QLD

Jonathan Chancellor | 20 November 2012

Queensland mining region prices come off the boil a little

The Mackay property market was regional Queensland's top performer during the September quarter, according to the Real Estate Institute of Queensland (REIQ) September quarter median house price report.

Next was Redland City, which recorded a median house price increase of 2.7% to $450,000.

But the mining areas of Queensland appeared to have come off the boil a little.

"Its perhaps due to sharp property price increases over the past 12 months in Gladstone and Mackay in particular; however, sales in these regions remain strong," REIQ chief executive officer Anton Kardash says.

Region Median Sale Sep12 Qtrly change Median Sale 12mths Sep12 1yr change 5yr change
SOUTH EAST QUEENSLAND
BRISBANE CITY (LGA) $     508,000 1.6% $     509,999 -1.9% 17.5%
BRISBANE (SD) $     430,000 -0.7% $     430,000 -2.3% 17.2%
IPSWICH CITY (LGA) $     290,000 0.0% $     296,250 -4.4% 9.7%
LOGAN CITY (LGA) $     337,850 2.4% $     335,509 -4.1% 12.2%
MORETON BAY (LGA) $     369,000 -2.6% $     370,000 -3.1% 12.1%
REDLAND CITY (LGA) $     450,000 2.7% $     435,000 -2.6% 11.5%
GOLD COAST CITY (LGA) + $     460,000 -1.5% $     462,750 -4.0% 1.2%
TOOWOOMBA (LGA) $     290,000 -3.0% $     290,000 -1.7% 15.5%
SUNSHINE COAST (LGA) + $     430,000 -0.9% $     430,000 -4.4% 1.2%
MAJOR REGIONS
FRASER COAST (LGA) $     280,000 -0.7% $     285,000 -1.7% 0.7%
BUNDABERG (LGA) $     290,000 0.9% $     282,000 0.7% 9.7%
GLADSTONE (LGA) $     455,000 -4.2% $     475,000 13.1% 40.1%
ROCKHAMPTON (LGA) $     318,000 1.0% $     317,378 0.0% 6.6%
MACKAY (LGA) $     445,000 4.7% $     430,000 4.9% 13.8%
TOWNSVILLE CITY (LGA) $     355,000 -5.3% $     362,000 -2.8% 6.8%
CAIRNS (LGA) $     350,000 1.0% $     349,250 -3.0% -0.9%

 

Mackay posted a median house price increase of 4.7% to $445,000. Over the year its median house price increased 4.9%.

REIQ Mackay zone chairwoman Sally Richards said there has been increased interest in the higher-priced homes such as the $400,000 to $600,000 price range.

She says there has been a significant amount of increased development and building activity in the region.

Gladstone's market slowed down after the sharp property price increases over the past year.

The median house price decreased 4.2% over the September quarter to $455,000.

REIQ Gladstone zone chairman Mark Spearing described the market as well-balanced over the past quarter.

In Brisbane, the median house price increased 1.6% to $508,000. The numbers of house sales was also up more than 3% compared to the June quarter.

For more on investing in property in mining areas like Gladstone, download our free eBook.

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