Gympie house prices jump despite COVID-19 clamps on market
GYMPIE has recorded a near two per cent increase in median house prices over the past year, but real estate experts say the property market has not yet worn the full impact of COVID-19.
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The suburb of Gympie has recorded a 1.9 per cent jump to a median house price of $275,000 since May last year, according to figures published by realestate.com.au.
But REA experts said more definitive insights could be some time away, as the market continues to react to the pandemic.
The neighbouring suburb of Southside weren’t so rosy, with a 2.2 per cent decrease taking their median house price down to $337,497.
Cooloola Cove recorded a slight. 0.8 per cent rise to $309,000, but Tin Can Bay saw a steep 5.1 per cent drop to $322,500.
Pomona fell 0.6 per cent to $575,000, but Cooroy rose 2.7 per cent to $570,000.
Other suburbs within the region did not record specific figures, with towns seeing less than 30 sales excluded from the data.
Your Realty Gympie & Cooloola Head of Sales and Marketing Murray Benton said the biggest roadblock to the local market had been government restrictions on open homes and inspections.
“Outside that, it’s been pretty consistently quite positive. Generally we’re finding that buyers are getting pre-approvals, they’re getting the amounts they’re wanting,” Mr Benton said.
“Within the last month, especially since restrictions eased, everything that comes up for sale generally doesn’t stick around for too long.
“If anything we need more listings, because the buyers are there.”
Mr Benton predicted pre-COVID interest in the region from the Sunshine Coast would return if restrictions continued to ease.
“In the last 12 months before COVID hit every real estate agent here would say the same, a lot of inquiry has come from the Sunshine Coast, and that’s reflective of how attractive our median house prices are,” he said.
“I feel that now restrictions are easing up, we’ll see an influx of that inquiry from the coast coming back here.”
On the Sunshine Coast, Maroochydore fell 3.1 per cent to a median price of $630,000, while Buderim jumped 3.8 per cent to $680,000.
The overall REA analysis said apartments and more affordable regions had “born the brunt of the economic downturn” in the first five months of the year, while there was “surprising resilience” in capital city markets.
But trends were deemed to be “slightly murkier” by suburb since COVID-19 set in, with REA saying 12 months of data was “typically required to generate enough sales to show year-on-year change”.
realestate.com.au director of economic research Cameron Kusher said there was a lot yet to play out before the future of the market became clearer.
“Because turnover has fallen so sharply as lockdowns occurred and prices are a lagging indicator, it is impossible to tell quite yet the impact of COVID-19 on property prices,” Mr Kusher said.
All but two Queensland regions recorded a positive year on year change for median house prices, including Wide Bay with a 3.9 per cent jump to $317,000.