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Historical Trillion Dollar Housing Market in Queensland lends much needed Confidence

Posted by Kirsten Lowis on 15 October 2018
Historical Trillion Dollar Housing Market in Queensland lends much needed Confidence
According to property research company Corelogic, the value of Queensland's housing market has cracked the trillion dollar mark for the first time in history.  The 10% increase took the state's residential property figure from $910 bn in 2016 to $1.004 tn in 2018.

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)

Originally published by The Courier Mail
Author: Kirsten Lowis
About: As the Founding Director of Zoom in Business - a subscription-based network and magazine, NQ Business Sales - a business sales firm based in North Queensland, and Bizrich - a business valuation firm, Kirsten has learnt from the trenches and brings a wealth of personal and professional experience and knowledge to our members. With over 13 years as a franchisee, retailer and start-up business owner, Kirsten has worked closely with fellow coaches, hundreds of clients and the best facilitators in Australia who have run their own business or have experience in running a business and teams. Kirsten’s extensive knowledge and experience as a Registered Business Valuer and Licenced Business Broker helps our readers and members improve awareness of the state of the market, understanding and confidence in buying, growing, valuing and selling their business, while connecting them with local and international news stories and experts to create a capable and dynamic business network.
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