Areas in regional Queensland – rising or declining?
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Areas in regional Queensland – rising or declining?

By Sasha Karen
Australia

Domain Group has released its State of the Market Report – Regional, looking at activities in regional Queensland to see how median house prices and rent prices are doing over the June quarter and the year to date.

The report, which focuses on Victoria, NSW and Queensland, looks at the major regional areas and analyses regional properties’ median house prices and rent prices.

To see how key regional areas in Victoria did over the June quarter and the year to date, click here.

We break down the report and look at how properties in regional Queensland are faring below:

Bundaberg – declining

Median house prices in Bundaberg declined 3.7 per cent over the quarter, but rose 1.4 per cent, to $289,000.

Median rent prices also saw a decline in the quarter by 1.7 per cent, and held during last year, to $290 per week.

“Bundaberg’s annual growth, as well as the steady rental market, suggest that the region’s prices may rebound this year,” said Dr Andrew Wilson, chief economist at Domain.

Cairns – rising

Cairns saw a slight rise in median house prices by 0.5 per cent over the quarter and over the previous year by 4.8 per cent.

Median house rents however decreased over the quarter by 4.8 per cent and held steady over the year at $400 per week.

“Cairns had one of the strongest performances in the Queensland regional market. The region remains one of the most popular destinations in the state, a positive sign for the local housing market,” Dr Wilson said.

Fraser Coast – declining

Median house prices in Fraser Coast declined 2.5 per cent over the quarter and held over the year to $307,000.

Median house rents held over the quarter and rose 4.8 per cent over last year to $330 per week.

“House prices in Fraser Coast declined over the quarter, but the region’s strong local economy will likely bolster the housing market heading into the warmer months,” said Dr Wilson.

Gladstone – declining

Gladstone saw median house prices held over the quarter and fell over last year by 10.6 per cent to $295,000.

Median house rents, like median house prices, held over the quarter and declined by 8.3 per cent to $220 per week.

“Gladstone’s housing and rental markets remained steady over the June quarter, following annual declines. The coming months will reveal whether Gladstone will finish off the year on a strong point,” Dr Wilson said.

Gold Coast – rising

Median house prices in the Gold Coast rose only 0.6 per cent for the quarter, and rose notably by 7.4 per cent to $613,500.

Median rent prices also saw rises, with a rise of 3.3 per cent over the quarter and 1.1 per cent over the year to $475 per week.

“The Gold Coast recorded the strongest annual growth out of all Queensland regions, for the third quarter in a row,” Dr Wilson said.

“The thriving local economy is likely to continue bolstering buyer interest through the year.”

Gympie – declining

Gympie saw median house prices over the quarter and the year decline by 1.7 per cent to $295,000.

Median rent prices held over the quarter, but rose 3.4 per cent over last year to $300 per week.

“Gympie remains one of the most affordable regions in Queensland,” said Dr Wilson.

“While housing market activity eased over the June quarter, the region’s solid local economy could return the market to growth in the coming months.”

Mackay – rising

Mackay’s median house price rose by 4 per cent over the quarter and over last year by 6.3 per cent to $335,000.

However, median house rents held steady over the quarter and the year at $300 per week.

“Mackay house prices rebounded strongly over the June quarter, suggesting a sustained revival in prospect,” Dr Wilson said.

“With steady rental prices over the past year, the local rental market is also showing clear signs of stabilising.”

Rockhampton – declining

Median house prices in Rockhampton declined 3.2 per cent over the quarter, and deceased by 2.2 per cent over last year to $305,000.

Median house rents also experienced declines over both the quarter and last year, at 1.4 per cent and 5 per cent respectively to $285 per week.

“After recent signs of stabilisation, the Rockhampton housing market slowed over the June quarter,” said Dr Wilson.

“There is a silver lining for tenants, with median rental prices easing by $15 per week, year-on-year.”

Sunshine Coast – declining

Although median house prices declined over the quarter on the Sunshine Coast by a slight 0.9 per cent, prices rose 3.7 per cent over last year to $565,000.

Median house rents held over the quarter and rose by 2.1 per cent over last year to $480 per week.

“Despite the slight quarterly decline in prices, the Sunshine Coast retained strong buyer interest over the year, a positive sign for the region moving forward,” Dr Wilson said.

Toowoomba – declining

Toowoomba saw a decline in its median house price by 2.7 per cent over the quarter and by 0.5 per cent over the year to $365,000.

Median house rents, however, have held steady for both the quarter and the year at $320.

“The market in Toowoomba is quiet, with a decline in median house prices and a relatively flat rental market,” said Dr Wilson.

“A return to growth is dependent on local economic activity stimulating the region.”

Townsville – declining

Median house prices in Townsville declined both over the quarter and last year by 4.5 per cent and 7.4 per cent respectively to $315,000.

Median house rents also experienced declines at 6.3 per cent over both the quarter and last year to $300 per week.

“Townsville has had a lengthy quiet period, with few signs of revival over the quarter,” said Dr Wilson.

“The coming months will reveal whether this is likely to change before the year is out.”

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Areas in regional Queensland – rising or declining?
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