,000 27.9% SUNSHINE BEACH 9 N/A N/A 51 $1,410,000 10.2% $1,027,500 37.2% $1,280,000 LANDSBOROUGH 9 N/A N/A 57 $430,000 $425,000 1.2% $345,000 24.6% TEWANTIN 40 $562,500 -4.0% 188 $585,000 $565,000 3.5% $420,000 39.3% LITTLE MOUNTAIN 28 $564,000 1.1% 164 $564,000 $548,000 2.9% $458,000 23.1% MALENY 12 N/A N/A 45 $564,000 $510,000 10.6% $418,000 34.9% MALENY ^ 2 N/A N/A 30 $750,000 $710,000 5.6% $565,000 32.7% MARCOOLA 4 N/A N/A 32 $635,000 $595,000 6.7% $478,000 32.8% MAROOCHYDORE 27 $635,000 -1.6% 159 $657,500 $610,000 7.8% $465,000 41.4% MERIDAN PLAINS 9 N/A N/A 58 $525,000 $507,950 3.4% $455,500 15.3% MINYAMA 15 N/A N/A 55 $950,000 $1,300,000 -26.9% $783,750 21.2% MOFFAT BEACH 5 N/A N/A 43 $850,000 $747,500 13.7% $577,500 47.2% MOOLOOLABA 12 N/A N/A 70 $837,500 $765,000 9.5% $592,500 41.4% MOOLOOLAH VALLEY 3 N/A N/A 21 $490,000 $481,250 1.8% $390,000 25.6% MOOLOOLAH VALLEY ^ 4 N/A N/A 28 $650,000 $590,000 10.2% $496,500 30.9% MOUNT COOLUM 5 N/A N/A 64 $598,000 $650,000 -8.0% $475,500 25.8% MOUNTAIN CREEK 43 $582,500 -5.8% 189 $612,750 $600,000 2.1% $490,000 25.1% MUDJIMBA 2 N/A N/A 37 $730,000 $715,000 2.1% $537,000 35.9%
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 63 SALES MARKET - UNITS & TOWNHOUSES SALES MARKET - VACANT LAND <2400M2 ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) AGO) AGO) SUNSHINE COAST (SD) 102 $299,250 10.8% 1142 $271,100 $259,600 4.4% $233,000 16.4%
Sunshine Coast SD SUNSHINE COAST 605 $423,000 -1.6% 3537 $430,000 $425,002 1.2% $350,000 22.9% (SD) SUNSHINE COAST 18 N/A N/A 155 $395,000 $378,000 4.5% $290,000 36.2% (SD) ^
SUNSHINE COAST N/A 490 $410,000 -2.0% 2810 $415,000 $415,000 0.0% $345,000 20.3% (LGA) SUNSHINE COAST 86 $287,500 8.5% 1043 $265,000 $255,000 3.9% $230,000 15.2% (LGA) ALEXANDRA HEADLAND 29 $331,000 -16.7% 135 $376,250 $400,000 -5.9% $325,000 15.8% SUNSHINE COAST 17 N/A N/A 143 $395,000 $385,000 2.6% $290,000 36.2% BATTERY HILL 4 N/A N/A 28 $282,000 $285,000 -1.1% $247,500 13.9% (LGA) ^
BIRTINYA 14 N/A N/A 85 $445,000 $475,000 -6.3% $395,000 12.7% BEERWAH 1 N/A N/A 6 N/A $257,500 N/A $199,000 N/A BUDDINA 2 N/A N/A 27 $475,000 $440,000 8.0% $358,750 32.4% BIRTINYA 4 N/A N/A 15 N/A $263,000 N/A $269,000 N/A BUDERIM 33 $423,500 -3.3% 195 $420,000 $415,000 1.2% $369,000 13.8% BLI BLI 3 N/A N/A 14 N/A $325,500 N/A $230,000 N/A CALOUNDRA 38 $462,500 1.7% 151 $459,000 $425,000 8.0% $350,000 31.1% CALOUNDRA WEST 0 N/A N/A 2 N/A $122,000 N/A $182,000 N/A CALOUNDRA WEST 4 N/A N/A 32 $370,750 $400,000 -7.3% $310,000 19.6% FOREST GLEN 0 N/A N/A 0 N/A $- N/A $235,500 N/A COOLUM BEACH 18 N/A N/A 151 $394,000 $380,000 3.7% $345,000 14.2% GLASS HOUSE 0 N/A N/A 7 N/A $270,000 N/A $205,000 N/A CURRIMUNDI 2 N/A N/A 28 $427,000 $432,750 -1.3% $341,000 25.2% MOUNTAINS GOLDEN BEACH 14 N/A N/A 81 $445,000 $400,000 11.3% $355,000 25.4% LITTLE MOUNTAIN 0 N/A N/A 7 N/A $305,500 N/A $228,000 N/A KINGS BEACH 34 $435,000 7.4% 161 $435,000 $470,000 -7.5% $327,250 32.9% MALENY 0 N/A N/A 1 N/A $290,000 N/A $204,000 N/A LITTLE MOUNTAIN 3 N/A N/A 16 N/A $375,000 N/A $335,000 N/A MAROOCHYDORE 5 N/A N/A 49 $240,000 $265,000 -9.4% $195,000 23.1% MARCOOLA 12 N/A N/A 73 $370,000 $365,000 1.4% $312,500 18.4% MERIDAN PLAINS 0 N/A N/A 0 N/A $220,000 N/A $207,900 N/A MAROOCHYDORE 71 $426,500 -2.0% 406 $430,000 $425,000 1.2% $362,250 18.7% MOUNTAIN CREEK 0 N/A N/A 0 N/A $424,000 N/A $249,725 N/A MINYAMA 4 N/A N/A 27 $360,000 $375,000 -4.0% $291,000 23.7% NAMBOUR 7 N/A N/A 37 $240,000 $218,000 10.1% $165,000 45.5% MOFFAT BEACH 4 N/A N/A 28 $416,250 $400,000 4.1% $380,000 9.5% PELICAN WATERS 1 N/A N/A 31 $520,000 $385,000 35.1% $365,000 42.5% MOOLOOLABA 55 $412,500 -0.6% 262 $422,500 $419,000 0.8% $350,000 20.7% PEREGIAN SPRINGS 4 N/A N/A 30 $425,000 $410,000 3.7% $225,000 88.9% MOUNT COOLUM 16 N/A N/A 71 $425,000 $416,250 2.1% $265,000 60.4% SIPPY DOWNS 0 N/A N/A 0 N/A $310,000 N/A $213,250 N/A MOUNTAIN CREEK 9 N/A N/A 51 $412,000 $427,753 -3.7% $379,000 8.7% YAROOMBA 0 N/A N/A 3 N/A $367,000 N/A $320,000 N/A NAMBOUR 15 N/A N/A 88 $289,000 $296,500 -2.5% $245,000 18.0% NOOSA (LGA) 16 N/A N/A 99 $360,000 $315,000 14.3% $264,000 36.4% PARREARRA 14 N/A N/A 69 $512,000 $465,000 10.1% $400,000 28.0% NOOSAVILLE 4 N/A N/A 13 N/A $678,300 N/A $275,000 N/A PELICAN WATERS 4 N/A N/A 32 $492,500 $521,090 -5.5% $450,000 9.4% PEREGIAN BEACH 3 N/A N/A 30 $367,500 $325,000 13.1% $465,750 -21.1% PEREGIAN SPRINGS 24 $547,950 -0.4% 128 $547,950 $457,900 19.7% $240,500 127.8% TWIN WATERS 3 N/A N/A 21 $670,000 $585,000 14.5% $475,000 41.1% WARANA 5 N/A N/A 52 $385,000 $350,000 10.0% $312,000 23.4% WURTULLA 8 N/A N/A 29 $299,500 $362,500 -17.4% $284,000 5.5% RENTAL MARKET - 3 BED HOUSES MAR-19 MAR-18 MAR-14 POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL NOOSA (LGA) 115 $565,000 1.8% 727 $566,250 $530,000 6.8% $380,000 49.0% WEEK BONDS WEEK BONDS WEEK BONDS COOROY 2 N/A N/A 19 N/A $370,000 N/A $282,500 N/A SUNSHINE COAST REGIONAL 450 722 $450 750 $400 762 NOOSA HEADS 35 $730,000 -20.2% 229 $850,000 $708,500 20.0% $445,000 91.0% 4518 Glass House Mountains 405 6 $425 8 $350 7 NOOSAVILLE 47 $430,000 -2.3% 270 $480,000 $430,000 11.6% $340,000 41.2% 4519 Beerwah/ Peachester 390 19 $390 21 $350 23 PEREGIAN BEACH 8 N/A N/A 35 $540,000 $635,000 -15.0% $394,000 37.1% 4550 Landsborough/ Mt Mellum 412.5 10 $400 7 $350 15 SUNRISE BEACH 5 N/A N/A 44 $530,000 $525,000 1.0% $325,500 62.8% Aroona/ Battery Hill/ Caloundra/ Currimundi/ Diamond Head/ Dicky Bch/ Golden Bch/ Kings Bch/ 4551 445 174 $440 173 $400 131 SUNSHINE BEACH 8 N/A N/A 56 $722,500 $705,500 2.4% $505,000 43.1% Little Mtn/ Meridan Plns/ Moffat Bch/ Pelican TEWANTIN 9 N/A N/A 64 $399,000 $364,500 9.5% $324,000 23.1% Waters/ Shelly Bch Bald Knob/ Baroon Pocket/ Booroobin/ Conondale/ 4552 440 9 $385 15 $355 27 Maleny/ Mountain View/ Reesville/ Witta 4553 Glenview/ Mooloolah/ Mooloolah Valley/ Palmview 465 16 $450 10 $370 14 4555 Chevallum/ Hunchy/ Landers Shoot/ Palmwoods 420 7 $445 7 $350 8 Buderim/ Forest Glen/ Kunda Pk/ Mons/ Sippy 4556 460 66 $440 73 $420 87 Downs/ Tanawha 4557 Bundills/ Kawana Is/ Mooloolaba/ Mountain Ck 490 47 $480 45 $410 55 Cotton Tree/ Kuluin/ Maroochydore/ Sunshine 4558 480 57 $478 60 $400 49 Plaza Bli Bli/ Burnside/ Coes Ck/ Cooloolabin/ Dulong/ Flaxton/ Highworth/ Image Flat/ Kiamba/ 4560 Kulangoor/ Kureelpa/ Mapleton/ Montville/ 400 64 $400 68 $350 82 Nambour/ Parklands/ Perwillowen/ Rosemont/ Towen Mtn Bridges/ Maroochy River/ Ninderry/ Nth Arm/ 4561 400 9 $425 11 $370 12 Valdora/ Yandina/ Yandina Ck Belli Pk/ Doonan/ Eerwah Vale/ Eumundi/ 4562 445 9 $543 12 $400 16 Verrierdale/ Weba Downs 4564 Marcoola/ Mudjimba/ Pacific Paradise 465 25 $450 27 $420 34 4572 Alexandra Headland 520 5 n.a. 3 $390 8 Centenary Heights/ Coolum Bch/ Marcus Bch/ Mt 4573 490 97 $470 93 $420 72 Coolum/ Peregian Bch/ Pt Arkwright/ Yaroomba Birtinya/ Bokarina/ Buddina/ Kawana Waters/ 4575 480 86 $470 93 $420 101 Minyama/ Parrearra/ Warana/ Wurtulla
64 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 RENTAL MARKET - 3 BED HOUSES (CONT’D) RENTAL MARKET - 3 BED TOWNHOUSES MAR-19 MAR-18 MAR-14 MAR-19 MAR-18 MAR-14 POST POST $ / NEW $ / NEW $ / NEW $ / NEW $ / NEW $ / NEW CODE LOCALITYL CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS WEEK BONDS NOOSA SHIRE 480 100 $460 99 $395 140 SUNSHINE COAST REGIONAL 437.5 244 $430 249 $375 165 Black Mountain/ Carters Ridge/ Cooroy/ 4563 470 21 $450 11 $360 16 4519 Beerwah/ Peachester n.a. 2 $350 9 $310 7 Tinbeerwah Aroona/ Battery Hill/ Caloundra/ Currimundi/ Boreen Pt/ Cootharaba/ Lake Cootharaba/ Noosa Diamond Head/ Dicky Bch/ Golden Bch/ Kings 4565 470 29 $460 31 $390 52 4551 440 36 $430 29 $380 25 Parklands/ Teewah/ Tewantin Bch/ Little Mtn/ Meridan Plns/ Moffat Bch/ Pelican Waters/ Shelly Bch 4566 Munna Pt/ Noosaville 580 6 $510 10 $460 11 Buderim/ Forest Glen/ Kunda Pk/ Mons/ Sippy Castaways Bch/ Little Cove/ Noosa Heads/ Sunrise 4556 425 36 $420 50 $380 28 4567 570 29 $520 31 $450 39 Downs/ Tanawha Bch/ Sunshine Bch 4557 Bundills/ Kawana Is/ Mooloolaba/ Mountain Ck 460 35 $440 31 $400 21 4568 Pomona 380 9 $433 8 $350 14 Cotton Tree/ Kuluin/ Maroochydore/ Sunshine 4569 Cooran 400 5 $330 6 $320 6 4558 430 33 $450 31 $355 24 Plaza Bli Bli/ Burnside/ Coes Ck/ Cooloolabin/ Dulong/ Flaxton/ Highworth/ Image Flat/ 4560 Kiamba/ Kulangoor/ Kureelpa/ Mapleton/ 400 25 $405 13 $320 13 Montville/ Nambour/ Parklands/ Perwillowen/ RENTAL MARKET - 2 BED UNITS Rosemont/ Towen Mtn MAR-19 MAR-18 MAR-14 POST 4564 Marcoola/ Mudjimba/ Pacific Paradise 440 15 $450 7 $400 8 $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS Centenary Heights/ Coolum Bch/ Marcus Bch/ 4573 Mt Coolum/ Peregian Bch/ Pt Arkwright/ 457.5 44 $460 62 $425 24 SUNSHINE COAST REGIONAL 380 828 $365 867 $320 851 Yaroomba 4519 Beerwah/ Peachester 360 7 $330 9 n.a. 1 Birtinya/ Bokarina/ Buddina/ Kawana Waters/ 4575 457.5 6 $510 9 $450 10 Aroona/ Battery Hill/ Caloundra/ Currimundi/ Minyama/ Parrearra/ Warana/ Wurtulla Diamond Head/ Dicky Bch/ Golden Bch/ Kings 4551 370 161 $350 142 $310 157 NOOSA SHIRE 562.5 16 $508 14 $450 20 Bch/ Little Mtn/ Meridan Plns/ Moffat Bch/ Pelican Waters/ Shelly Bch 4566 Munna Pt/ Noosaville n.a. 3 $420 5 $550 10 Buderim/ Forest Glen/ Kunda Pk/ Mons/ Sippy Castaways Bch/ Little Cove/ Noosa Heads/ 4556 360 67 $365 68 $310 44 4567 607.5 10 $575 8 $450 7 Downs/ Tanawha Sunrise Bch/ Sunshine Bch 4557 Bundills/ Kawana Is/ Mooloolaba/ Mountain Ck 380 99 $360 135 $315 88 Cotton Tree/ Kuluin/ Maroochydore/ Sunshine 4558 390 152 $380 147 $350 175 Plaza Bli Bli/ Burnside/ Coes Ck/ Cooloolabin/ Dulong/ Flaxton/ Highworth/ Image Flat/ 4560 Kiamba/ Kulangoor/ Kureelpa/ Mapleton/ 290 42 $280 51 $240 53 Montville/ Nambour/ Parklands/ Perwillowen/ Rosemont/ Towen Mtn 4564 Marcoola/ Mudjimba/ Pacific Paradise 380 38 $400 46 $355 56 4572 Alexandra Headland 410 39 $385 48 $350 73 Centenary Heights/ Coolum Bch/ Marcus Bch/ 4573 Mt Coolum/ Peregian Bch/ Pt Arkwright/ 380 64 $360 67 $330 68 Yaroomba Birtinya/ Bokarina/ Buddina/ Kawana Waters/ 4575 420 128 $420 118 $350 107 Minyama/ Parrearra/ Warana/ Wurtulla NOOSA SHIRE 420 77 $400 78 $350 106
Boreen Pt/ Cootharaba/ Lake Cootharaba/ 4565 365 12 $370 7 $290 7 Noosa Parklands/ Teewah/ Tewantin 4566 Munna Pt/ Noosaville 410 30 $400 22 $330 29 Castaways Bch/ Little Cove/ Noosa Heads/ 4567 470 33 $420 45 $370 66 Sunrise Bch/ Sunshine Bch
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 65 Fraser Coast
EMPLOYMENT MARKET Modest outlook WIDE BAY SA4 The Fraser Coast market has seen subdued property market results over the most recent quarter and across the past year. Unemployment Rate The region is still in a softening phase, but ongoing investment could help bolster the 7.5% region’s prospects long-term. The annual median house price increased a modest 0.6 per cent to $320,000 across Participation Rate 1712 sales. Unit values rose just 0.4 per cent over the year to reach an annual median 49.6% of $260,000. Fraser Coast housing’s stock-on-market figure rose by 1.3 points to reach 10.5 per cent – the highest percentage out of all areas analysed in the QMM.
