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REIQ Journal : August 2008
Aerial of Magnetic Island of Magnetic Island Seaside Seaside and affordable suburbs top list By Yvette Terrey, Research Analyst, REIQ Affordable and seaside suburbs have taken out the top spots in the REIQ’s latest list of star performers for houses and units/ townhouses. WHILE SUBURBS OUTSIDE the southeast featured strongly in the top 10 house performers, it is the price growth in units and townhouses that is cementing this dwelling type as an affordable, and potentially lucrative, option for many people. With Queensland’s residential property market taking a breather in the first half of 2008, much of the price growth experienced during the past 12 months occurred late in 2007. Houses For the year ending March 2008, REIQ figures show the top performing suburb in Queensland for houses was Brisbane’s Fig Tree Pocket. Located about 9 kilometres southwest of the CBD, this leafy suburb has benefited from its riverside location, with proximity to the city and a growing number of prestige properties. One third of all houses sold in Fig Tree Pocket over the 12 months to the end of March 2008 were for more than $1 million. With 20 per cent of sales being for $1 million or more in the previous 12 months, Fig Tree Pocket’s median house price increased 56.7 per cent to $850,000 over the year. REIQ Journal August 2008 At number two for houses is Mission Beach in the newly created Cassowary Coast Regional Council. Located 90 minutes drive south of Cairns and two and a half hours north of Townsville, this suburb has benefitted from its seaside location. Its median increased 53.8 per cent to $500,000 over the period. Similar to Port Douglas a number of years ago, Mission Beach has become an attractive prospect for anyone who wants to buy or develop seaside property. The top sale in Mission Beach for the year ending March was $2.7 million. Glen Eden in Gladstone took out the number three spot with its median increasing 48.2 per cent to $389,000; however, its median was affected by the varying quality of stock and varying quantities of new stock sold over the period. Locality Former LGA New LGA FIG TREE POCKET ~ BRISBANE CITY BRISBANE CITY MISSION BEACH ~ ƒ JOHNSTONE GLEN EDEN * ~ INGHAM ~ HOME HILL CALLIOPE * TOOLOOA ~ GLADSTONE EAST INNISFAIL GLADSTONE JOHNSTONE Units/townhouses Over the year, the top suburbs in the unit and townhouse market outperformed their more traditional house rivals. The top three performers were all suburbs where the median sale prices were in the affordable price bracket just one year ago. With better price growth than houses over the year, units and townhouses are proving to be a genuinely affordable alternative to the traditional house, while also providing the opportunity to make good gains at the same time. The top performer for units and townhouses in Queensland was Nelly Bay on Magnetic Island. Its median increased 107.4 per cent to $280,000 over the year to the end of March 2008. HOUSES “Median “Median Change 12 months 12 months over to end of to end of 1yr” Mar 08” Mar 07” $850,000 $542,500 56.7% CASSOWARY COAST REGIONAL $500,000 $325,000 53.8% GLADSTONE REGIONAL HINCHINBROOK HINCHINBROOK SHIRE BURDEKIN CALLIOPE BURDEKIN SHIRE GLADSTONE REGIONAL GLADSTONE REGIONAL HIGHGATE HILL ƒ ~ BRISBANE CITY BRISBANE CITY RUSSELL ISLAND ~ REDLAND CITY REDLAND CITY $389,000 $262,500 48.2% $240,000 $162,000 48.1% $205,000 $140,000 46.4% $365,000 $249,750 46.1% $315,000 $220,000 43.2% CASSOWARY COAST REGIONAL $275,000 $193,750 41.9% $785,750 $560,000 40.3% $235,000 $167,500 40.3%