South-East Queensland is giving Melbourne a run for its money in the property market stakes.
While Melbourne is still Australia’s best performing Australian capital city in the face of Sydney’s downturn, the region encompassing Brisbane, Gold and Sunshine Coasts actually has more growth suburbs than the Victorian capital.
Some of the heating markets include Gold Coast City, Logan City, Moreton Bay Region and the Sunshine Coast Region, and the Gold Coast leads the nation in local government areas.
As the South-East Queensland region begins its upward cycle, there are signs Melbourne’s up-cycle is close to peaking. It has been spreading outwards from the CBD for the last couple of years, and right now Melbourne’s outer suburbs are performing strongly, often a sure sign that a growth cycle is near completion.
Investors could well be turning their attention north to Queensland, where last year over 94 per cent of homeowners sold for a profit, with resale profits topping $3.9 billion.
LJ Hooker Pacific Pines principal Pascal Pierre gave Gold Coast Bulletin an insight to the state of the local Gold Coast property market.
“We’re finding the market is moving quicker and quicker and we’re even selling a whole bunch of properties offmarket,” he said.
“Prices are increasing and the majority of our properties are receiving multiple offers.”
Mr Pierre stopped short of calling it a boom market in South-East Queensland but said it was definitely a seller’s market and predicted further growth for at least the next 12-18 months.