Across housing, the local authority saw total listing numbers rise to 4077 in 2019, compared to the 3554 sales in 2018 – a 14.7 per cent increase. HOUSE MARKET (<2400M2) Median days on market fell from 71 days in 2018 to come in at 61 for the year to February 2019. Median vendor discounts fell from 5.6 per cent in 2018 to 5.2 per cent this year.
Based on all these analysed trends, the market appears flat to soft, and future movements aren’t expected to be dramatic in either direction. Annual The rental market was generally flat as well with a mild rise in median rental per week Quarter Annual median across all property types. median price price Regional Economy and Infrastructure Investment
$316,000 $320,000 Support for regional economies can come from a range of investments designed to boost local employment numbers and improve lifestyle for residents.
For example, the $8.6 million Howard emergency services complex was recently 5yrs opened. The complex provides for a combined police and fire station in the Wide Bay-Burnett region, creating an emergency services hub for the district. The State Government said the complex supported almost 30 jobs during its construction phase.
The government has also made funds available for regional investment through Annual volume Annual median its $295 million Building our Regions program, and the Fraser Coast area is a of sales price 5yrs ago beneficiary.
One project is a makeover of the Maryborough CBD to boost jobs and the local 1,712 $300,000 economy. The $2.5 million revitalisation project is designed to reinvigorate the heart of Maryborough, according to state government. The project will upgrade a section of Kent Street and improve infrastructure to the CBD, such as upgrading footpaths and paving, and generally beautifying the zone. Government believes the project will generate job opportunities both now and in the long-term. HOUSE MARKET ALL State Member for Maryborough, Bruce Saunders, said the project is about making the city more attractive for residents, visitors and businesses.
Median days on “It’s crucial we draw local crowds back to the CBD and tap into tourist markets like ‘grey nomads’, who use council's nearby 'Stop and Shop' RV bays,” Mr Saunders said. market There’s also been a proposal to help link owners of vacant premises within the area to 61 Days entrepreneurs and artists so the spaces can be better utilised. “This will allow emerging creatives in the region to trial a start-up business or a low- Median vendor cost space to display and sell their products,” Mr Saunders said. discount Fraser Coast Regional Council’s other project is River Heads Carpark and Boat Ramp -5.2% Upgrade, with the Building our Regions contributing $500,000 to the project. Market Outlook Stock on market The future of the house and unit sales markets will be steady on balance. Expect capital gains to be a long-term prospect, with detached houses likely to recover more 10.5% convincingly than attached accommodation.
66 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Fraser Coast
UNIT MARKET HOUSE MARKET (<2400m2) The quarterly median house price to March 2019 was $316,000 reflecting a fall of 2.8 per cent. Annual Five-year median house gains were 6.7 per cent which is considered a soft outcome for the timeframe.
Two suburbs saw annual house median house price growth in the double digits – River Heads (18.4 per cent) and Toogoom (11.3 per cent).
Quarter Annual median The Fraser Coast’s five highest median-priced suburbs over the 12 months to median price price December 2018 were Dundowran Beach ($592,500), Glenwood ($575,000), Chatsworth ($402,500), Burrum Heads ($390,000) and Urraween ($376,500) – $270,000 $260,000 although it’s noted that sale volumes were modest and this can cause fluctuations in the results.
General Activity 5yrs The most active price range for houses was for property below $350,000 which represented around 65 per cent of the volume of sales for the March 2019 quarter.
Quarterly sale volumes to March 2019 was 315 transactions in total. Sale volumes across the most active price sectors have been trending down over the past three Annual volume Annual median quarters. of sales price 5 yrs ago UNIT MARKET $260,000 366 The performance of the unit market was promising during the last quarter but more disappointing over longer time frames.
The quarterly median unit price to March 2019 was $270,000 which reflected a 5.5 per cent gain across 67 transactions. This was the third highest quarterly percentage gain of all LGAs studied in the report, coming in behind Rockhampton (33.3 per cent) and Gladstone (19.4 per cent).
The medium-term reflected flat performance, with the five-year median unit price seeing zero price movement over the half decade.
The most active price range for units in the LGA was below $250,000 which represented around 43 per cent of the volume of sales for the March 2019 quarter.
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 67 Fraser Coast The March 2019 quarter sale volumes was 67 – a fairly dramatic reduction on the UNIT MARKET December 2018 result of 94 sales. Median days on market across the last 12 month period to February 2019 was 96 which was a tighter result than was reflected in the year to December 2018. Median days on Market conditions market Evidence suggests units bounced back well over the past quarter – although this was 96 Days on the back of less convincing numbers toward the end of 2018. This sort of low base can amplify the outcome, particular if there are limited sales on which to base the analysis. Most observers believe the unit market will be a fairly soft performer in the short term. Median vendor discount RENTAL MARKET Median weekly rent rose across a number of dwelling types according to the annual -4.7% measure. Three-bedroom houses recorded a median weekly rent $320 (up $20 for the year) across 294 new rental bonds. Two-bedroom units had a median of $260 (up $10 for Stock on market the year) across 122 new rental bonds, while three-bedroom townhouses came in at approximately $343 (up $23 for the year) across 50 new rental bonds.
8.6% House yields grew over the quarter coming in at 5.3 per cent in March 2019 compared to 5.1 per cent in December 2018.
Unit yields fell by 0.7 percentage points coming in at 5 per cent in March 2019, compared to 5.7 per cent in December 2018. RENTAL MARKET The rental market may continue to fluctuate seasonally, but gently rising median rents suggest the sector is firming. FOR Vacancy Rates RENT 1.1%
House Yields FRASER COAST HOUSE SALES Sep-18 Dec-18 Mar-19 * 5.3% 298 277
203
146 Unit Yields 125 95
35 43 5.0% 15
<$350K $350K+ $500k+ *Preliminary data Houses<2400m2
FRASER COAST LAND SALES FRASER COAST UNIT SALES Sep-18 Dec-18 Mar-19 * Sep-18 Dec-18 Mar-19 *
146 145 44 40 34 29 29 28 86
20
11 7 5 5 5 8 8 8 5 0 0
<$250k $250K+ $350K+ <$250k $250K+ $350K+ $500k+ *Preliminary data *Preliminary data
68 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - HOUSES <2400m2 SALES MARKET - VACANT LAND <2400M2 ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) AGO) AGO) FRASER COAST (LGA) 315 $316,000 -2.8% 1712 $320,000 $318,000 0.6% $300,000 6.7% FRASER COAST (LGA) 63 $142,900 -10.7% 371 $155,000 $155,000 0.0% $148,000 4.7% FRASER COAST FRASER COAST 69 $425,000 15.5% 428 $390,000 $390,000 0.0% $362,500 7.6% 31 $85,000 -5.6% 219 $76,000 $75,000 1.3% $82,975 -8.4% (LGA) ^ (LGA) ^
BOORAL ^ 4 N/A N/A 24 $402,500 $410,500 -2.0% $375,000 7.3% BURRUM HEADS 8 N/A N/A 34 $129,500 $123,750 4.7% $115,000 12.6% BURRUM HEADS 11 N/A N/A 53 $390,000 $409,000 -4.7% $367,500 6.1% GLENWOOD ^ 17 N/A N/A 117 $69,000 $68,500 0.7% $69,000 0.0% Fraser Coast DUNDOWRAN BEACH 6 N/A N/A 30 $592,500 $612,500 -3.3% $535,000 10.7% RIVER HEADS 11 N/A N/A 40 $86,250 $99,000 -12.9% $105,000 -17.9% DUNDOWRAN BEACH ^ 9 N/A N/A 33 $575,000 $557,500 3.1% $538,500 6.8% TOOGOOM 4 N/A N/A 27 $145,000 $125,000 16.0% $99,814 45.3% ELI WATERS 18 N/A N/A 86 $325,000 $334,000 -2.7% $322,000 0.9% WONDUNNA 0 N/A N/A 14 N/A $158,250 N/A $153,750 N/A GLENWOOD ^ 11 N/A N/A 50 $237,500 $237,000 0.2% $200,000 18.8% GRANVILLE 5 N/A N/A 36 $213,750 $195,000 9.6% $203,000 5.3% SURROUNDS KAWUNGAN 17 N/A N/A 93 $360,000 $341,000 5.6% $329,390 9.3% MARYBOROUGH 47 $187,500 -6.3% 283 $199,500 $200,000 -0.3% $203,000 -1.7% GYMPIE (LGA) 18 N/A N/A 131 $126,000 $124,995 0.8% $110,000 14.5% PIALBA 9 N/A N/A 57 $285,000 $310,000 -8.1% $297,000 -4.0% GYMPIE (LGA) ^ 23 $170,000 -5.0% 116 $160,000 $144,995 10.4% $120,000 33.3% POINT VERNON 26 $322,500 2.7% 129 $317,000 $328,000 -3.4% $305,000 3.9% GYMPIE 5 N/A N/A 28 $126,000 $124,995 0.8% $119,000 5.9% RIVER HEADS 9 N/A N/A 50 $343,250 $290,000 18.4% $267,500 28.3% SCARNESS 13 N/A N/A 73 $317,500 $305,000 4.1% $277,500 14.4% TINANA 11 N/A N/A 53 $270,000 $262,500 2.9% $276,500 -2.4% TOOGOOM 18 N/A N/A 95 $345,000 $310,000 11.3% $287,000 20.2% RENTAL MARKET - 3 BED HOUSES MAR-19 MAR-18 MAR-14 TORQUAY 13 N/A N/A 100 $331,500 $325,000 2.0% $320,000 3.6% POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL URANGAN 32 $340,000 0.0% 204 $336,000 $326,750 2.8% $305,500 10.0% WEEK BONDS WEEK BONDS WEEK BONDS URRAWEEN 30 $362,000 -6.0% 148 $376,500 $364,000 3.4% $335,900 12.1% FRASER COAST REGIONAL 320 294 $300 332 $280 336 4650 Maryborough region 280 116 $270 152 $250 134 SURROUNDS 4655 Hervey Bay/Pialba/Scarness/Urangan 335 163 $320 161 $290 188 GYMPIE (LGA) 117 $290,000 4.5% 623 $290,000 $287,000 1.1% $257,000 12.8% 4659 Burrum/Burrum Heads/Howard 320 15 $280 15 $250 11 GYMPIE (LGA) ^ 71 $378,000 -0.5% 426 $390,000 $376,000 3.7% $323,250 20.6% GYMPIE REGIONAL 300 142 $285 126 $260 211 CHATSWORTH ^ 1 N/A N/A 17 N/A $437,500 N/A $386,500 N/A Gympie/Amamoor/Curra/Imbil/Kandanga/ 4570 300 111 $285 105 $260 173 Monkland/Southside/Victory Heights COOLOOLA COVE 16 N/A N/A 74 $300,000 $315,000 -4.8% $253,000 18.6% 4580 Cooloola/Tin Can Bay 290 15 $300 15 $265 26 CURRA ^ 9 N/A N/A 53 $327,500 $295,000 11.0% $265,000 23.6% SOUTH BURNETT REGIONAL 265 115 $250 112 $240 143 GYMPIE 45 $270,000 8.0% 258 $260,000 $265,000 -1.9% $232,000 12.1% 4605 Barlil 230 19 $198 18 $225 18 SOUTHSIDE 22 $340,500 4.5% 117 $345,000 $327,500 5.3% $312,500 10.4% 4606 MP Creek 242.5 10 $235 8 $225 13 TIN CAN BAY 13 N/A N/A 58 $335,000 $318,000 5.4% $320,000 4.7% 4608 Charlestown n.a. 4 n.a. 3 4610 Alice Creek 280 67 $265 54 $260 75 SOUTH BURNETT 55 $205,000 -6.0% 280 $200,000 $198,500 0.8% $199,500 0.3% 4615 Barker Creek Flat 260 15 $240 23 $230 33 (LGA) SOUTH BURNETT 31 $250,000 -3.1% 214 $260,000 $260,000 0.0% $252,500 3.0% (LGA) ^
KINGAROY 25 $236,000 -6.1% 155 $220,000 $230,000 -4.4% $230,000 -4.3% RENTAL MARKET - 2 BED UNITS KINGAROY ^ 3 N/A N/A 23 $362,000 $339,000 6.8% $380,000 -4.7% MAR-19 MAR-18 MAR-14 POST MURGON 5 N/A N/A 16 N/A $151,000 N/A $155,000 N/A $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS NANANGO 10 N/A N/A 40 $185,000 $191,750 -3.5% $175,000 5.7% FRASER COAST REGIONAL 260 122 $250 183 $225 168
4650 Aldershot 210 29 $200 41 $185 46 4655 Hervey Bay/Pialba/Scarness/Urangan 285 93 $270 137 $240 121 SALES MARKET - UNITS & TOWNHOUSES GYMPIE REGIONAL 230 46 $223 48 $208 66 ANNUAL ANNUAL Gympie/Amamoor/Curra/Imbil/Kandanga/ QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN 4570 225 32 $215 40 $204 49 QTRLY 1YR 5YR Monkland/Southside/Victory Heights SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS 4580 Cooloola/Tin Can Bay n.a. 4 n.a. 4 $225 10 AGO) AGO) 4581 Rainbow Beach/Inskip 260 10 n.a. 4 $250 5 FRASER COAST (LGA) 67 $270,000 5.5% 366 $260,000 $259,000 0.4% $260,000 0.0% SOUTH BURNETT REGIONAL 195 38 $195 51 $190 48 PIALBA 10 N/A N/A 50 $297,500 $250,000 19.0% $310,000 -4.0% 4605 Barlil n.a. 3 n.a. 3 $155 8 SCARNESS 4 N/A N/A 36 $265,000 $272,000 -2.6% $260,000 1.9% 4610 Alice Creek 205 26 $200 40 $200 33 TORQUAY 24 $234,000 -9.5% 87 $250,000 $245,000 2.0% $218,000 14.7% URANGAN 23 $270,000 8.0% 116 $270,000 $263,000 2.7% $262,500 2.9%
SURROUNDS RENTAL MARKET - 3 BED TOWNHOUSES GYMPIE (LGA) 14 N/A N/A 75 $265,000 $245,500 7.9% $267,000 -0.7% MAR-19 MAR-18 MAR-14 POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS FRASER COAST REGIONAL 342.5 50 $320 54 $310 81
4655 Hervey Bay/Pialba/Scarness/Urangan 345 48 $320 52 $320 78 GYMPIE REGIONAL n.a. 4 n.a. 2 $275 5 Gympie/Amamoor/Curra/Imbil/Kandanga/ 4570 n.a. 3 n.a. 2 n.a. 3 Monkland/Southside/Victory Heights
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 69 Bundaberg
EMPLOYMENT MARKET Softer market WIDE BAY SA4 The Bundaberg house market has continued on its path of steady- to-soft performance over the past year – although there are some Unemployment Rate strengthening metrics that could be the first signs prices are 7.5% nearing the bottom of their cycle. Units are also in a soft price phase, with prices now well past their peak and trending lower. Participation Rate Rental market performance weakened slightly with vacancies rising moderately in the 49.6% March quarter. In contrast, median rents have continued their gentle upward quarterly trend, showing further indicators demand is on the rise for accommodation.
