Queensland's quiet achievers
Friday, 25 June 2010
Most don't have the beaches of Surfers Paradise or Mooloolaba to define them; nor are they favoured by first home buyers for their affordability, but new research by the Real Estate Institute of Queensland (REIQ) has found that suburbs which rarely feature in hot spot lists are quietly achieving solid returns for the families that traditionally live there.
Over the five years ending March 2010, REIQ research found median house priced suburbs across Queensland recorded robust growth ranging from 35 per cent on the Fraser and Gold Coasts to an impressive 160 per cent in Mackay.
"Most of these middle-of-the-range suburbs are particularly popular with families and are often the suburbs that young buyers transition to after their first home," REIQ managing director Dan Molloy said.
"Suburbs such as Nudgee in Brisbane, Gracemere in Rockhampton and Smithfield in Cairns don't usually receive much time in the limelight or on the front pages, but for the families that live there they often provide all they need from a variety of education options, access to transport infrastructure, retail and shopping outlets, as well as moderately priced housing and healthy price growth."
The best performing quiet achiever suburb for Queensland's major regional centres over five years was Marian in Mackay, which recorded median house price growth of 161 per cent to $385,000. Marian has benefited from the strength of the resources sector over the period as well as being home to the largest sugar mill in the area. According to Australian Bureau of Statistics (ABS) census data, the suburb has more than 53 per cent of couple families with children - higher than the national average.
Number two was Calliope in Gladstone with a median house price increase of 125 per cent to $376,500 over five years. Located about 15 minutes from the centre of Gladstone, Calliope has also benefited from the robust mining sector which has had a dramatic upward impact on its price over recent years. The suburb also has about 53 per cent of couple families with children living there.
Coming in at number three is Gracemere in Rockhampton which experienced median house price growth of 100 per cent to $317,500 over the period. Gracemere - about 15 minutes southwest of Rockhampton - has become increasingly popular with buyers over recent years and given this population growth new residential estates and commercial developments have been constructed in the area. Gracemere has about 50 per cent of couple families with children who call the suburb home.
In South East Queensland, Brisbane's quiet achiever was Nudgee, up 65 per cent to $472,500; on the Gold Coast it was Mudgeeraba, up 35 per cent to $475,000; and on the Sunshine Coast it was the Glass House Mountains, up 45 per cent to $435,000 over the five years ending March 2010.
Top performers by LGA
BRISBANE CITY (LGA)
NUDGEE $472,500 up 65.8% over five years
IPSWICH CITY (LGA)
NORTH BOOVAL $300,500 up 66.9% over five years
LOGAN CITY (LGA)
WATERFORD WEST $330,000 up 59.4% over five years
MORETON BAY (LGA)
BRAY PARK $375,000 up 45.7% over five years
REDLAND CITY (LGA)
THORNESIDE ~ $449,750 up 48.7% over five years
GOLD COAST CITY (LGA)
MUDGEERABA $475,000 up 35.7% over five years
TOOWOOMBA (LGA)
PITTSWORTH ~ $278,000 up 88.5% over five years
SUNSHINE COAST (LGA)
GLASS HOUSE MOUNTAINS $435,000 up 45.0% over five years
FRASER COAST (LGA)
TIANA $310,000 up 35.1% over five years
BUNDABERG (LGA)
SVENSSON HEIGHTS $260,250 up 48.7% over five years
GLADSTONE (LGA)
CALLIOPE * ~ $376,500 up 125.4% over five years
ROCKHAMPTON (LGA)
GRACEMERE ~ $317,500 up 100.9% over five years
MACKAY (LGA)
MARIAN ~ $385,000 up 161.0% over five yeras
TOWNSVILLE CITY (LGA)
DEERAGUN * $335,500 up 97.4% over five years
CAIRNS (LGA)
SMITHFIELD ~ * $378,000 up 54.3% over five years
ENDS
The above analysis looks at suburbs to record an annual median approximately within 10% of the regional annual median
Median Price: The middle sale price when arranged in ascending order, ie where half of the sales recorded were less and half were higher than the median
# All figures are preliminary and are subject to further revision.
N/A No preliminary estimate available due to insufficient sales numbers
(LGA) Local Government Area
Brisbane (SD)- Brisbane Statistical Division which includes the LGA's of Brisbane City, Ipswich City, Logan City, Moreton Bay Regional and Redland City.
^ Denotes acreage sales - on land size greater than 2,400m2. All other house and land sale statistics are based on land size under 2,400m2 . Unit and townhouse data includes sales of all building units and group titled properties.
~ Medians affected by varying quality of stock sold
* Medians affected by varying quantities of new properties sold
f Medians affected by varying numbers of waterfront properties sold
+ Due to the nature of properties in this suburb, some group titled property sales have been included
SOURCE: REIQ. Data made available by QLD Department of Environment and Resource Management, (QVAS), via RP Data and PDS Live. This information has been carefully compiled and is not intended to be treated as a warranty or promise as to the correctness of the information. Interested parties should undertake independent enquiries and investigations to satisfy themselves that any details herein are true and correct. The REIQ does not allow this information to be used for advertising or marketing purposes. Enquiries about the reproduction of part or all of the information should be directed to the Marketplace Strategy Division, REIQ
