THE Sunshine Coast has held on to its title as the strongest housing market in Queensland, according to new figures.
The latest Real Estate Industry of Queensland (REIQ) quarterly market monitor reveals the region finished the decade with a median house price of $600,000 after rising 24.5 per cent in five years.
During the December quarter the Sunshine Coast median house price grew 6 per cent, with Noosa the jewel in its crown.
The popular seaside retreat recorded an 11.6 per cent increase in house prices, to a median of $737,500 — the strongest quarterly performance of any housing market in the state.
REIQ chief executive officer Antonia Mercorella said Noosa’s unit market was the standout performer for the December quarter, with the median unit price increasing 7.1 per cent to a record high of $675,000. That’s $235,000 more than Brisbane’s median unit price.
“Over the past five years, while most other locations recorded quite stagnant unit market conditions, Noosa’s median unit price growth stands at 57 per cent,” Ms Mercorella said.
This week the $14 million sale of a beachfront apartment on Noosa Main Beach set a new record for Noosa Heads.
The penthouse apartment at 8 Noosa Court in Hastings Street eclipsed the previous record price by nearly $3 million.
Tom Offermann Real Estate negotiated the sale and principal Tom Offermann said it was evidence of the Noosa property market’s growing appeal to cash-rich buyers.
“Five high-value sales will settle in coming weeks, setting new benchmarks and confirming a phenomenal capital growth rate, averaging more than 14 per cent per annum,” Mr Offermann said.
“We expect this to continue as Noosa Sound attracts affluent buyers indulging their lifestyles with a holiday home on the river close to the Noosa beachfront.”
Mr Offermann said big money was also changing hands in the neighbouring suburb of Sunshine Beach, which had the top three record sales for the Sunshine Coast region.
Property price growth in other regions across the state was mostly stagnant during the December quarter, but there are signs of recovery in some markets.
On the Gold Coast the median house price inched a third of a per cent higher to $637,000, while the median unit price stayed steady at $410,000.
While the overall housing market on the Fraser Coast continues to stabilise, the REIQ figures show the quarterly median house price for the region rose 1.3 per cent to $320,000.
“That reflects a rise of 1.3 per cent, which is the first positive quarterly result in the past 12 months,” Ms Mercorella said.
And in Mackay, the median house price remained flat over the quarter, but increased 2.9 per cent over the year to $350,000.