2 HOUSE MARKET (<2400M ) It’s likely improving rental market conditions will have a positive impact on the performance of the sales market in the future.
Regional Economy and Infrastructure Investment
Support for jobs growth in Bundaberg is coming via way of government funding Annual across several projects. Quarter Annual median An example is Gin Gin’s community hub development which is benefiting from part of median price price a $3 million State Government grant towards priority local infrastructure projects. $270,000 $277,000 Bundaberg Regional Council said the almost $850,000 contributed by the state will allow the Gin Gin hub to be delivered faster.
On the agricultural front, the State Government’s Rural Economic Development Grant 5yrs looks set to help boost local production.
Swan Ridge Farms at Meadowvale was one of 15 businesses in Queensland to receive up to $250,000 from the grant. The money is set to help the producer boost supply to both domestic and export markets by up to 400 per cent, which means increased Annual volume Annual median job opportunities for locals. of sales price 5yrs ago Market Outlook
1,010 $275,000 The Bundaberg residential property market has been a generally slow and steady performer for the past decade, with the regional economy in need of further business and infrastructure investment to promote property investment.
That said, the 2019 outlook for the rental market is positive as vacancies are forecast HOUSE MARKET ALL to sit within a healthy range and rents should hold firm or increase at a modest pace.
HOUSE MARKET (<2400m2)
Median days on The quarterly median price fell 1.8 per cent to $270,000 for March 2019. Sale market number for the period came in at 208 transactions. 59 Days The annual median house price to the end of March 2019 softened too, recording a 2.8 per cent fall to $277,000 across 1010 sales. This was a more dramatic drop than last year’s annual result where the median receded by 1.4 per cent price to $281,000 Median vendor across 1028 sales. discount In fact, Bundaberg’s 2.8 per cent annual price drop placed it as the third weakest performer for houses among those LGAs study for this report, with Rockhampton -5.6% (4.9 per cent fall) and Gladstone (3.6 per cent fall) the only locations with lesser performance. Stock on market The result for five-year growth in Bundaberg was also very modest. The median house price sat at $275,000 in 2014, reflecting a rise of just 0.7 per cent between 9.5% then and 2019.
70 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Bundaberg
UNIT MARKET Preliminary data showed the majority of house sales, approximately 71 per cent, occurred below the $350,000 price point in the March 2019 quarter.
The stock on market is the percentage of dwellings that have been listed for sale Annual over the past 12 months. Bundaberg’s result for houses to February 2019 was 9.5 per cent – a minor increase of the previous year’s result of 8.5 per cent.
The most traded location within the LGA throughout the March 2019 quarter were Bargara (26 sales), Svensson Heights (15 sales), Walkerville (14 sales) and Woodgate (7 sales). Quarter Annual median median price price General Activity
$236,000 $245,000 Market trend indicators tell the story of a subdued housing market in Bundaberg, but there are indications prices are near the bottom of the cycle.
Total house listing numbers increased by 10.7 per cent from 2895 sales last year 5yrs to 3204 in 2019.
Median days-on-market was 59 in the year to February 2019 which was a definite tightening on the 69 days for the same measure in 2018.
Annual volume Annual median Sellers have held firm based on the median vendor discount. The figure for the 12 of sales price 5 yrs ago months to February 2019 was -5.6 per cent, just slightly more than the -5.3 per cent recorded for 2018. $245,000 189 UNIT MARKET
There was a negative quarterly median price outcome for the March 2019 period. Unit and townhouse prices fell by 15.1 per cent to $236,000, with 32 transactions UNIT MARKET occurring within the quarter.
It was the second worst quarterly performer of all LGAs included in this report Median days on with Mackay (-18.9 per cent) and Logan (-13.1 per cent) also in the top three. market Looking at annual data, and the median unit price fell 6.8 per cent to $245,000 across 189 sales. Similar to the quarterly result, this annual drop placed 85 Days Bundaberg as the second weakest performer across the LGAs. Townsville was higher with a 10.7 per cent price fall while Moreton Bay’s 5.6 per cent softening had it come in third. Median vendor discount Total listing in the year to February 2019 was 491 representing a 24 per cent increase on last year’s figure. Stock on market for the same period was 8.4 per -5.0% cent which reflects a 2.4 percentage point decrease over the year. Median days on market for the year was 85 – a decrease of 28 days compared to Stock on market last year’s figure. 8.4%
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 71 Bundaberg RENTAL MARKET The five-year measure has seen unit prices stagnate. The annual median in March 2014 was $245,000 – identical to today’s result.
Data shows that 59 per cent of units sold in the LGA were traded for below $250,000 FOR Vacancy Rates in March quarter 2018. RENT 3.1% A unit in Bundaberg takes about 85 days to sell – that’s a drop of 28 days compared to the 2018 measure. Sellers are applying a median vendor discount on their list price of 5 per cent which is comparable to 5.3 per cent median they were applying in 2018.
House Yields RENTAL MARKET The Bundaberg rental market is maintaining a healthy status with some positive 5.7% results.
Vacancies in Bundaberg for the March quarter are at 3.1 per cent, up 1.1 points from the 2.0 per cent result during the December quarter last year. Unit Yields Median rent for a three-bedroom house in the March quarter was $300 per week 5.5% while two-bedroom units came in at $245 per week. Media rental yields for houses held stead over the quarter at 5.7 per cent – the identical result from December 2018.
Unit yields rose from 4.9 per cent in the December 2018 quarter to reach 5.5 per cent in March 2019. The 2019 outlook for the rental market is positive as vacancies are forecast to sit within a healthy range and rents should hold firm or increase at a modest pace.
BUNDABERG HOUSE SALES BUNDABERG UNIT SALES Sep-18 Dec-18 Mar-19 * Sep-18 Dec-18 Mar-19 *
27 211 184 19 147 17 17
12 12 10 8 56 42 41 5 4 19 18 3 13 1
<$350K $350K+ $500k+ <$250k $250K+ $350K+ $500k+ *Preliminary data *Preliminary data Houses<2400m2
72 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - HOUSES <2400m2 SALES MARKET - VACANT LAND <2400M2 ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) AGO) AGO) Bundaberg BUNDABERG (LGA) 208 $270,000 -1.8% 1010 $277,000 $285,000 -2.8% $275,000 0.7% BUNDABERG (LGA) 37 $139,000 5.3% 225 $147,000 $148,825 -1.2% $144,000 2.1% BUNDABERG BUNDABERG 55 $349,000 8.2% 315 $350,000 $367,500 -4.8% $345,000 1.4% 6 N/A N/A 49 $149,500 $150,000 -0.3% $140,000 6.8% (LGA) ^ (LGA) ^
AVENELL HEIGHTS 10 N/A N/A 58 $252,500 $244,000 3.5% $285,000 -11.4% BRANYAN 2 N/A N/A 18 N/A $129,000 N/A $131,500 N/A AVOCA 12 N/A N/A 73 $292,500 $295,000 -0.9% $304,000 -3.8% BARGARA 26 $355,000 1.4% 140 $355,000 $375,000 -5.3% $370,000 -4.1% BRANYAN ^ 6 N/A N/A 39 $400,000 $393,500 1.7% $389,000 2.8% BUNDABERG EAST 5 N/A N/A 31 $272,000 $260,000 4.6% $269,000 1.1% RENTAL MARKET - 3 BED HOUSES MAR-19 MAR-18 MAR-14 BUNDABERG NORTH 12 N/A N/A 58 $211,250 $225,000 -6.1% $175,000 20.7% POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL BUNDABERG SOUTH 9 N/A N/A 37 $210,000 $223,000 -5.8% $210,000 0.0% WEEK BONDS WEEK BONDS WEEK BONDS BUNDABERG WEST 2 N/A N/A 26 $271,250 $225,000 20.6% $248,750 9.0% BUNDABERG REGIONAL 300 248 $290 340 $285 403 BURNETT HEADS 6 N/A N/A 42 $300,000 $287,500 4.4% $270,000 11.1% 4660 Apple Tree Creek/Childers/Woodgate 280 30 $275 20 $270 18 CORAL COVE 5 N/A N/A 27 $397,500 $385,000 3.3% $385,000 3.2% Bundaberg/Avoca/Bargara/Burnett Heads/Innes 4670 300 248 $290 312 $285 357 KALKIE 4 N/A N/A 35 $355,000 $320,000 10.9% $332,000 6.9% Park/Kepnock/Millbank/Thabeban KEPNOCK 11 N/A N/A 54 $251,500 $276,250 -9.0% $262,250 -4.1% 4671 Gin Gin/Mount Perry 270 19 $268 8 $260 26 MILLBANK 9 N/A N/A 32 $246,250 $210,000 17.3% $256,250 -3.9% NORTH BURNETT REGIONAL 250 44 $235 45 $250 46 NORVILLE 10 N/A N/A 39 $225,000 $230,000 -2.2% $251,500 -10.5% 4625 Aranbanga 250 23 $240 21 $260 18 SVENSSON HEIGHTS 15 N/A N/A 47 $225,000 $239,500 -6.1% $260,000 -13.5% 4626 Beeron 250 10 $250 11 $230 12 THABEBAN 9 N/A N/A 38 $255,000 $244,000 4.5% $282,500 -9.7% 4630 Bancroft 162.5 8 $180 9 $230 8 WALKERVALE 14 N/A N/A 58 $215,000 $219,000 -1.8% $235,000 -8.5% WOODGATE 7 N/A N/A 33 $390,000 $385,000 1.3% $364,000 7.1%
SURROUNDS RENTAL MARKET - 2 BED UNITS MAR-19 MAR-18 MAR-14 NORTH BURNETT (LGA) 15 N/A N/A 72 $136,500 $136,500 0.0% $157,500 -13.3% POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS BUNDABERG REGIONAL 245 172 $245 191 $240 182
Bundaberg, Avoca, Bargara, Burnett Heads, Innes 4670 245 172 $245 183 $240 177 Park, Kepnock, Millbank, Thabeban SALES MARKET - UNITS & TOWNHOUSES ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS AGO) AGO) RENTAL MARKET - 3 BED TOWNHOUSES BUNDABERG (LGA) 32 $236,000 -15.1% 189 $245,000 $263,000 -6.8% $245,000 0.0% MAR-19 MAR-18 MAR-14 POST $ / NEW $ / NEW $ / NEW AVENELL HEIGHTS 2 N/A N/A 19 N/A $235,000 N/A $264,000 N/A CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS BARGARA 9 N/A N/A 50 $341,500 $403,750 -15.4% $279,000 22.4% BUNDABERG REGIONAL 330 6 $280 12 $290 11
Bundaberg/Avoca/Bargara/Burnett Heads/Innes 4670 330 6 $280 12 $290 11 Park/Kepnock/Millbank/Thabeban
BUNDABERG UNIT SALES BUNDABERG LAND SALES Sep-18 Dec-18 Mar-19 * Sep-18 Dec-18 Mar -19 *
84 27
19 17 17 49 41 12 12 10 8 5 4 3 1 3 3 4 3 0 2
<$250k $250K+ $350K+ $500k+ <$250k $250K+ $350K+ *Preliminary data *Preliminary data
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 73 Gladstone
EMPLOYMENT MARKET Gladstone market stabilising FITZROY SA4 While the latest quarterly results for Gladstone show a market that could be classified as a bit of a basket case, its annual results are Unemployment Rate showing a different, more positive, story.
5.6% Over the March quarter, the median house price in Gladstone fell 13.5 per cent, however, the quarter before that it increased.
Participation Rate In fact, over the past four quarters, its median house price has been up as much as its been down.
68.9% However, over the year ending March, its median house price produced a relatively small fall of 3.6 per cent – which was the same result as the year ending December.
With its annual price movement now stabilising, and with a median house price of $270,000, it is fair to say that the market is probably closer to the end than the beginning of its price falls. HOUSE MARKET (<2400M2) Similarly, its unit market has recorded quarterly price increases and falls over the past year, but its annual result produced a price reduction of just five per cent.
The Gladstone median unit price of $171,000 is now the most affordable of any major region in Queensland, which will likely be an attractive proposition for buyers near and far. Annual Quarter Annual median Regional Economy and Infrastructure Investment median price price Yarwun Waste Water Treatment Plant will be upgraded after receiving State $257,250 $270,000 Government funding recently. According to the State Government, the project was crucial for the region’s economy as the upgrade will allow future expansion of industries sited in the Gladstone State Development Area (SDA). 5yrs The facility currently treats waste water from heavy industry operations in the Gladstone SDA, including Orica, Rio Tinto and Transpacific.
The upgrade will improve effluent quality, reuse the treated wastewater efficiently and Annual volume Annual median comply with environmental approvals, with council estimating up to nine jobs will be of sales price 5yrs ago supported during the construction phase. 542 $420,000 When complete, the project will provide the Gladstone community with a more efficient and reliable wastewater system.
Gladstone Region Mayor Matt Burnett welcomed the funding, which will allow for the continued growth of the Gladstone SDA.
He said the funding supported infrastructure to maximise the region’s strategic advantages and had already supported the delivery of the Agnes Water Waste Transfer Station upgrade, Boyne Island car park and Kirkwood Reservoir, among other projects.
Up to 1000 landlords and their tenants also have the chance to team up and cut power bills and emissions under a trial scheme in the region.
The State Government is trialling rebates of up to $3500 to encourage rental property owners and their tenants to go solar.
A typical household could save between $400 and $500 even after a $10 per week rent increase, according to the State Government.
Under the scheme, tenants and owners must agree to having rooftop solar installed.
The owner receives a rebate of up to $3500 to install solar and any rent increase must be fair and reasonable and agreed by both parties.
74 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Gladstone
The trial will run in Bundaberg, Gladstone and Townsville until June 30, 2020, or when HOUSE MARKET ALL the $4 million funding has been allocated.
House Market
Median days on If there was a prize for a market that liked to keep everyone guessing, Gladstone may market well take it out.
It is clear that the region’s house market continues to be volatile from quarter to 62 Days quarter, however, the market over the past year appears to have stabilised.
Whereas in the previous edition of QMM, Gladstone had recorded a median house price increase, following on from a fall the quarter before that, the March quarter has Median vendor again posted a reduction in its median price. discount Gladstone’s median house price fell 13.5 per cent over the March quarter to be -8.2% $257,250. However, it’s important not to get too caught up in these quarterly results given its yearly performance is holding steady. Stock on market Over the year ending December, Gladstone’s median house price fell by 3.6 per cent 8.0% and, similarly, over the year ending March 2019, that figure was, again, 3.6 per cent. The annual median house price is now $270,000 – down 35.7 per cent compared to the same period five years ago.
Perhaps given this affordable price point, the number of house sales has increased by 8.6 per cent over the year. It is clear that the The rebound in the resources sector also augurs well for the Gladstone market more region’s house market generally. continues to be volatile Unit Market from quarter to quarter, Like a mirror image of its housing market, the Gladstone unit sector is also resembling however, the market over a median price see-saw from one quarter to the next. the past year appears to In the December quarter, it posted a median unit fall of 9.7 per cent, however, this year that had flipped on its head to be an increase of 19.4 per cent. have stabilised. The median unit price in Gladstone is now $197,000, which is affordable in anyone’s language.
However, it is important to recognise that its quarterly median unit price performance reflects just 30 sales over the three months to March.
Over the year ending March, on the other hand, the median price reduced five per cent – a significant improvement on the previous quarter’s result of a fall of 10.8 per cent.
The annual median unit price is now $171,000, which is the most affordable of all major regions in Queensland.
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 75 UNIT MARKET
Gladstone Annual Rental Market
While the sales market for both houses and units is leaving many pundits scratching their heads, the opposite is true for Gladstone’s rental market.
Its residential vacancy rate has been trending down for three years now and has finally Quarter Annual median hit a level that shows a balance between supply and demand. median price price According to REIQ vacancy rate data, Gladstone’s rate was an eye-watering 11.3 per $197,000 $171,000 cent in March 2016. However, by the March quarter of 2019, it had reduced dramatically to 3.1 per cent.,
It has been the best part of seven years since the Gladstone rental market has been so 5yrs healthy.
