Gladstone house prices record highest growth in regional Qld
Gladstone's real estate continues to prosper, leading the regional Queensland market with the highest median house price increase of 9.1 per cent.
The latest quarterly data for Queensland property prices (September to December 2020) from Real Estate Institute of Queensland has confirmed what buyers and sellers already know - prices are rising across Queensland.
Figures released by REIQ via its latest issue of the Queensland Market Monitor revealed the Gladstone market had the largest best-performing regional Local Government Area with a median house price of $300,000.
The data revealed Gladstone had a strong finish at the end of 2020 with a 9.1 per cent growth for the year, representing a total gain of 83.8 per cent in reclaimed value from Gladstone' median house prices five years ago of $365,000.
Prices also increased by an impressive 6.1 per cent over the quarter across almost every region of Queensland in the final three months of 2020.
REIQ CEO Antonia Mercorella said as a result of Covid, the Queensland property market performed against every economic prediction made over the past 12 months.
"In fact, Queensland property has remained extremely stable, recording a steady rate of growth that's really strengthen its market appeal," Ms Mercorella said.
"Between record-low interest rates, low stock availability for sale, improvements in consumer sentiment and Queensland's unbeatable lifestyle, it's no surprise we've also seen broader increases in values month on month in 2021."
Brisbane also reached a new record median house price of $725,000, recording 5.8 per cent in annual growth.
"While Brisbane continues to strengthen, it's equally pleasing to see Queensland's regional markets outperforming our capital city with widespread property demand and price increases recorded across most areas," Ms Mercorella said.
"What's helping propel property prices in particular is the fact that interstate migration is so strong."
Further analysis of the data also showed the fast-tracked regional property rush currently sweeping across Queensland.
Figures revealed out of 56 regional LGAs, 52 showed positive annual growth, representing 93 per cent of Queensland's regional market.
Date revealed the locations that benefited from an exodus to more affordable lifestyles included Cloncurry on 36.2 per cent, Murweih on 30.4 per cent and Isaac on 25 per cent.