Doron Peleg RiskWise Property Research chief executive said that the value of Queensland's housing market breaking through the $1 trillion was a gamechanger."You cannot ignore a $1 trillion housing market," Mr Peleg said.
"It makes Queensland the third major player, yet it often gets overlooked by policy makers. "This shows it is a big market with a huge impact on the economy."With Queensland's improving economy, housing affordability, a rise in interstate migration and increased optimism in the residential real estate sector continues to drive the value in the state's property market.
"It is important to remember the state had a two-speed housing market, with houses in the state's southeast performing well but units still carrying some risk", said Mr Peleg."Overall, due to the improved economy, increase in employment and population, $15 billion construction boom and the Advance Queensland Business Development Fund, Queensland is projected to deliver good long-term capital growth," he said.
"However, proceed with caution when it comes to units and in some areas of Queensland, particularly mining towns."TOP 10 QLD SUBURBS WITH BIGGEST RISE IN MEDIAN HOME PRICE
Suburb Property Type Number of sales Median price Growth in 12 mths
1. Minyama House 60 $1.31m 45.8%
2. Rochedale Unit 74 $685,000 35.6%
3. Mooroobool Unit 41 $278,000 34.3%
4. Tallebudgera Valley House 36 $1.09m 32.1%
5. Park Ridge House 52 $620,000 31.1%
6. North Ward Unit 101 $320,000 29.3%
7. Hamilton House 61 $1.5m 26.7%
8. Hollywell House 54 $790,000 26.4%
9. Biloela House 49 $290,000 26.%
10. Marsden Unit 44 $343,900 25.7%
(Source: CoreLogic, based on suburbs where 30 or more sales were recorded in past year)