The reduction in available rental properties is correspondingly strengthening weekly rents.
Annual volume Annual median Over the year, the median weekly rent for a three-bedroom house increased from of sales price 5 yrs ago $200 to $223.
133 $372,500 Likewise, the median weekly rent for two-bedroom units increased from $150 to $170.
The volatility of quarterly property price results, however, means that the gross rental yields recorded in Gladstone also spiked.
UNIT MARKET It’s fair to say that new investors in the region would achieve healthy yields, however, given many landlords bought when prices were higher there is probably still some way to go before their cash flows improve. Median days on market 76 Days
Median vendor discount -8.1%
Stock on market 7.1%
RENTAL MARKET
FOR Vacancy Rates RENT GLADSTONE HOUSE SALES 3.1% Sep-18 Dec-18 Mar-19 *
125
House Yields 92 84 4.4% 38 21 17 10 10 5 Unit Yields <$350K $350K+ $500k+ *Preliminary data 4.5% Houses<2400m2
76 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - HOUSES <2400m2 RENTAL MARKET - 3 BED HOUSES ANNUAL ANNUAL MAR-19 MAR-18 MAR-14 POST QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR CODE L $ / NEW $ / NEW $ / NEW SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE LOCALITY CHANGE CHANGE CHANGE WEEK BONDS WEEK BONDS WEEK BONDS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) GLADSTONE REGIONAL 222.5 206 $200 222 $350 322 Gladstone GLADSTONE (LGA) 108 $257,250 -13.5% 542 $270,000 $280,000 -3.6% $420,000 -35.7% 4677 Agnes Water/Miriam Vale 300 15 $320 13 $300 18 GLADSTONE (LGA) ^ 30 $432,500 21.8% 152 $380,000 $375,000 1.3% $525,000 -27.6% Gladstone/Boyne Island/Clinton/New Auckland/Kin 4680 220 187 $200 207 $360 296 Kora/ Tannum Sands AGNES WATER ^ 3 N/A N/A 26 $360,000 $360,000 0.0% $360,000 0.0% BANANA SHIRE 280 57 $278 44 $300 56 BOYNE ISLAND 15 N/A N/A 54 $288,000 $293,000 -1.7% $464,000 -37.9% 4715 Biloela 310 30 $300 23 $320 30 CALLIOPE 9 N/A N/A 40 $235,000 $240,000 -2.1% $430,000 -45.3% 4718 Bauhinia 245 22 $240 16 $250 17 CLINTON 15 N/A N/A 75 $260,000 $260,000 0.0% $398,000 -34.7% GLEN EDEN 4 N/A N/A 19 N/A $302,750 N/A $456,500 N/A KIN KORA 3 N/A N/A 28 $288,000 $295,500 -2.5% $390,000 -26.2% KIRKWOOD 5 N/A N/A 34 $303,250 $353,500 -14.2% $514,500 -41.1% NEW AUCKLAND 14 N/A N/A 50 $290,000 $290,000 0.0% $410,000 -29.3% RENTAL MARKET - 2 BED UNITS SOUTH GLADSTONE 6 N/A N/A 29 $250,000 $240,000 4.2% $400,000 -37.5% MAR-19 MAR-18 MAR-14 POST $ / NEW $ / NEW $ / NEW TANNUM SANDS 7 N/A N/A 61 $315,000 $360,000 -12.5% $470,000 -33.0% CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS TELINA 4 N/A N/A 19 N/A $239,000 N/A $391,500 N/A GLADSTONE REGIONAL 170 184 $150 226 $300 234 WEST GLADSTONE 5 N/A N/A 46 $182,550 $178,000 2.6% $385,000 -52.6% 4677 Agnes Water/Miriam Vale 255 6 n.a. 4 $310 7 Gladstone/Boyne Island/Clinton/New Auckland/Kin 4680 170 178 $150 221 $300 227 SURROUNDS Kora/ Tannum Sands BANANA (LGA) 16 N/A N/A 101 $165,000 $172,500 -4.4% $270,000 -38.9% BANANA SHIRE 250 15 $250 21 $240 20 BILOELA 14 N/A N/A 55 $205,000 $265,500 -22.8% $282,500 -27.4% 4715 Biloela 260 12 $250 19 $260 15
SALES MARKET - UNITS & TOWNHOUSES RENTAL MARKET - 3 BED TOWNHOUSES ANNUAL ANNUAL MAR-19 MAR-18 MAR-14 POST QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR CODE L $ / NEW $ / NEW $ / NEW SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE LOCALITY CHANGE CHANGE CHANGE WEEK BONDS WEEK BONDS WEEK BONDS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) GLADSTONE REGIONAL 220 84 $200 86 $400 127
GLADSTONE (LGA) 30 $197,000 19.4% 133 $171,000 $180,000 -5.0% $372,500 -54.1% 4677 Agnes Water/Miriam Vale n.a. 2 n.a. 3 $0 0 Gladstone/Boyne Island/Clinton/New Auckland/Kin 4680 220 82 $200 83 $400 127 Kora/ Tannum Sands
SALES MARKET - VACANT LAND <2400M2 ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS AGO) AGO) GLADSTONE (LGA) 8 N/A N/A 53 $130,000 $150,000 -13.3% $210,000 -38.1%
KIRKWOOD 0 N/A N/A 4 N/A $125,000 N/A $240,000 N/A
GLADSTONE UNIT SALES GLADSTONE LAND SALES Sep-18 Dec-18 Mar-19 * Sep-18 Dec-18 Mar -19 *
18 25 17 23
19 11
9 6 3 3 2 2 2 1 0 1 1 0 0 0 0
<$250k $250K+ $350K+ $500k+ <$250k $250K+ $350K+ *Preliminary data *Preliminary data
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 77 Rockhampton
EMPLOYMENT MARKET Past the peak FITZROY SA4 The Rockhampton market on the whole continued softening as we headed into 2019. Unemployment Rate The annual median house price of $254,500 sees Rockhampton as the most 5.6% affordable housing sector of all markets in the QMM. In addition, median unit prices fell to $290,000 for the year to March 2019 – a trend Participation Rate that could well continue. There was some better news among the analysis. The Rockhampton rental market 68.9% delivered another good quarter of metrics. Vacancies held within a tight range while rents rose slightly, although gross yields were, unfortunately, a little softer.
Regional Economy and Infrastructure Investment
HOUSE MARKET (<2400M2) While increased mining activity is expected to bring benefits to the region, there have been other interesting announcements that could boost Rockhampton’s prospects for employment and infrastructure.
It’s hoped recent executive appointments for Rockhampton’s manufacturing hub will promote innovation in the sector. Annual Along with the new hub coordinator, there’s been a skills development and training Quarter Annual median officer, and a project support officer, hired to staff the new $10 million hub. median price price The coordinator’s role will be to help connect local manufacturers with the new $265,000 $254,500 services the hub will offer once opened in later in 2019. The initial focus of the hub will be on rail, advanced metal production and food production innovation.
Alliance Airlines will expand its Queensland operations and establish a new base in 5yrs Rockhampton. This will be a $12.5 million project that’s expected to support up to 30 new full-time jobs in its first year of operation, growing to 58 over the following five years.
This new operation is predicted to bring greater connectivity, potential new routes, Annual volume Annual median increased private charters and new tourism ventures to Central Queensland, with of sales price 5yrs ago crew, maintenance, and aircraft to be based in Rockhampton.
Alliance have grown to become Australia’s largest charter operator specialising in 805 $306,500 charters for the resources sector.
Rockhampton is also set to become the centre of regional Australia’s art scene with the $31.5 million Rockhampton Art Gallery project receiving $15 million in state government funding. The funding will enable a new art gallery to be built that is seven times the size of the existing space, supporting 104 construction jobs. The 2019 outlook for the Market Outlook sales market remains The 2019 outlook for the sales market remains challenging. Our analysis indicates challenging. Our analysis that both houses and units are past their peak prices and are now in the price indicates that both softening phase of the cycle. houses and units are past There will be no desperation from buyers looking to purchase, given the current metrics, however a combination of recovery in the mining sector and ongoing their peak prices and are investment in the region could translate into long-term upside. now in the price softening Anecdotal evidence among local property operators reveals an expectation prices in phase of the cycle. the housing market could stabilise in the near term. The unit market continues to underperform, although transaction numbers are limited. Anomalies may occur among the statistics in these instances.
Units are a relatively small sector overall with less owner-occupier appeal than
78 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Gladstone
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 79 detached housing. As a result, units tend to have less capital gain potential than HOUSE MARKET ALL detached houses.
HOUSE MARKET (<2400m2)
Median days on The March 2019 quarterly median house price rose an impressive 15.2 per cent to market $265,000 across 166 sales. This outcome appears a dramatic rise in values for a short timeframe however they may well prove to be anomalous, given the annual 67 Days figures.
For the 12-months to March 2019, houses recorded a median sale price of $254,500 Median vendor – which is a 4.9 per cent reduction on the previous year – across 805 transactions. discount This result was the weakest 12-month performance of all areas surveyed for this report. The other worse performers were Gladstone with a drop of 3.6 per cent, and -9.4% Bundaberg with a fall of 2.8 per cent. The five-year measure shows median house values retracting 17 per cent since March Stock on market 2014. 7.9% General Activity The total number of house listings in Rockhampton for the 12 months to February 2019 was 2304 – a 23.1 per cent rise on the previous year’s 1872 listings.
Stock on Market for the period was 7.9 per cent which is notably higher than last UNIT MARKET year’s 6.7 per cent result. The median vendor discount for the twelve months in 2019 was 9.4 per cent which is greater than the 8.0 per cent outcome in 2018. Median days on Median days on market for the 12-month period was 67 – a rise of just one day on market the previous year’s number.
91 Days The majority of houses that traded in Rockhampton over the March quarter were ROCKHAMPTON & LIVINGSTONE LAND SALES priced below $350,000. This sector made up 72 per cent of all transactions. Sep-18 Dec-18 Mar-19 * Median vendor UNIT MARKET 50 discount 46 The unit market in Rockhampton overall continues to show little improvement.
-8.4% The 12-month median price fell 4.1 per cent to $290,000 across 94 sales. 28
Stock on market The total number of unit listings in Rockhampton for the 12 months to February 2019 was 253 – a substantial 48 per cent increase on the previous 12-month period’s which saw just 171 listings. 3 3 3 5.3% 2 0 1 Stock on Market for the period was 5.3 per cent which was a tighter than the 7.2 per <$250k $250K+ $350K+ cent results for the year to February 2018. *Preliminary data
80 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 UNIT MARKET Median days on market held fairly steady. The 12 months to February 2019 recorded a 91-day median, while the previous year saw 96 days.
The annul median vendor discount in 2019 was 8.4 per cent, which was slightly Annual 5yrs greater than the previous year’s figure of 7.7 per cent. Rockhampton Units priced between $250,000 and $350,000 comprised 38 per cent of all transactions in March quarter 2019.
Medium-term performance in the unit sector was disappointing with the median price Annual median Annual median having fallen 14.8 per cent compared to March 2014. price price 5 yrs ago RENTAL MARKET $290,000 $340,500 The rental market in Rockhampton has been strengthening – and with its vacancy rate holding at 2.0 per cent for the second quarter running, signs are that stock is being absorbed by new residents seeking employment.
Median rent for a three-bedroom house in the March quarter was $290 per week – a $10 per week rise compared to the previous quarter, and a $15 per week rise for the Annual volume year. of sales For two-bedroom units, the median was $220 per week which was also a rise of $10 per week based on the previous quarter’s result, and $10 per week on an annual 94 comparison.
Gross rental yields for Rockhampton investment houses tightened from 6.2 per cent in December quarter 2018, to 5.7 per cent in March quarter 2019.
Quarterly yield falls can indicate rising values and/or falling rents. Given vacancies RENTAL MARKET have remained strong, the result could reflect the unusual outcome of 15.2 per cent quarterly house price growth which, as previously mentioned, could be an anomaly due to sample size.
FOR Vacancy Rates Gross rental yield for units in March quarter 2019 was 3.8 per cent, however statistics RENT 2.0% weren’t available for comparison to the previous quarter.
