Top Regional Property Markets
Queensland is home to two of Australia’s top regional property markets.
The new analysis by Suburbtrends, considered 14 different key metrics in determiningwhich markets were performing the best. It found in Queensland, the Sunshine Coast andGold Coast were solid performers, coming in second and third place behind Bunbury inWestern Australia.
Suburb trends founder, Kent Lardner, says the analysis took into account things such as rental affordability, which was a difficult task in the current climate. The report analysedregions within 200km of capital cities with a maximum $750,000 budget, and a minimum 4.5% yield.
The Gold Coast had the best vacancy rate, best rental affordability, and highest median income among the shortlisted locations.
“These figures underline Gold Coast’s appeal for renters and investors focusing on rentalincome and relative affordability,” the report says.
The top three markets on the Gold Coast were units at Bundall, houses in Willow Valeand units at Broadbeach Waters.
Green Light For New GC Hotel
Gold Coast City Council has given the green light to a proposal for a $333 million hotel at Movie World.
The project will be a 22-storey, 600-room hotel including convention facilities.
Council planning chair, Mark Hammel, says one in two conventions in Queensland are heldon the Gold Coast, so it was definitely needed.
“In the first five years (It will provide) 400 jobs in the short-term accommodation space totalling around $100 million in salaries, a contribution to tourism of 876,000 customerscreating expenditure of roughly $840 million,” he says.
“The function facilities are expected to have 130,000 attendees, creating $125 million inexpenditure on the Gold Coast.”
Village Roadshow says it will be built on a 5.1ha site on the existing carpark of Movie World.
“We currently do not have any detailed timelines for the hotel project, as there will be aconsiderable amount of work still to be done which is standard process given the nature ofsuch projects,” it says.
Quote Of The Week
“If you look at the same period last year, the combined capital cities clearance rate was
averaging around 55%, as opposed to the average 65% where it’s been the past few weeks.”
CoreLogic head of research, Eliza Owen
September 02, 2023
Housing Market Resilient
The housing market remains resilient in the face of rising interest rates, as it enters one of its busiest times of the year.
CoreLogic head of research, Eliza Owen, says the market performed well over winter and she expects that to continue throughout spring.
“This time last year, we were seeing the shock of rate risesstarting to settle in across the housing market,” Owen says.
“If you look at the same period last year, the combined capitalcities clearance rate was averaging around 55%, as opposedto the average 65% where it’s been the past few weeks.”
She says listing volumes are now starting to rise after falling atthis time last year.
“Compared to last year, the housing market and sellingconditions are looking a little bit better,” she says.
Her outlook for spring is “optimistic, yet cautious” withexpectations of a modest uplift in prices and further increasesin new listings.
