Gympie region's 3 top growth suburbs will shock you
ALMOST 70 Queensland suburbs, including three in the Gympie region, delivered double digit growth over the 12 months to June, according to the latest REIQ research from the Queensland Market Monitor report.
REIQ CEO Antonia Mercorella said while many headlines predicted doom and gloom for the property market, the reality was very different with many markets in Queensland performing exceptionally well.
"A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result,” she said. "And there are many more suburbs delivering strong single-digit growth. It's a great market to be in at the moment.”
In the Gympie region, Cooloola Cove performed the best, coming in at number 42 of the State's top performing suburbs, with 72 property sales over the 12 months to June recording a median price of $317,500, delivering 12 per cent capital growth.
Monkland was next best at number 46, with 31 sales at a median price of $240,000 and capital growth of 11.6 per cent.
Rainbow Beach came in at number 67, with 30 sales at a median price of $489,500 and capital growth of 10 per cent.
"The top area delivering the strongest growth has been Blackwater, with 151 per cent growth. This is a results of the resurgence in coal prices and the low base starting point,” Ms Mercorella said.
Eleven suburbs reached an annual price growth of more than 20 per cent. These suburbs were Blackwater, Spring Mountain (Ipswich), Collinsville, Minyama (Sunshine Coast), Hamilton, Hollywell (Gold Coast), Miles, Mount Coolum, Dundowran Beach (Fraser Coast), Boonah (Scenic Rim) and Idalia (Townsville).
This analysis identified 27 suburbs outside the southeast corner reporting a double digit capital growth in house prices for the past 12 months.
Cairns and Gympie had three suburbs on the list of top performers.
"Cooloola Cove in Gympie ranked 42th on the list as house prices increased 12 per cent for the past year, to $317,500 in June 2018. This suburb offers affordable and coastal living options,” the report states.
Other regions reporting at least one suburb on the list were Bundaberg, Toowoomba, Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rocky, Scenic Rim, Somerset and Western Downs.
Two different price range are dominant on the list of top performing suburbs. The very affordable bracket with a price range below $350,000 and the price bracket above $500,000 and below $750,000. The latest generally appeals to family lifestyle.
Eighteen top-performing suburbs reported a median house price range below $350,000. Most of these suburbs are located in regional Queensland.
Similarly, 18 top performers reported an annual median house price range between $500,000 and $749,999. Thirteen of these suburbs are located in the southeast corner.
Only eight top performing suburbs reported an annual median price range above $1 million. All these suburbs are located in Brisbane, Noosa or the Sunshine Coast LGA.
This analysis identifies the Queensland suburbs achieving a double digit annual house price growth for the 12 months to June 2018. Houses located on blocks with an area above 2400m2 were taken out of the analysis. And, only suburbs with a volume of annual sales above 20 for the past year were included in the analysis.
DON'T MISS SATURDAY'S THE GYMPIE TIMES REAL ESTATE GUIDE FOR ALL THE BEST PROPERTY BUYS AND BARGAINS IN THIS REGION.