ROCKHAMPTON & LIVINGSTONE HOUSE SALES House Yields Sep-18 Dec-18 Mar-19 * 237 5.7% 214
153
Unit Yields 85 83 74
3.8% 28 32 15
<$350K $350K+ $500k+ *Preliminary data Houses<2400m2
ROCKHAMPTON & LIVINGSTONE LAND SALES ROCKHAMPTON & LIVINGSTONE UNIT SALES Sep-18 Dec-18 Mar-19 * Sep-18 Dec-18 Mar-19 *
23 50 21 46
16 16 16 14 28 10 10 9 7
3 3 3 3 1 2 0 1
<$250k $250K+ $350K+ <$250k $250K+ $350K+ $500k+ *Preliminary data *Preliminary data
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 81 SALES MARKET - HOUSES <2400m2 RENTAL MARKET - 3 BED HOUSES ANNUAL ANNUAL MAR-19 MAR-18 MAR-14 POST QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR CODE L $ / NEW $ / NEW $ / NEW SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE LOCALITY CHANGE CHANGE CHANGE WEEK BONDS WEEK BONDS WEEK BONDS SALES SALE SALES SALE (1YR (5YRS Rockhampton AGO) AGO) ROCKHAMPTON REGIONAL 290 256 $275 271 $310 307 ROCKHAMPTON Allenstown/Depot Hill/Great Keppel Is/Rockhampton/ 166 $265,000 15.2% 805 $254,500 $267,500 -4.9% $306,500 -17.0% 4700 300 85 $270 94 $320 104 (LGA) Wandal ROCKHAMPTON 15 N/A N/A 66 $365,000 $360,000 1.4% $380,000 -3.9% Central Qld Uni/ Frenchville/ Kalka/ Koongal/ Lakes (LGA) ^ 4701 Ck/ Nerimbera/ Nth Rockhampton/ Oasis Gardens/ Pk 287.5 158 $280 162 $315 194 Avenue PO/Rockhampton ALLENSTOWN 10 N/A N/A 34 $202,500 $200,000 1.3% $267,000 -24.2% LIVINGSTONE SHIRE 300 133 $280 177 $320 200 BERSERKER 19 N/A N/A 84 $180,500 $187,500 -3.7% $250,000 -27.8% Ambrose/Banana/Baralaba/Gindie/Gracemere/ FRENCHVILLE 20 $320,000 -8.6% 101 $318,000 $320,000 -0.6% $345,000 -7.8% 4702 Jericho/Keppel Sands/SaphireStanwell/Rubyvale/ 280 58 $260 94 $300 105 GRACEMERE 12 N/A N/A 91 $260,000 $270,000 -3.7% $337,000 -22.8% Westwood/Woorabinda/Wowan/Yaraka KAWANA 11 N/A N/A 44 $271,250 $280,000 -3.1% $320,000 -15.2% Bayfield/Bungundarra/Byfield/Cooee Bay/ KOONGAL 10 N/A N/A 40 $223,500 $210,000 6.4% $270,000 -17.2% 4703 Farnborough/Kemp Bch/Kinka Bch/Lammermoor Bch/ 350 51 $320 69 $360 69 Statute Bay/Taranganba/Woodbury/Yeppoon MOUNT MORGAN 5 N/A N/A 48 $85,500 $97,500 -12.3% $130,000 -34.2% 4710 Emu park/Zilzie 297.5 24 $245 14 $340 25 NORMAN GARDENS 31 $380,000 -5.0% 105 $395,000 $407,500 -3.1% $380,000 3.9% 4714 Mount Morgan 230 230 13 14 $200 9 PARK AVENUE 11 N/A N/A 61 $199,000 $222,000 -10.4% $275,000 -27.6% CENTRAL HIGHLANDS REGIONAL 257.5 116 $200 163 $300 122 THE RANGE 13 N/A N/A 80 $360,500 $393,500 -8.4% $360,000 0.1% 4717 Blackwater 240 60 $180 84 $275 56 WANDAL 10 N/A N/A 53 $230,000 $225,000 2.2% $275,000 -16.4% 4720 Emerald 280 43 $260 56 $320 51
SURROUNDS CENTRAL HIGHLANDS 52 $235,000 17.5% 248 $200,000 $146,000 37.0% $364,500 -45.1% (LGA)
BLACKWATER 16 N/A N/A 78 $117,000 $32,500 260.0% $315,000 -62.9% RENTAL MARKET - 2 BED UNITS MAR-19 MAR-18 MAR-14 EMERALD 32 $293,750 18.0% 149 $290,000 $238,750 21.5% $396,500 -26.9% POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS LIVINGSTONE (LGA) 80 $355,000 -7.7% 416 $365,000 $360,000 1.4% $383,000 -4.7% ROCKHAMPTON REGIONAL 220 209 $210 200 $240 207 LIVINGSTONE Allenstown/Depot Hill/Great Keppel Is/ 36 $432,500 -12.1% 162 $470,000 $490,000 -4.1% $495,000 -5.1% 4700 250 78 $235 72 $255 41 (LGA) ^ Rockhampton/Wandal EMU PARK 8 N/A N/A 41 $330,000 $310,000 6.5% $315,000 4.8% Central Qld Uni/ Frenchville/ Kalka/ Koongal/ 4701 Lakes Ck/ Nerimbera/ Nth Rockhampton/ Oasis 220 130 $200 125 $240 166 LAMMERMOOR 7 N/A N/A 42 $419,250 $454,150 -7.7% $438,000 -4.3% Gardens/ Pk Avenue PO/Rockhampton YEPPOON 27 $360,000 -6.5% 108 $351,000 $345,000 1.7% $372,500 -5.8% LIVINGSTONE SHIRE 272.5 70 $260 70 $300 77 ZILZIE 5 N/A N/A 38 $340,000 $334,000 1.8% $370,000 -8.1% Ambrose/Banana/Baralaba/Gindie/Gracemere/ 4702 Jericho/Keppel Sands/SaphireStanwell/Rubyvale/ 215 5 $220 9 $183 9 Westwood/Woorabinda/Wowan/Yaraka Bayfield/Bungundarra/Byfield/Cooee Bay/ 4703 Farnborough/Kemp Bch/Kinka Bch/Lammermoor 280 62 $270 59 $300 65 SALES MARKET - UNITS & TOWNHOUSES Bch/Statute Bay/Taranganba/Woodbury/Yeppoon CENTRAL HIGHLANDS REGIONAL 200 60 $190 73 $250 65 ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR 4717 Blackwater 180 11 $150 9 $210 6 SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS 4720 Emerald 200 46 $200 61 $250 57 AGO) AGO) ROCKHAMPTON 4722 Springsure n.a. 2 n.a. 1 n.a. 1 21 $300,000 33.3% 94 $290,000 $302,500 -4.1% $340,500 -14.8% (LGA)
ROCKHAMPTON CITY 6 N/A N/A 33 $460,000 $432,754 6.3% $439,462 4.7%
SURROUNDS RENTAL MARKET - 3 BED TOWNHOUSES LIVINGSTONE (LGA) 15 N/A N/A 103 $283,000 $260,000 8.9% $365,000 -22.5% MAR-19 MAR-18 MAR-14 YEPPOON 12 N/A N/A 60 $297,500 $232,500 28.0% $363,244 -18.1% POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS ROCKHAMPTON REGIONAL 320 11 $330 12 n.a. 4
Central Qld Uni, Frenchville, Kalka, Koongal, Lakes 4701 Ck, Nerimbera, Nth Rockhampton, Oasis Gardens, Pk 320 5 $320 8 n.a. 2 SALES MARKET - VACANT LAND <2400M2 Avenue PO, Rockhampton ROCKHAMPTON LIVINGSTONE SHIRE 350 23 $340 15 $440 18 3 N/A N/A 51 $145,000 $145,000 0.0% $167,000 -13.2% (LGA) Ambrose/Banana/Baralaba/Gindie/Gracemere/ GRACEMERE 2 N/A N/A 12 N/A $145,000 N/A $148,000 N/A 4702 Jericho/Keppel Sands/SaphireStanwell/Rubyvale/ 337.5 10 $370 8 $550 12 Westwood/Woorabinda/Wowan/Yaraka NORMAN GARDENS 1 N/A N/A 24 $165,450 $166,900 -0.9% $179,900 -8.0% Bayfield/Bungundarra/Byfield/Cooee Bay/ 4703 Farnborough/Kemp Bch/Kinka Bch/Lammermoor 375 10 $330 6 $350 6 SURROUNDS Bch/Statute Bay/Taranganba/Woodbury/Yeppoon
LIVINGSTONE (LGA) 19 N/A N/A 119 $180,000 $177,900 1.2% $170,000 5.9% CENTRAL HIGHLANDS REGIONAL 315 8 $290 13 $350 7
HIDDEN VALLEY 1 N/A N/A 1 N/A $177,000 N/A $- N/A 4720 Emerald 325 6 $290 10 $350 6 PARKHURST 4 N/A N/A 30 $188,900 $183,000 3.2% $167,500 12.8% ZILZIE 1 N/A N/A 14 N/A $205,000 N/A $170,500 N/A
82 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 83 Mackay
EMPLOYMENT MARKET Mackay marching forward MACKAY SA4 The Mackay region is continuing to post early signs of a market recovery, with prices firming and activity increasing. Unemployment Rate Over the year ending March, its median house price growth of one per cent was the 4.3% best of all major regional areas. Its volume of house sales also increased over the year. Participation Rate Similar to its housing market, the region’s unit market posted an increased median 68.9% price over the year. Its positive yearly result saw the region named as the best performer in Queensland for the period.
The volume of unit sales was also higher than the year before. HOUSE MARKET (<2400M2) An improving resources sector as well as a number of major projects means the Mackay region’s market is marching forward.
This is echoed in its rental market with vacancy rates continuing to be under three per cent and rents correspondingly increasing.
Annual In fact, some dwellings have recorded annual rental increases of $40 compared to the Quarter Annual median same period last year. median price price Regional Economy and Infrastructure Investment
$330,000 $339,000 The revitalisation of Mackay’s waterfront and city centre have taken another major step forward with the recent approval of Mackay Regional Council’s proposed development scheme for the Priority Development Area (PDA). 5yrs According to the State Government, the PDA will enable council to realise its vision to transform the city’s waterfront and CBD precincts for the benefit of the community.
The approval of the development scheme will be a catalyst for the rejuvenation of the Annual volume Annual median five precincts in the PDA: Mackay City Centre, Riverside, Enterprise, Queens Park and of sales price 5yrs ago Beachside. It will improve the city and the region's liveability, create jobs and boost investment 1,172 $420,000 confidence in Mackay.
It will also result in greater pedestrian and cycling access, encouraging convenient and safe active travel between precincts, attractions and facilities.
The Mackay Waterfront PDA spans approximately 172 hectares and includes the southern side of the Pioneer River, the CBD, and water frontage along Binnington Esplanade (Town Beach).
The region’s 140-year-old sugar industry has also received a shot in the “farm”, with new funding announced.
Deputy Premier and Treasurer Jackie Trad said the upcoming State Budget would commit up to $14 million towards securing an international investor in Mackay Sugar.
She said the funding would providing certainty to Mackay Sugar’s workforce, which reaches almost 800 people in peak season.
Mackay Sugar has an annual turnover of more than $300 million and has three operating mills in the Mackay region.
The company’s primary product is raw sugar with around 800,000 tonnes produced annually for both domestic and international markets.
84 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 HOUSE MARKET ALL House Market The Mackay region continues to show signs of recovery following a number of years of falling prices.
Median days on While its median house price over the March quarter recorded statistical drop of 2.1 market per cent, over the year, the price movement was in positive territory. 46 Days Mackay’s annual median house price increased 1 per cent to $339,000. While growth of one per cent might not like seem something to celebrate, compared to every other major regional area in Queensland it was the best performing market Median vendor over the past 12 months. discount With its market now classified as stabilising, there are certainly some signs that the -6.3% region may have reached its bottom in terms of price falls. One of those early signs is the fact that the volume of sales increased over the year, contrary to many other locations around the State. Stock on market The volume of house sales grew by 1.9 per cent over the year. 7.1%
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 85 Mackay UNIT MARKET A number of Mackay suburbs recorded house price growth over the year, including Beaconsfield and West Mackay.
Sarina, about 30 kilometres south of Mackay, was one of the top performers, with its Annual median house price up by 15.3 per cent to $245,000.
The strengthening of the Mackay market is welcome news given its parlous results over the past five years.
In March 2014, the Mackay median house price was $420,000, which shows a price Quarter Annual median drop of $81,000 over the period. median price price Unit Market $217,000 $237,500 The Mackay unit market remains volatile on a quarterly basis with its price dropping by 18.9 per cent to $217,000.
5yrs However, it’s important to consider that this result was calculated from just 39-unit sales recorded over the quarter.
In fact, Mackay’s unit sector remains a very small part of its overall market.
Annual volume Annual median Over the year ending March, its unit market posted growth of 10.5 per cent to of sales price 5 yrs ago $237,500, which made it technically the strongest major unit market in Queensland – however, it was also the weakest quarterly unit market at the same time.
233 $352,825 The volume of unit sales was up by a healthy 5.9 per cent over the year.
Similar to its housing market, there are green shots of better results for Mackay’s unit market after a number of years of very soft market conditions.
UNIT MARKET In fact, its price is down 32.7 per cent compared to March 2014. Rental Market
Median days on Two years ago, Mackay’s residential vacancy rate was 6.4 per cent, which was market actually the best it had been for four years. Fast forward to today and its rate is 2.9 per cent, up marginally compared to the 79 Days previous quarter, but continuing to remain under the three per cent benchmark of a market in equilibrium.
According to local property managers, there are multiple viewings and applications Median vendor on most properties. discount The tight conditions are pushing rents up to the tune of around 5 per cent to as much -8.6% as 20 per cent in some areas.
The steady influx into Mackay is mostly families moving to take up professional positions with local organisations or to work on major government projects. Stock on market Over the year ending March, the median weekly rent for a three-bedroom house 5.1% increased $30 to $350. Two-bedrooms units performed even better, with its median weekly rent up by an impressive $40 to $270.
This increased demand from tenants is pushing up gross rental yields with investors now achieving 5.5 per cent for houses and 6.5 per cent for units.
86 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 RENTAL MARKET MACKAY HOUSE SALES Sep-18 Dec-18 Mar-19 * Mackay 181 FOR Vacancy Rates 172 RENT 2.9% 125 120 112
79 House Yields 40 39 5.5% 15
<$350K $350K+ $500k+ *Preliminary data Houses<2400m2 Unit Yields 6.5% MACKAY UNIT SALES Sep-18 Dec-18 Mar-19 *
33
26 Mackay's positive yearly 23 result saw the region 16 14 named as the best 12 10 8 performer in Queensland 6 7 4 for the period. 2
<$250k $250K+ $350K+ $500k+ *Preliminary data
MACKAY LAND SALES Sep-18 Dec-18 Mar-19 *
54
45
20
6 6 5 2 1 1
<$250k $250K+ $350K+ *Preliminary data
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 87 2 Mackay SALES MARKET - HOUSES <2400m RENTAL MARKET - 3 BED HOUSES ANNUAL ANNUAL MAR-19 MAR-18 MAR-14 POST QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR CODE L $ / NEW $ / NEW $ / NEW SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE LOCALITY CHANGE CHANGE CHANGE WEEK BONDS WEEK BONDS WEEK BONDS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) MACKAY REGIONAL 350 287 $320 321 $370 388 MACKAY (LGA) 220 $330,000 -2.1% 1172 $339,000 $335,500 1.0% $420,000 -19.3% 4737 Sarina/Sarina Beach/Armstrong Beach 330 16 $275 24 $360 26 MACKAY (LGA) ^ 34 $438,500 -0.3% 198 $450,000 $400,000 12.5% $502,500 -10.4% 4740 Mackay 350 235 $320 258 $380 308 ANDERGROVE 22 $330,000 3.9% 98 $320,000 $340,000 -5.9% $397,500 -19.5% Various Islands/Clairview/Eton/Farleigh/Flaggy Rock/ 4741 Gargett/Mt Christian/Mt Ossa/Oakenden/Pinnacle/ 320 5 $360 5 $335 8 BEACONSFIELD 14 N/A N/A 59 $355,000 $325,000 9.2% $427,000 -16.9% Pleystowe/Seaforth/Yalboroo BLACKS BEACH 10 N/A N/A 60 $292,500 $308,000 -5.0% $447,250 -34.6% 4750 Bucasia/Seaview Heights/Shoal Pt 350 6 $350 11 $350 18 BUCASIA 16 N/A N/A 56 $337,500 $340,000 -0.7% $430,000 -21.5% 4751 Palmyra/Walkerston 322.5 10 $310 10 $350 10 EAST MACKAY 4 N/A N/A 35 $347,000 $325,000 6.8% $420,000 -17.4% ISAAC REGIONAL 280 156 $250 162 $300 148 SHOAL POINT 1 N/A N/A 14 N/A $463,500 N/A $540,000 N/A 4721 Clermont 250 12 $270 20 $330 13 EIMEO 9 N/A N/A 46 $359,000 $369,000 -2.7% $446,500 -19.6% 4742 Nebo n.a. 2 $215 6 n.a. 4 GLENELLA 8 N/A N/A 45 $441,000 $450,000 -2.0% $495,000 -10.9% 4744 Moranbah 320 77 $250 94 $325 87 MARIAN 7 N/A N/A 43 $430,000 $410,000 4.9% $468,000 -8.1% 4745 Dysart 170 45 $160 24 $195 39 MOUNT PLEASANT 11 N/A N/A 58 $405,250 $337,000 20.3% $440,000 -7.9% 4746 Middlemount 300 20 $250 16 n.a. 4 NORTH MACKAY 20 $241,500 5.9% 70 $255,000 $270,000 -5.6% $367,500 -30.6% WHITSUNDAY REGIONAL 330 107 N/A N/A $340 141 OORALEA 3 N/A N/A 43 $430,000 $435,000 -1.2% $475,000 -9.5% Cannon Valley/Conway/Dingo Bch/Erlando Bch/ RURAL VIEW 13 N/A N/A 69 $405,000 $375,000 8.0% $500,000 -19.0% 4800 Mt Julian/Mt Marlow/Nth Gregory/Proserpine/ 335 14 N/A N/A $340 31 SARINA 7 N/A N/A 35 $245,000 $212,500 15.3% $320,000 -23.4% Riordanvale/Strathdickie/Wilson Bch SLADE POINT 9 N/A N/A 46 $292,500 $295,000 -0.9% $355,000 -17.6% Airlie Bch/Cannonvale/Jubilee/Shute Harbour/ 4802 420 37 N/A N/A $395 52 SOUTH MACKAY 9 N/A N/A 84 $276,000 $294,500 -6.3% $376,500 -26.7% Shutehaven/Whitsunday WALKERSTON 5 N/A N/A 43 $370,000 $376,000 -1.6% $438,000 -15.5% 4804 Collinsville 200 18 N/A N/A $300 13 WEST MACKAY 18 N/A N/A 92 $329,500 $295,000 11.7% $375,000 -12.1% 4805 Bowen 300 38 N/A N/A $300 45
SURROUNDS ISAAC (LGA) 23 $186,000 6.3% 168 $172,500 $135,500 27.3% $349,000 -50.6%
MORANBAH 14 N/A N/A 80 $202,500 $187,000 8.3% $370,000 -45.3% RENTAL MARKET - 2 BED UNITS MAR-19 MAR-18 MAR-14 POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL WHITSUNDAY (LGA) 56 $350,000 3.1% 318 $340,000 $350,000 -2.9% $386,000 -11.9% WEEK BONDS WEEK BONDS WEEK BONDS WHITSUNDAY MACKAY REGIONAL 270 312 $230 304 $290 353 10 N/A N/A 78 $477,500 $457,000 4.5% $464,500 2.8% (LGA) ^ 4737 Sarina/Sarina Beach/Armstrong Beach 190 13 $195 16 $270 22 BOWEN 13 N/A N/A 95 $255,000 $245,000 4.1% $357,000 -28.6% 4740 Mackay 270 280 $230 277 $295 303 CANNONVALE 20 $417,500 -6.2% 85 $425,000 $445,000 -4.5% $448,000 -5.1% 4750 Bucasia/Seaview Heights/Shoal Pt 227.5 10 n.a. 1 $280 10 PROSERPINE 11 N/A N/A 51 N/A $277,500 N/A $332,500 N/A ISAAC REGIONAL 200 52 $190 38 $60 48
4721 Clermont 225 8 $170 8 n.a. 4 4744 Moranbah 170 30 $200 19 $60 32 SALES MARKET - UNITS & TOWNHOUSES 4746 Middlemount 250 8 $213 6 n.a. 4 ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN WHITSUNDAY REGIONAL 310 124 N/A N/A $300 139 QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS Cannon Valley/Conway/Dingo Bch/Erlando Bch/ AGO) AGO) 4800 Mt Julian/Mt Marlow/Nth Gregory/Proserpine/ 220 17 N/A N/A $220 18 MACKAY (LGA) 39 $217,000 -18.9% 233 $237,500 $215,000 10.5% $352,825 -32.7% Riordanvale/Strathdickie/Wilson Bch Airlie Bch/Cannonvale/Jubilee/Shute Harbour/ MACKAY 8 N/A N/A 48 $267,500 $235,000 13.8% $402,000 -33.5% 4802 340 76 N/A N/A $305 98 Shutehaven/Whitsunday 4805 Bowen 260 30 N/A N/A $300 19 SURROUNDS
WHITSUNDAY (LGA) 26 $221,500 -5.7% 195 $250,000 $238,000 5.0% $310,000 -19.4% AIRLIE BEACH 6 N/A N/A 61 $400,000 $330,000 21.2% $375,000 6.7% CANNONVALE 9 N/A N/A 73 $215,000 $215,000 0.0% $250,500 -14.2% RENTAL MARKET - 3 BED TOWNHOUSES MAR-19 MAR-18 MAR-14 POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS SALES MARKET - VACANT LAND <2400M2 MACKAY REGIONAL 320 35 $320 36 $380 72 MACKAY (LGA) 21 $165,000 0.0% 200 $169,000 $165,000 2.4% $205,000 -17.6% 4740 Mackay 330 33 $320 33 $380 69 ISAAC REGIONAL 385 33 $283 44 $325 35 RURAL VIEW 2 N/A N/A 35 $165,000 $149,000 10.7% $220,000 -25.0% 4744 Moranbah 400 22 $320 23 $60 24
SURROUNDS 4745 Dysart n.a. 2 n.a. 3
WHITSUNDAY (LGA) 13 N/A N/A 102 $147,000 $156,100 -5.8% $155,000 -5.2% WHITSUNDAY REGIONAL 415 26 #N/A #N/A $380 24 Airlie Bch/Cannonvale/Jubilee/Shute Harbour/ CANNONVALE 4 N/A N/A 26 $159,500 $155,000 2.9% $157,250 1.4% 4802 420 15 #N/A #N/A $380 20 Shutehaven/Whitsunday 4805 Bowen 425 8 #N/A #N/A n.a. 2
88 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Mackay
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EMPLOYMENT MARKET Market reacts to floods TOWNSVILLE SA4 The Townsville property market has started to feel the impact of the floods that hit the region in late February following Unemployment Rate Cyclone Oma.
