‘Prestigious’ Noosa shows strongest growth in Queensland’s property market: REIQ report

The Real Estate Institute of Queensland (REIQ) has placed Noosa at the top of Queensland’s property market after finding that the Sunshine Coast resort area made the strongest growth across the state.

In the June 2018 quarter, the average house price in Noosa was AUS$695,000, a growth of 6.9% compared to the same quarter one year ago.

This growth means that Noosa has surpassed the Gold Coast as the frontrunner in Queensland’s property market, with average house prices increasing by 4.5% to $622,000 on the Gold Coast.

REIQ chief executive officer Antonia Mercorella said Noosa was clearly now the state’s ‘most prestigious’ property market. “The supply there is quite limited — the demand is always strong because it’s such a special place,” she said.

Prices on the Sunshine Coast were also around $22,000 more expensive than the median house price in Brisbane, where the average home sold for $673,000 — a 2.5% increase on last year.

“That’s what makes our [Brisbane] market quite attractive, we haven’t seen that frenzied, accelerated growth that’s been seen in Sydney and Melbourne,” added Mercorella.

@AusBNOnline