QLD HOUSE SALES

Jun 29, 2017
Michael Matusik

It’s that time of the year to pause and take a look at what’s happened in our own backyard.

The table below outlines detached house sales across Queensland.

Location Sales this year Change on last year Market size Median price his year Change on last year
Cairns 3,645 -6% 5% $380,000 -3%
Townsville 2,680 -11% 4% $325,500 -4%
Mackay 1,719 12% 2% $320,000 -11%
Gladstone – Rockhampton 2,420 -5% 3% $302,000 -8%
Hervey Bay – Bundaberg 5,228 0% 7% $290,000 -1%
Sunshine Coast 7,235 0% 9% $550,000 6%
Moreton Bay 8,205 -4% 11% $436,000 4%
Brisbane 19,295 -9% 25% $638,000 5%
    Inner city 3,123 -13% 4% $850,000 6%
    Northern suburbs 3,433 -10% 4% $550,000 5%
    Western suburbs 2,872 -7% 4% $665,000 7%
    Southern suburbs 5,125 -9% 7% $657,500 5%
    Eastern suburbs 4,742 -4% 6% $525,000 3%
Logan – Beaudesert 5,705 -6% 7% $400,000 4%
Gold Coast 9,243 -4% 12% $600,000 6%
Ipswich 5,994 -1% 8% $347,000 1%
Toowoomba 2,832 -9% 4% $368,000 0%
Darling Downs area 1,612 -3% 2% $250,000 0%
Outback Queensland 485 -15% 1% $180,000 -20%
Total 76,298 -5% 100% $476,500 4%

Some observations:

  • Sale volumes matter, as they tell us what’s likely next. House sales are falling in many parts of Brisbane and especially in the inner city and northern suburbs.  They are also down in Townsville, Toowoomba and outback Queensland. Notably, house sales are now rising in Mackay.   They are flat on the Sunshine Coast and across the Fraser Coast.
  • Last year, 50% of the house sales took place in the Brisbane region. When adding the Gold and Sunshine Coasts – i.e. south east Queensland – this market share lifts to 75%.  During fiscal 2017, just a quarter of Queensland’s house sales were in regional locations.  This is a big change on, say, ten years ago.  More on this in a Missive next week.
  • House prices for most locations across the south east are still rising, but in many cases, at a pedestrian rate. House values west of Ipswich are flat, and north of Noosa, they continue to fall.  But maybe Queensland’s northern regions are approaching the bottom of the market?  Mackay is a case in point, with house values dropping some 11%, down to a median house price of $320,000, resulting in an increase in sales.

Next week, we will also look at attached dwellings and on Thursday, vacant land sales.

Keen to hear your thoughts.

Until next time,

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Michael Matusik

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