7.9% While this data set only takes into consideration one month of results after the event, it is clear the floods have left their mark on the sale and rental markets. Participation Rate Over the March quarter, the volume of house sales reduced by 27 per cent, which 62.7% is an unusually high result for the region and no doubt reflects the fact that 3000 properties were damaged to some degree by the flooding.
However, it is Townsville’s rental market which has borne the brunt of less supply, with its residential vacancy rate dropping dramatically in just three months. HOUSE MARKET (<2400M2) Its vacancy rate has reduced from 4.3 per cent in December to 1.5 per cent in March.
Rents have also started to increase because of the reduction of supply, which is a situation that is likely to continue for the remainder of this year at least. Annual Regional Economy and Infrastructure Investment Quarter Annual median median price price The Queensland Government has commenced follow-up damage assessments on more than 3000 properties impacted by the flooding in Townsville and surrounding $310,000 $317,500 areas. A number of government departments as well as the Queensland Reconstruction Authority (QRA) and Queensland Fire and Emergency Services are undertaking a 5yrs three-month assessment of recovery progress.
According to government, not only do the visits provide a status update on reconstruction efforts, they provide an opportunity to check on impacted communities and remind residents of the assistance available in the region. Annual volume Annual median of sales price 5yrs ago QRA’s ongoing damage assessment process was introduced as a pilot program in April 2011, following severe flooding events and Cyclone Yasi.
1,800 $364,000 The street-by-street, house-by-house assessment process helps to understand the pace of reconstruction and identify how well communities are recovering after an event.
Property damage assessments will continue to occur at the six, nine, and 12 month- HOUSE MARKET ALL mark following the floods.
Construction of a new pedestrian bridge in Townsville’s city centre and upgraded facilities on Magnetic Island are set to create new local jobs and deliver a post-flood Median days on shot-in-the-arm for the region. market The $7.4 million Reid Park Active Transport Bridge and $2.35 million Magnetic 56 Days Island Forts Junction Hub upgrade have received State Government funding. The projects will improve liveability and boost the economy as it continues to Median vendor recover following this year’s unprecedented flooding. discount Townsville also recently secured its biggest ever sporting event, which is set to -7.9% pump more than $16 million into the economy. The ITU Multisport World Championships in 2021 will attract more than 8000 athletes and spectators to Townsville. Stock on market The event is the pinnacle for the sport of triathlon and covers a range of disciplines 7.2% from the aquathon to the long-distance triathlon and mixed team relay.
90 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Townsville
House market UNIT MARKET The Townsville house market recorded similar results to the previous quarter in March.
Annual Although Cyclone Oma struck the region in late February, its true impact on the sales market specifically is not likely to be evidenced in QMM data until at least the June quarter this year.
Over the March quarter, however, the volume of house sales did reduce by 27 per cent, which is likely due to the impact of the cyclone given it affected thousands of Quarter Annual median properties in the region. median price price The median house price in Townsville fell by 2.1 per cent over the March quarter to $250,000 $250,000 be $310,000, following a slight increase the previous quarter.
Over the year ending March, its median house price was down 2.3 per cent, compared to the previous quarter’s yearly result of three per cent. 5yrs One of the best performing suburbs over the year was Railway Estate, which posted median house price growth of 14.9 per cent to $327,500.
The suburb, just two kilometres from the CBD, is bounded by Ross Creek and Ross Annual volume Annual median River with new housing development taking place over recent times. of sales price 5 yrs ago Looking at the medium-term data, Townsville’s house market performance was 541 $290,000 weak as the median price fell 12.8 per cent, down from $364,000 in March 2014. Unit market
Following on from a strong quarterly result in December, the Townsville unit market UNIT MARKET recorded a price fall this period. Its median unit price reduced by 3.5 per cent to $250,000 over the quarter, making the city’s unit market one of the most affordable major regions in the State. Median days on market Over the year ending March, prices continued to reduce with the median down 10.7 per cent to also be $250,000.
64 Days Unit prices in specific suburbs over the year also posted less than stellar results with price falls of between 4.2 per cent in North Ward to 51.5 per cent in Belgian Median vendor Gardens, however that result is likely due to a significant shift in the types of discount dwellings sold over the period. The Townsville unit market, similar to its housing sector, recorded negative growth -8.1% over the past five years.
Stock on market Its median unit price reduced by 13.8 per cent over the period, down from $290,000 in March 2014 to $250,000 in March 2019.
5.7% Rental market
Perhaps unsurprisingly, Townsville’s rental market has borne the brunt of Cyclone Oma with its residential vacancy rate falling dramatically over the March quarter.
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 91 SALES MARKET - HOUSES <2400m2 ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS
Townsville The Townsville market was the biggest mover of the quarter AGO) AGO) across Queensland, although this was very much expected with TOWNSVILLE (LGA) 345 $310,000 -2.1% 1800 $317,500 $325,000 -2.3% $364,000 -12.8% the floods removing a significant proportion of the rental stock. TOWNSVILLE 36 $415,000 -1.2% 203 $408,750 $398,000 2.7% $420,000 -2.7% (LGA) ^ The market moved from a weak 4.3 per cent to a very tight 1.5 AITKENVALE 12 N/A N/A 51 $279,000 $280,000 -0.4% $315,000 -11.4% per cent. ALICE RIVER ^ 6 N/A N/A 30 $485,000 $470,000 3.2% $451,000 7.5% ANNANDALE 19 N/A N/A 110 $405,000 $400,000 1.3% $430,000 -5.8% However, its rental market had been tightening before the BELGIAN GARDENS 3 N/A N/A 18 N/A $463,750 N/A $447,500 N/A floods with its vacancy falling from 6.2 per cent to 4.3 per cent BOHLE PLAINS 4 N/A N/A 25 $376,000 $400,750 -6.2% $430,000 -12.6% in two years. BURDELL 16 N/A N/A 64 $345,000 $385,000 -10.4% $430,000 -19.8% BUSHLAND BEACH 32 $342,500 -6.2% 100 $370,000 $372,500 -0.7% $415,500 -11.0% With potentially 3,000 properties affected by the floods, it is CONDON 10 N/A N/A 56 $235,000 $237,500 -1.1% $296,250 -20.7% expected that the vacancy rate will reduce further in coming COSGROVE 2 N/A N/A 18 N/A $390,000 N/A $414,595 N/A months, along with increasing rents. CRANBROOK 9 N/A N/A 56 $242,500 $247,500 -2.0% $300,000 -19.2% CURRAJONG 5 N/A N/A 40 $225,000 $247,000 -8.9% $312,500 -28.0% Median weekly rents for three-bedroom houses and two- DEERAGUN 9 N/A N/A 37 $267,500 $282,500 -5.3% $319,000 -16.1% bedroom units both increased over the March quarter. DOUGLAS 0 N/A N/A 0 N/A $- N/A $- N/A The median rent for a three-bedroom house is now $318 while GULLIVER 3 N/A N/A 41 $265,000 $211,000 25.6% $295,000 -10.2% it is $280 per week for two-bedroom units. HEATLEY 9 N/A N/A 34 $230,000 $230,000 0.0% $295,000 -22.0% HERMIT PARK 2 N/A N/A 43 $345,000 $328,500 5.0% $377,000 -8.5% With rents increasing, so, too, are the gross rental yields for HYDE PARK 0 N/A N/A 16 N/A $318,000 N/A $407,500 N/A investors. IDALIA 4 N/A N/A 50 $456,000 $480,000 -5.0% $482,500 -5.5% The gross rental yield for houses in March was 5.3 per cent KELSO 12 N/A N/A 73 $243,000 $243,000 0.0% $295,000 -17.6% and for units it was 5.8 per cent. KIRWAN 54 $302,500 -2.0% 228 $305,000 $310,000 -1.6% $350,000 -12.9% MOUNT LOUISA 17 N/A N/A 87 $330,000 $350,000 -5.7% $407,500 -19.0% MUNDINGBURRA 3 N/A N/A 29 $329,000 $310,000 6.1% $370,000 -11.1% NORTH WARD 6 N/A N/A 31 $510,000 $560,000 -8.9% $540,000 -5.6% It is clear the floods have left their OONOONBA 3 N/A N/A 25 $310,000 $271,500 14.2% $297,000 4.4% mark on the sale and rental markets. RAILWAY ESTATE 2 N/A N/A 34 $327,500 $285,000 14.9% $320,000 2.3% RANGEWOOD ^ 1 N/A N/A 9 N/A $408,000 N/A $465,000 N/A RASMUSSEN 10 N/A N/A 54 $207,500 $330,000 -37.1% $294,000 -29.4% SOUTH TOWNSVILLE 4 N/A N/A 23 $322,500 $335,000 -3.7% $347,500 -7.2% THURINGOWA CENTRAL 5 N/A N/A 18 N/A $310,000 N/A $315,000 N/A VINCENT 4 N/A N/A 18 N/A $219,000 N/A $272,500 N/A WEST END 7 N/A N/A 38 $314,500 $347,500 -9.5% $380,000 -17.2% WULGURU 5 N/A N/A 37 $250,000 $260,000 -3.9% $307,500 -18.7% TOWNSVILLE HOUSE SALES Sep-18 Dec-18 Mar-19 * SURROUNDS BURDEKIN (LGA) 20 $188,750 3.1% 104 $170,000 $180,000 -5.6% $210,000 -19.0%
295 297 AYR 12 N/A N/A 66 $200,000 $197,500 1.3% $245,000 -18.4%
217 CHARTERS TOWERS 12 N/A N/A 68 $140,000 $147,500 -5.1% $200,000 -30.0% (LGA)
155 CHARTERS TOWERS 2 N/A N/A 21 $110,000 $141,250 -22.1% $190,000 -42.1% 119 CITY 79 56 HINCHINBROOK 40 31 12 N/A N/A 87 $198,000 $180,000 10.0% $245,000 -19.2% (LGA)
INGHAM 9 N/A N/A 45 $172,500 $167,500 3.0% $245,000 -29.6% <$350K $350K+ $500k+ *Preliminary data Houses<2400m2
TOWNSVILLE UNIT SALES TOWNSVILLE LAND SALES Sep-18 Dec-18 Mar-19 * Sep-18 Dec-18 Mar-19 *
75 99
55
37 47 48 37 35 31 25 14 13 15 10 5 5 4 2 3 4 2
<$250k $250K+ $350K+ $500k+ <$250k $250K+ $350K+ *Preliminary data *Preliminary data
92 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - UNITS & TOWNHOUSES SALES MARKET - VACANT LAND <2400M2 ANNUAL ANNUAL ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) AGO) AGO) TOWNSVILLE (LGA) 105 $250,000 -3.5% 541 $250,000 $280,000 -10.7% $290,000 -13.8% TOWNSVILLE (LGA) 37 $156,500 -2.2% 274 $161,000 $164,000 -1.8% $163,000 -1.2% TOWNSVILLE BELGIAN GARDENS 1 N/A N/A 20 $164,500 $339,000 -51.5% $299,000 -45.0% 4 N/A N/A 34 $192,500 $197,000 -2.3% $195,000 -1.3% (LGA) ^ DOUGLAS 0 N/A N/A 0 N/A $- N/A $- N/A
BOHLE PLAINS 11 N/A N/A 39 $165,000 $170,250 -3.1% $163,000 1.2% Townsville NORTH WARD 17 N/A N/A 105 $287,500 $300,000 -4.2% $309,000 -7.0% BURDELL 1 N/A N/A 33 $156,575 $161,950 -3.3% $154,900 1.1% PIMLICO 3 N/A N/A 9 N/A $230,000 N/A $229,500 N/A BUSHLAND BEACH 0 N/A N/A 19 N/A $150,000 N/A $165,000 N/A SOUTH TOWNSVILLE 10 N/A N/A 36 $285,000 $299,500 -4.8% $361,000 -21.1% KELSO 0 N/A N/A 3 N/A $115,000 N/A $139,900 N/A TOWNSVILLE CITY 15 N/A N/A 60 $302,000 $366,250 -17.5% $355,000 -14.9% MOUNT LOUISA 0 N/A N/A 13 N/A $177,500 N/A $180,000 N/A WEST END 5 N/A N/A 39 $210,000 $248,000 -15.3% $211,750 -0.8% MOUNT LOW 2 N/A N/A 24 $147,500 $152,500 -3.3% $160,000 -7.8% RENTAL MARKET - 2 BED UNITS OONOONBA 1 N/A N/A 26 $159,250 $159,500 -0.2% $151,500 5.1% SHAW 1 N/A N/A 2 N/A $166,500 N/A $167,500 N/A MAR-19 MAR-18 MAR-14 POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS RENTAL MARKET - 3 BED HOUSES TOWNSVILLE CITY 280 868 N/A N/A $285 810 MAR-19 MAR-18 MAR-14 POST Belgian Gardens/Cape Cleveland/Castle Hill/Nth $ / NEW $ / NEW $ / NEW CODE LOCALITYL 4810 Ward/Pallarenda/Railway Estate/Rowes Bay/ 300 426 N/A N/A $300 394 WEEK BONDS WEEK BONDS WEEK BONDS Townsville/West End/Yarrawonga TOWNSVILLE CITY 317.5 828 N/A N/A $350 759
