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Sunshine Coast, Gold Coast and Brisbane: the state of South East Queensland property

There are still a lot of properties in the South East! Queensland’s Sunshine and Gold Coasts have bright futures but are best avoided by first-time property investors, while economic uncertainty in Brisbane raises questions around its price growth potential, says property analyst Louis Christopher from SQM Research.
Sunshine Coast, Gold Coast and Brisbane: the state of South East Queensland property | MyWealth Commonwealth Bank

While Christopher does highlight positive elements across the region—not least its “geographic beauty”—his cautious slant is a departure from others in the industry who often paint a rosier picture of the South East Queensland outlook.

Sunshine Coast

“The Sunshine Coast has been working hard to widen its economic base in recent years,” Christopher says.

He also notes a significant workforce that commutes daily to and from Brisbane has assisted in creating a “stable housing market”, particularly at the southern end of the region.

The drive between a southern coast town such as Caloundra and Brisbane’s CBD takes approximately 1.5 hours in peak traffic.

The area has experienced “extended and acute” downturns in the past, however, Christopher says, with prices in some areas falling by more than a third between 2009 and 2013.

Factors such as elevated unemployment numbers and a big drop in local tourism numbers over that period drew attention to some of the vulnerabilities of the market.

Gold Coast

Christopher predicts Gold Coast price rises will outperform the Brisbane market in 2015, possibly posting another 5–7% in gains, but he warns the housing recovery underway in the area is “slow and could stall”.

Many have flagged a rise in listings in recent months as a strong sign of this recovery, however Christopher notes this could also reflect a surge of sellers finally putting their properties up for sale after waiting years in an underperforming market.

On the other hand, he points to the likelihood of an increase in both domestic and international tourism off the back of a lower Australian dollar, as well as a growing optimism surrounding the 2018 Commonwealth Games, which Gold Coast is set to host.

Brisbane

Describing the statistics on the state’s capital as “not particularly exciting”, Christopher says SQM Research has not currently recorded any material rise in listings.

He notes an “ongoing overhang of housing supply” kept a lid on prices last year and suggests the mining downturn means the city is not likely to see any significant growth in the coming year.

Source: www.mywealth.commbank.com.au

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Brisbane

Yeronga trophy home fronting the Brisbane River listed

Brisbane River

A riverfront Yeronga, Queensland trophy home has been listed without a price guide.

The five bedroom, five bathroom abode is being marketed by Heath Williams and Nick Hurwood of Place.

Situated at 363 Brisbane Corso, the tri-level home fronts the Brisbane River.

Set on 916 sqm, it features two swimming pools and a private boat pontoon.

Other features include full-height stacked glass sliding doors opening out to a covered balcony which capture sweeping Brisbane River views as well as a ground-level rumpus or games room equipped with a bar, a projector and a linked balcony.

It is located seven kilometres from the CBD.

 

The post “Yeronga trophy home fronting the Brisbane River listed” appeared first on the propertyobserver.com.au Blog

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Brisbane

Brisbane houses solid but inner-city unit market oversupplied: RiskWise

Brisbane houses

The impact of COVID-19 on the property market is greatly varied across this large state.

COVID-19 has significantly increased the unemployment rate in Queensland with a greater impact on regional areas, particularly those with a heavy reliance on tourism. As of August 2020, the unemployment rate was 7.5 per cent.

The sustained period of the border closure between Queensland and other states has been a contributing factor to the already substantial impact of COVID-19. This is due to the strong connection between Queensland and New South Wales and, to a lesser extent, Victoria.

COVID-19 has helped strengthen ‘work from home’ opportunities, meaning owner-occupiers can take advantage of ‘lifestyle’ prospects instead of being tied to employment hubs.

Before COVID-19 hit, there was already a strong trend of sea- and tree-change homebuyers looking for the best of all worlds – lifestyle, accessibility to employment hubs and affordable housing.

In Queensland, the areas that attract those lifestyle buyers include the Gold Coast and Sunshine Coast.

Beachside suburbs especially outperform the market as they offer fantastic lifestyle opportunities.

However, while solid house price growth may be experienced in Brisbane, the inner-city unit market remains oversupplied and, therefore, high risk.

 

The post “Brisbane houses solid but inner-city unit market oversupplied: RiskWise” appeared first on the propertyobserver.com.au Blog

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Market Place

Whitsundays prestige market strong amid COVID uncertainty: HTW

prestige market
The high end market in the Whitsundays is performing well despite COVID and what’s happening in other areas of Australia, with lifestyle properties being sought after, according to the November report from valuation firm Herron Todd White.
HTW found that rural residential lifestyle properties are being snapped up with sales ranging from $800,000 to over $1 million.
Properties with ocean views or frontage are also being snapped up along with vacant lots in similar locations.
“There have also been two sales in the prestige unit market, both selling for over $800,000,” the Queensland-based Herron Todd White valuer Noelene Spurway said.
“We expect that once the borders are open, lifestyle properties will continue to move as the lifestyle in the Whitsundays is second to none.”
Spurway did however jest that she is maybe just a little biased.
The post “Whitsundays prestige market strong amid COVID uncertainty: HTW” appeared first on the propertyobserver.com.au Blog
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