Real Estate of Origin heads north
Before the teams run out on the field, the battle for open homes and auctions in the annual ‘Real Estate of Origin’ has gone to Queensland.
Queensland’s property market outperformed South Wales in key property indicators over the last 12 months, according to LJ Hooker’s annual market match-up.
Queensland owes much of its success to the Gold Coast’s unit market. In a Man-of-the-Match performance, the Gold Coast scored bragging rights for the most apartments sold over the last year (Surfers Paradise, 1224), the highest combined value sold (Surfers Paradise, $623m) and the fastest selling unit market (Currumbin Waters, 18 days).
Sydney’s blue-chip housing market led New South Wales’ fightback, claiming the title of the most expensive median house price (Bellevue Hill, $8.44m), highest asking rents (Bellevue Hill, $2,350p/w) and highest combined value of homes sold (Mosman, $1.01bn).
Across the spectrum of property indicators, Queensland outscored NSW by 8-6.
LJ Hooker’s Head of Research, Mathew Tiller, said the analytics showed some interesting insights.
“A season is a long time in footy, and a year is a long time in property,” he said.
“Lifestyle markets such as the Gold Coast really came to the fore over the last 12 months. Surfers Paradise consistently has a high volume of unit sales each year, but we’ve also seen other suburbs on the Gold Coast including Currumbin Waters, Benowa and Clear Island Waters take out accolades in other categories.
“There’s been strong population growth in Queensland during the last 12 months, with the state welcoming its five millionth resident recently. Queensland’s population influx has played a part in the growth of the Gold Coast.”
Interestingly, the most house sales over the last 12 months belonged to Orange in New South Wales.
Similar to the Gold Coast, Mr Tiller said the Central West township’s popularity could also be attributed to buyers seeking a new lifestyle.
“There’s been a small amount of Sydneysiders opting for the tree-change over the last year, choosing to cash in on the capital growth they had enjoyed in previous years,” said Mr Tiller.
“Orange is one of the towns that has attracted people looking for a country lifestyle that still has many of the city-stylings like cafes, restaurants and shopping.”