Cluden/Idalia/James Cook Uni/Mt Stuart/Oak Belgian Gardens/Cape Cleveland/Castle Hill/Nth 4811 Valley/Oonoonba/Partington/Roseneath/Serene 350 101 N/A N/A $330 49 4810 Ward/Pallarenda/Railway Estate/Rowes Bay/ 362.5 86 N/A N/A $350 80 Valley/Stuart/Wulguru Townsville/West End/Yarrawonga Currajong/Gulliver/Hermit Pk/Hyde Pk/Hyde Pk Cluden/Idalia/James Cook Uni/Mt Stuart/Oak 4812 Castletown/Mundingburra/Mysterton/Pilmico/ 220 143 N/A N/A $260 167 4811 Valley/Oonoonba/Partington/Roseneath/Serene 350 46 N/A N/A $330 34 Rising Sun/Rosslea Valley/Stuart/Wulguru Aitkenvale/Cranbrook/Douglas, Garbutt/Heatley/ 4814 280 117 N/A N/A $290 109 Currajong/Gulliver/Hermit Pk/Hyde Pk/Hyde Pk Mt Elliot/Mt Louisa/Murray/Vincent 4812 Castletown/Mundingburra/Mysterton/Pilmico/ 325 73 N/A N/A $330 51 4815 Condon/Kelso/Pinnacles/Rasmussen 260 25 N/A N/A $300 31 Rising Sun/Rosslea Alice River/Bohle Plns/Kirwan/Rangewood/ Aitkenvale/Cranbrook/Douglas, Garbutt/Heatley/ 4817 255 35 N/A N/A $285 43 4814 320 238 N/A N/A $350 251 Rupertswood/Stableford/\Thuringowa Central Mt Elliot/Mt Louisa/Murray/Vincent Beach Holm/Black River/Blue Hills/Bluewater/ 4815 Condon/Kelso/Pinnacles/Rasmussen 290 138 N/A N/A $319 132 Bohle/Burdell/Bushland Bch/Carinya/Cordelia/ 4818 250 13 N/A N/A $230 6 Alligator Ck/Dunk Is/Greenvale/Hidden Valley/ Deeragun/Innes/Jensen/Lynam/Mt Low/Purono Homestead/Julago/Macrossan/Majors Ck/ Pk/Saunders Bch/Shaw/Toolakea/Yabulu 4816 Mingela/Mutarnee/Nelia/Nome/Palm Is/Paluma/ 300 7 N/A N/A $260 6 Arcadia/Arcadia Bay/Horseshoe Bay/Magnetic Is/ Pentland/Praire/Ravenswood/Rollingstone/ 4819 360 8 N/A N/A $300 11 Nelly Bay/Picnis Bay Sellheim/Toonpan/Torrens Ck/Woodstock Alice River/Bohle Plns/Kirwan/Rangewood/ BURDEKIN SHIRE 220 37 $210 32 $200 50 4817 315 109 N/A N/A $360 119 Rupertswood/Stableford/\Thuringowa Central 4807 Airville 230 32 $210 30 $200 45 Beach Holm/Black River/Blue Hills/Bluewater/ CHARTERS TOWERS REGIONAL 200 20 $200 26 $205 18 Bohle/Burdell/Bushland Bch/Carinya/Cordelia/ 4818 320 123 N/A N/A $350 68 4820 Richmond Hill 200 20 $200 26 $205 18 Deeragun/Innes/Jensen/Lynam/Mt Low/Purono Pk/Saunders Bch/Shaw/Toolakea/Yabulu HINCHINBROOK SHIRE 180 13 $180 18 $190 8 Arcadia/Arcadia Bay/Horseshoe Bay/Magnetic Is/ 4819 315 8 N/A N/A $285 18 4850 Abergowrie 180 13 $180 18 $190 8 Nelly Bay/Picnis Bay BURDEKIN SHIRE 250 54 $250 29 $260 70
RENTAL MARKET - 3 BED TOWNHOUSES 4806 Arkendeith 230 12 $208 8 $250 14 MAR-19 MAR-18 MAR-14 POST 4807 Airville 255 35 $280 19 $270 48 $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS CHARTERS TOWERS REGIONAL 280 39 $270 43 $270 42 TOWNSVILLE CITY 320 45 #N/A #N/A $355 45 4820 Richmond Hill 280 39 $270 43 $270 42 Belgian Gardens/Cape Cleveland/Castle Hill/Nth HINCHINBROOK SHIRE 250 34 $250 31 $250 36 4810 Ward/Pallarenda/Railway Estate/Rowes Bay/ 400 7 #N/A #N/A $380 6 Townsville/West End/Yarrawonga 4850 Abergowrie 250 34 $250 31 $250 36 Currajong/Gulliver/Hermit Pk/Hyde Pk/Hyde Pk 4812 Castletown/Mundingburra/Mysterton/Pilmico/ 300 10 #N/A #N/A $320 12 Rising Sun/Rosslea
Aitkenvale/Cranbrook/Douglas, Garbutt/Heatley/ 4814 335 11 #N/A #N/A $390 12 RENTAL MARKET Mt Elliot/Mt Louisa/Murray/Vincent
Alice River/Bohle Plns/Kirwan/Rangewood/ 4817 320 6 #N/A #N/A $355 7 Vacancy Rates Rupertswood/Stableford/\Thuringowa Central FOR Beach Holm/Black River/Blue Hills/Bluewater/ RENT Bohle/Burdell/Bushland Bch/Carinya/Cordelia/ 4818 300 5 #N/A #N/A n.a. 1 1.5% Deeragun/Innes/Jensen/Lynam/Mt Low/Purono Pk/Saunders Bch/Shaw/Toolakea/Yabulu House Yields 5.3%
Unit Yields 5.8%
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 93 Cairns
EMPLOYMENT MARKET Cairns on cusp of better times
CAIRNS SA4 The Cairns property market hasn’t had the best of times over recent years, partly due to its lacklustre tourism sector. Unemployment Rate However, better times appear to be on the horizon with its housing market now 4.8% classified as steady. Over the quarter and year, the region posted median house price falls.
Participation Rate However, it’s important to recognise that compared to other regional markets over 62.9% the past five years, results have been steady. Whereas its neighbour of Townsville posted a median house price reduction in the double digits over the past five years, Cairns recorded growth of 10.4 per cent over the same period.
HOUSE MARKET (<2400M2) Ditto, its unit market, which posted quarterly and yearly price falls, but grew by 10 per cent over the past five years.
The market standout continues to be the region’s rental sector, with vacancy rates reaching a very low 1.3 per cent.
Rent are correspondingly increasing as tenants compete for a constricted supply Annual of properties. Quarter Annual median median price price In fact, local property managers say that there are multiple applications for rental properties.
$397,500 $405,000 Without new supply, this situation is not likely to change over the short- to medium-term.
Regional Economy and Infrastructure Investment 5yrs Jobs growth is continuing in Cairns with about 5,300 new positions created in the past 12 months.
The positive result means the unemployment rate in Cairns is now 4.8 per cent, Annual volume Annual median compared to 6.2 per cent a year ago, with youth unemployment dropping by 5.4 of sales price 5yrs ago percentage points over the same period. 1,954 $367,000 A new state of the art water laboratory also officially opened in Cairns recently. The Cairns Regional Council Laboratory Service is set to provide crucial water testing services for Far North Queensland.
HOUSE MARKET It replaces the old laboratory building which had been in operation since 1994, enabling continued water quality testing across the Far North to ensure everyone’s health and safety
Median days on The critical piece of infrastructure will provide an expansion of the testing services market for both the public and private sectors from different sources across the Far North region.
52 Days The project created 240 jobs during its construction phase, with 20 people employed full-time at the laboratory. Median vendor discount The region is also on track to welcome more domestic visitors with an injection of funding from the State Government.
-5.5% The Government has announced funding for a dedicated domestic marketing campaign to attract more visitors to the region. Stock on market The campaign will focus on key domestic markets south of the border given their 7.9% temperatures are plummeting.
94 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 Cairns UNIT MARKET The campaign will help to underpin the region’s tourism sector, which employs about 25,000 people and contributes $2.8 billion to the region’s economy.
Annual Work has also begun on the first projects under the Great Barrier Reef Island Resorts Rejuvenation Program.
Clean-up work is under way at Green Island Resort, 27 kilometres off the coast of Cairns.
Quarter Annual median Green Island is one of 10 Great Barrier Reef Islands to receive government funding median price price to rejuvenate Great Barrier Reef Island resorts. The $25 million projects aims to see the resorts restored back to their former $225,000 $230,000 glory.
Upgrading the infrastructure on many of the islands will create as many as 150 5yrs construction jobs and 30 ongoing jobs up and down the coastline and generate millions for Queensland’s economy.”
The rejuvenation works started with the removal of Green Island’s decommissioned underwater observatory. Annual volume Annual median of sales price 5 yrs ago The underwater observatory was installed in 1954 but had been closed for the past six years. 1,389 $209,000 House Market
The Cairns housing market continued to post moderate results over the March UNIT MARKET quarter, according to the latest QMM data.
Its quarterly median house price has had periods of rises and falls over the past year, with the latest three-month period no exception. Median days on market The Cairns median house price reduced by 3.1 per cent over the quarter to 59 Days $397,500. Over the year ending March, however, the result was less dramatic with a benign price fall of 1.2 per cent to be $410,000. Median vendor discount Perhaps unsurprisingly the volume of sales over the year have reduced 16.2 per -6.2% cent. The Cairns housing market now represents the second most affordable tourism centre in Queensland, behind Fraser Coast on $320,000. Stock on market For the second quarter in a row, Caravonica was the region’s best performing 8.4% suburb – posting yearly median house price growth of 20.9 per cent to $480,500. Unit Market
Similar to its housing market, the Cairns unit sector has recorded volatile quarterly RENTAL MARKET results over the past year.
Following on from an impressive rise of 8.4 per cent in December, its median unit FOR Vacancy Rates price this quarter has fallen by 2.2 per cent to $225,000. RENT However, again, over the year ending March, its result was more moderate with a 1.7% 1.3 per cent price fall recorded.
House Yields The Cairns annual median unit price is $230,000, which is the most affordable for all tourism centres and is actually the third most affordable major unit market in 5.1% Queensland. The volume of unit sales in Cairns reduced by 11.6 per cent over the year ending March, no doubt part of the reason why sale prices are depressed – both Unit Yields figuratively and literally. For the second quarter consecutively, Cairns North was the star of the city’s unit 7.3% show, recording impressive price growth of 56.6 per cent over the year.
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 95 SALES MARKET - HOUSES <2400m2 ANNUAL ANNUAL QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE CHANGE CHANGE CHANGE SALES SALE SALES SALE (1YR (5YRS
Cairns AGO) AGO) CAIRNS (LGA) 351 $397,500 -3.1% 1954 $405,000 $410,000 -1.2% $367,000 10.4% However, this result is no doubt due to new unit stock in the CAIRNS (LGA) ^ 12 N/A N/A 120 $645,000 $639,000 0.9% $542,500 18.9% suburb pushing up sale price statistics. BAYVIEW HEIGHTS 7 N/A N/A 58 $392,500 $389,000 0.9% $374,400 4.8% BENTLEY PARK 30 $380,500 6.6% 136 $356,000 $355,000 0.3% $325,000 9.5% Rental Market BRINSMEAD 10 N/A N/A 91 $450,000 $468,000 -3.9% $382,000 17.8% The Cairns rental market continues to be one of the BUNGALOW 3 N/A N/A 15 N/A $347,500 N/A $294,000 N/A consistently tightest in the state. CARAVONICA 5 N/A N/A 24 $480,500 $397,500 20.9% $376,000 27.8% CLIFTON BEACH 8 N/A N/A 34 $523,500 $546,500 -4.2% $500,000 4.7% In fact, its residential vacancy rate reduced dramatically over EARLVILLE 3 N/A N/A 30 $390,000 $360,000 8.3% $320,000 21.9% the March quarter – down 0.4 percentage points from 1.7 EDGE HILL 6 N/A N/A 49 $490,000 $492,500 -0.5% $428,000 14.5% per cent to 1.3 per cent, one of the lowest rates of any major EDMONTON 28 $330,000 3.1% 144 $330,000 $340,000 -2.9% $315,000 4.8% region. FRESHWATER 1 N/A N/A 10 N/A $517,500 N/A $435,000 N/A GOLDSBOROUGH ^ 0 N/A N/A 18 N/A $474,000 N/A $423,000 N/A According to local property managers, the market would GORDONVALE 17 N/A N/A 88 $319,500 $308,000 3.7% $310,000 3.1% benefit from new supply, however, developers are struggling GORDONVALE ^ 4 N/A N/A 16 N/A $630,000 N/A $535,000 N/A to secure funding for larger projects. HOLLOWAYS BEACH 6 N/A N/A 44 $400,000 $380,000 5.3% $357,000 12.0% KANIMBLA 12 N/A N/A 41 $515,000 $485,000 6.2% $450,000 14.4% The consistent high demand is starting to see rent rises to KEWARRA BEACH 17 N/A N/A 90 $447,000 $425,000 5.2% $405,609 10.2% the tune of around $10 to $15 a week. MANOORA 6 N/A N/A 39 $292,000 $350,000 -16.6% $267,500 9.2% MANUNDA 4 N/A N/A 31 $354,000 $335,000 5.7% $312,000 13.5% The median weekly rent for a three-bedroom house is now MOOROOBOOL 26 $355,000 -4.1% 98 $355,000 $403,000 -11.9% $318,500 11.5% $390, while the median rent for a two-bedroom unit is $315. MOUNT SHERIDAN 25 $370,000 -3.1% 139 $380,000 $395,000 -3.8% $340,000 11.8% PALM COVE 6 N/A N/A 33 $545,000 $608,000 -10.4% $595,000 -8.4% Investors continue to enjoy some of the best gross rental PARRAMATTA PARK 1 N/A N/A 18 N/A $445,000 N/A $362,500 N/A yields in the state. REDLYNCH 15 N/A N/A 129 $478,000 $484,000 -1.2% $422,500 13.1% The gross rental yields for houses is 5.1 per cent, while the SMITHFIELD 15 N/A N/A 113 $438,888 $440,000 -0.3% $380,000 15.5% yields for investors is an impressive 7.3 per cent. TRINITY BEACH 18 N/A N/A 89 $475,000 $471,000 0.9% $418,000 13.6% TRINITY PARK 11 N/A N/A 66 $430,000 $442,500 -2.8% $396,000 8.6% WESTCOURT 8 N/A N/A 30 $353,500 $340,000 4.0% $325,000 8.8% WHITE ROCK 14 N/A N/A 56 $290,000 $308,000 -5.8% $274,500 5.6% WHITFIELD 14 N/A N/A 60 $555,000 $535,000 3.7% $465,000 19.4% WOREE 9 N/A N/A 30 $301,500 $330,000 -8.6% $285,000 5.8% YORKEYS KNOB 3 N/A N/A 25 $400,000 $375,000 6.7% $347,500 15.1%
SURROUNDS CASSOWARY COAST 30 $210,000 -9.9% 192 $215,000 $240,000 -10.4% $242,500 -11.3% (LGA) CASSOWARY COAST CAIRNS & DOUGLAS HOUSE SALES 14 N/A N/A 82 $330,000 $332,500 -0.8% $350,000 -5.7% (LGA) ^ Sep-18 Dec-18 Mar-19 *
267 DOUGLAS (LGA) 25 $440,000 -3.3% 142 $450,000 $432,500 4.1% $395,000 13.9% 250 PORT DOUGLAS 9 N/A N/A 43 $650,000 $535,000 21.5% $460,000 41.3%
171 163 160 MAREEBA (LGA) 16 N/A N/A 109 $302,500 $275,000 10.0% $250,000 21.0% 149 134 MAREEBA (LGA) ^ 19 N/A N/A 119 $455,000 $472,000 -3.6% $412,500 10.3% 116 91 KURANDA ^ 6 N/A N/A 39 $455,000 $472,500 -3.7% $436,250 4.3% MAREEBA 15 N/A N/A 94 $295,000 $275,000 7.3% $250,000 18.0%
TABLELANDS (LGA) 35 $267,500 -7.8% 204 $280,000 $299,000 -6.4% $290,000 -3.4% TABLELANDS <$350K $350K+ $500k+ 34 $377,500 -6.8% 152 $390,000 $410,000 -4.9% $360,000 8.3% *Preliminary data (LGA) ^ Houses<2400m2 ATHERTON 18 N/A N/A 111 $297,500 $307,500 -3.3% $325,000 -8.5% TOLGA ^ 8 N/A N/A 22 $444,000 $445,000 -0.2% $400,000 11.0%
CAIRNS & DOUGLAS UNIT SALES Sep-18 Dec-18 Mar-19 * CAIRNS & DOUGLAS LAND SALES Sep-18 Dec-18 Mar-19 * 295 79
221
49 151
92 27 82 23 23 71 19 57 48 54 15 16 39 36 20 5 7 10 1
<$250k $250K+ $350K+ $500k+ $1M+ <$250k $250K+ $350K+ *Preliminary data *Preliminary data
96 | QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 SALES MARKET - UNITS & TOWNHOUSES RENTAL MARKET - 3 BED HOUSES MAR-19 MAR-18 MAR-14 ANNUAL ANNUAL POST QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR CODE L $ / NEW $ / NEW $ / NEW SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE LOCALITY CHANGE CHANGE CHANGE WEEK BONDS WEEK BONDS WEEK BONDS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) CAIRNS REGIONAL 390 380 $380 417 $350 482 CAIRNS (LGA) 232 $225,000 -2.2% 1389 $230,000 $233,000 -1.3% $209,000 10.0% 4865 Gordonvale 360 15 $350 22 $330 17 Mt Sheridan/Bayview Hts/Tarrawarra/White Rock/ BUNGALOW 13 N/A N/A 48 $149,000 $151,000 -1.3% $131,320 13.5% 4868 380 73 $370 91 $330 83 Cairns Woree CAIRNS CITY 25 $364,500 -31.4% 101 $415,000 $265,000 56.6% $378,750 9.6% Centenary Hts/Centenary Pk/Edmonton/Tamarind 4869 370 42 $360 44 $330 64 CAIRNS NORTH 32 $226,500 -5.6% 188 $240,000 $240,000 0.0% $215,000 11.6% Gardens EARLVILLE 4 N/A N/A 32 $181,500 $170,000 6.8% $216,500 -16.2% 4870 Cairns & suburbs of Cairns 400 125 $395 145 $350 173 Caravonica/Holloways Bch/Lake Placid/Machans Bch/ EDGE HILL 8 N/A N/A 34 $192,500 $173,500 11.0% $160,000 20.3% 4878 402.5 54 $410 58 $365 60 McGregor/Smithfield/Smithfield Hts/Yorkeys Knob EDMONTON 2 N/A N/A 18 N/A $143,500 N/A $149,500 N/A Buchan Pt/Clifton Bch/Ellis Bch/Kewarra Bch/Palm 4879 425 63 $418 52 $380 81 FRESHWATER 5 N/A N/A 29 $232,000 $270,000 -14.1% $280,000 -17.1% Cove/Trinity Bch/Trinity Pk MANOORA 16 N/A N/A 85 $159,500 $167,000 -4.5% $146,000 9.2% DOUGLAS SHIRE 395 36 $400 31 $320 34 Mossman/Cooya Beach/Cow Bay/Miallo/Newell/ MANUNDA 13 N/A N/A 76 $171,000 $174,500 -2.0% $138,000 23.9% 4873 350 26 $340 18 $300 22 Wonga MOOROOBOOL 15 N/A N/A 47 $198,000 $283,000 -30.0% $172,500 14.8% 4877 Port Douglas/Craiglie/Mowbray/Oak Beach 485 10 $490 13 $400 12 PALM COVE 7 N/A N/A 106 $316,250 $310,000 2.0% $247,500 27.8% CASSOWARY COAST REGIONAL 300 87 $293 86 $285 112 PARRAMATTA PARK 4 N/A N/A 43 $215,000 $227,000 -5.3% $205,000 4.9% 4849 Cardwell n.a. 4 n.a. 3 $300 9 TRINITY BEACH 15 N/A N/A 110 $270,500 $295,000 -8.3% $230,000 17.6% 4852 Bingil Bay 350 17 $330 17 $350 16 WESTCOURT 7 N/A N/A 55 $220,000 $216,000 1.9% $180,500 21.9% 4854 Bilyana 280 11 $280 18 $320 14 WOREE 11 N/A N/A 66 $115,500 $141,500 -18.4% $117,000 -1.3% 4858 Comoon Loop n.a. 2 n.a. 2 $230 6 YORKEYS KNOB 13 N/A N/A 98 $242,500 $213,000 13.9% $226,050 7.3% 4860 Bamboo Creek 300 44 $283 40 $280 60 TABLELANDS REGIONAL 310 103 $300 99 $280 90
SURROUNDS 4872 Dimbulah/Kairi/Mt Garnett/Tinaroo/Walkamin 290 9 $305 16 $280 11
DOUGLAS (LGA) 40 $230,000 -16.4% 251 $240,000 $247,750 -3.1% $233,250 2.9% 4882 Tolga 390 7 $365 8 $300 9 PORT DOUGLAS 37 $227,500 -15.6% 224 $240,000 $246,250 -2.5% $230,750 4.0% 4883 Atherton/Upper Baron 330 46 $310 33 $295 29 ATHERTON 4 N/A N/A 19 N/A $271,000 N/A $210,250 N/A 4884 Yungaburra/Lake Eacham 300 9 $355 9 $300 9 4885 Malanda/Tarzali/Jaggan 320 10 $295 15 $280 13 4887 Herberton/Wondecla 300 7 n.a. 3 $260 5 4888 Ravenshoe/Evelyn/Millstream 280 13 $270 13 $250 11
MAREEBA SHIRE 330 59 $320 45 $300 54 4880 Mareeba/Biboohra 325 47 $318 40 $300 39 SALES MARKET - VACANT LAND <2400M2 4881 Kuranda/Koah/Speewah 392.5 12 $400 5 $350 15 CAIRNS (LGA) 36 $225,000 -8.2% 309 $225,000 $210,000 7.1% $181,500 24.0%
EDMONTON 0 N/A N/A 11 N/A $167,600 N/A $125,000 N/A GORDONVALE 0 N/A N/A 17 N/A $145,000 N/A $92,500 N/A KANIMBLA 3 N/A N/A 12 N/A $291,500 N/A $210,000 N/A RENTAL MARKET - 2 BED UNITS KEWARRA BEACH 2 N/A N/A 11 N/A $270,000 N/A $182,000 N/A MAR-19 MAR-18 MAR-14 POST REDLYNCH 1 N/A N/A 24 $261,000 $248,000 5.2% $183,500 42.2% $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS SMITHFIELD 3 N/A N/A 28 $217,500 $221,000 -1.6% $168,000 29.5% CAIRNS REGIONAL 315 659 $310 747 $280 880 TRINITY PARK 0 N/A N/A 27 $207,000 $215,000 -3.7% $197,900 4.6% Mt Sheridan/Bayview Hts/Tarrawarra/White 4868 267.5 66 $265 60 $250 73 Rock/Woree SURROUNDS Centenary Hts/Centenary Pk/Edmonton/Tamarind 4869 270 9 $265 15 $250 18 CASSOWARY COAST Gardens 11 N/A N/A 67 $72,500 $85,000 -14.7% $98,000 -26.0% (LGA) 4870 Cairns & suburbs of Cairns 320 404 $310 475 $280 535 MISSION BEACH 1 N/A N/A 13 N/A $110,000 N/A $113,300 N/A Caravonica/Holloways Bch/Lake Placid/Machans 4878 Bch/McGregor/Smithfield/Smithfield Hts/ 310 67 $310 94 $270 92 Yorkeys Knob DOUGLAS (LGA) 1 N/A N/A 13 N/A $145,000 N/A $115,000 N/A Buchan Pt/Clifton Bch/Ellis Bch/Kewarra Bch/Palm 4879 330 105 $325 97 $300 158 Cove/Trinity Bch/Trinity Pk MAREEBA (LGA) 9 N/A N/A 39 $110,500 $109,000 1.4% $85,000 30.0% DOUGLAS SHIRE 330 49 $310 41 $280 79 MAREEBA 6 N/A N/A 29 $115,000 $109,000 5.5% $85,000 35.3% Mossman/Cooya Beach/Cow Bay/Miallo/Newell/ 4873 260 9 $220 8 $195 12 Wonga TABLELANDS (LGA) 9 N/A N/A 53 $120,000 $112,000 7.1% $100,000 20.0% 4877 Port Douglas/Craiglie/Mowbray/Oak Beach 340 40 $320 33 $280 67 ATHERTON 3 N/A N/A 17 N/A $114,000 N/A $100,000 N/A CASSOWARY COAST REGIONAL 230 87 $230 84 $205 98 4849 Cardwell n.a. 3 $200 11 $195 5 4852 Bingil Bay 260 27 $250 24 $230 35 4854 Bilyana 280 8 $220 15 $250 10 RENTAL MARKET - 3 BED TOWNHOUSES 4860 Bamboo Creek 210 49 $215 33 $190 48 TABLELANDS REGIONAL 240 24 $240 40 $210 56 MAR-19 MAR-18 MAR-14 POST $ / NEW $ / NEW $ / NEW 4883 Atherton/Upper Baron 260 21 $250 31 $220 42 CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS MAREEBA SHIRE 260 27 $258 34 $216 31 CAIRNS REGIONAL 435 10 $393 8 $350 12 4880 Mareeba/Biboohra 260 26 $249 32 $215 28 4870 Cairns & suburbs of Cairns 430 5 n.a. 3 $350 8 4861 Babinda, Bartle Frere $0 0 $0 0 DOUGLAS SHIRE 420 8 $417 6 $375 10
4877 Port Douglas/Craiglie/Mowbray/Oak Beach 420 8 $417 6 $375 8
QUEENSLAND MARKET MONITOR • JUNE 2019 | ISSUE 42 REPORTING ON THE MARCH QUARTER 2019 | 97 Other Regional
SALES MARKET - HOUSES <2400m2 RENTAL MARKET - 2 BED UNITS ANNUAL ANNUAL MAR-19 MAR-18 MAR-14 POST QTRLY QTRLY ANNUAL ANNUAL MEDIAN MEDIAN QTRLY 1YR 5YR CODE L $ / NEW $ / NEW $ / NEW SUBURB/LGA NO. MEDIAN NO. MEDIAN SALE SALE LOCALITY CHANGE CHANGE CHANGE WEEK BONDS WEEK BONDS WEEK BONDS SALES SALE SALES SALE (1YR (5YRS AGO) AGO) SOUTH WEST SOUTH-WEST BALONNE SHIRE 190 7 $190 5 $190 7 MARANOA (LGA) 12 N/A N/A 69 $190,000 $190,000 0.0% $290,000 -34.5% 4487 St George 190 7 $190 5 n.a. 4 ROMA 11 N/A N/A 59 $219,000 $227,500 -3.7% $315,000 -30.5% MARANOA REGIONAL 182.5 20 $170 33 $300 17 CHARLEVILLE 4 N/A N/A 22 $147,500 $125,000 18.0% $133,000 10.9% 4455 Roma 182.5 20 $175 32 $300 15 NORTH WEST NORTH-WEST CLONCURRY SHIRE n.a. 4 $250 9 $275 6 MOUNT ISA (LGA) 21 $185,000 -33.3% 122 $257,000 $250,000 2.8% $377,000 -31.8% 4824 Cloncurry n.a. 4 $250 9 $275 6 COOKTOWN 6 N/A N/A 23 $280,000 $285,000 -1.8% $254,000 10.2% MOUNT ISA CITY 220 49 $200 89 $345 76 4825 Alexandria 220 49 $200 89 $345 76 FAR NORTH COOK SHIRE n.a. 4 $240 7 $158 8 RENTAL MARKET - 3 BED HOUSES 4895 Bloomfield n.a. 2 n.a. 4 $250 5 MAR-19 MAR-18 MAR-14 POST $ / NEW $ / NEW $ / NEW CODE LOCALITYL WEEK BONDS WEEK BONDS WEEK BONDS SOUTH WEST BALONNE SHIRE 235 12 $225 22 $240 26
4487 St George 250 9 $248 16 $250 23 MARANOA REGIONAL 230 61 $210 64 $400 47
4455 Roma 240 53 $230 53 $425 39 MURWEH SHIRE 230 11 $220 17 $230 17
4470 Charleville 230 11 $220 16 $230 16 CENTRAL WEST LONGREACH REGIONAL 260 14 $250 24 $275 16
4730 Brixton 260 14 $250 23 $280 13 BLACKALL-TAMBO REGIONAL 142.5 6 $155 8 $220 11
4472 Blackwall 142.5 6 $150 7 $200 8 NORTH WEST CLONCURRY SHIRE 320 15 $300 13 $380 12
4824 Cloncurry 320 15 $300 13 $380 12 MOUNT ISA CITY 360 89 $350 96 $500 92
4825 Alexandria 365 88 $350 96 $500 92 FAR NORTH COOK SHIRE 300 25 $300 30 $280 40
4871 Almaden 272.5 16 $260 18 $250 24 4895 Bloomfield 350 9 $350 12 $300 16
Queensland Market Monitor is published by The Real Estate Institute of Queensland (REIQ). ABN 49 009 661 287
Sales data obtained from Core Logic RP Data (www.corelogic.com.au) and median weekly rental data make no warranties, express or implied, with respect to the accuracy or completeness of any of the from the Residential Tenancies Authority (www.rta.qld.gov.au). Enquiries about the reproduction of material (including statistics, advertisements and advertising features) contained in this publication. part or all of the information should be directed to the Corporate Affairs Division, REIQ. The publisher and editor expressly disclaim any and all liability to the reader, whether a purchaser of this publication or not, in respect of anything and the consequences of anything done or omitted to ©The State of Queensland (Department of Environment and Resource Management) 2019. Based be done by any such person in reliance, whether whole or partial, upon the whole or any part of the on data provided with the permission of the Department of Natural Resources and Mines: [QVAS contents of this publication. The publisher, editor or contributors will enter into no correspondence in 2019]. The Department of Environment and Resource Management makes no representations or relation to this publication. The mention of the company, organisation, person, investment strategy warranties about accuracy, reliability, completeness or suitability of the data for any particular or technique does not imply endorsement by the publisher. The publisher has not vetted advertisers purpose and disclaims all responsibility and all liability (including without limitation, liability in and their products/services. The inclusion of advertisements or special advertising features in negligence) for all expenses, losses and damages (including indirect or consequential damage) this publication does not imply endorsement of the advertiser/s or their products/services by the and costs which might be incurred as a result of the data being inaccurate or incomplete in any publisher. Articles are published in reliance upon the representations and warranties of the authors way and for any reason. of the articles and without knowledge of any infringement of any third party’s copyright. Copyright: This publication is protected under the Commonwealth Copyrights Act 1968 and may not, in whole Disclaimer: The information contained in this publication, while based on information believed or part, be lent, copied, photocopied, reproduced, translated or reduced to any electronic medium reliable, is not guaranteed. Nor is any of it tendered by way of investment advice; instead, it is or machine-readable format without the express permission of the publisher. For permissions or intended only to inform and illustrate. No reader should act on the basis of any matter contained reprints, contact the Corporate Affairs Division on phone 07 3249 7347. Despite the preceding, in this publication without considering and if necessary taking appropriate professional advice with you may distribute copies of this publication to your clients but you may not earn revenue from the regards to their own particular circumstances. The publisher and editor give no representations and publication or publish the publication on any website.
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