Noosa values soar over Gold Coast
NOOSA has catapulted the Gold Coast backward into second place on property value growth in Queensland, new REIQ Queensland Market Monitor figures show.
The shire's median house price has grown 6.9 per cent in the 12 months to June, now sitting at $695,000 (from 862 sales), making it Queensland's most prestigious market, eclipsing the Brisbane local government area's median of $673,000 and the Gold Coast's LGA of $622,031.
Meanwhile Noosa Shire unit prices have grown 10.2per cent in the same period, according to the figures, taking the median to $540,000.
REIQ chief executive Antonia Mercorella said Noosa had all the ingredients for price growth.
"This is a highly desirable part of the world, with stunning natural features, world-class beaches, beautiful climate year-round, outstanding shopping and dining precincts and, crucially, exclusivity,” she said.
"There is limited housing supply being added to Noosa and competition is obviously driving price growth.
"Looking forward, once the Bruce Highway upgrades are completed and commuting to Brisbane becomes more feasible, it's likely we'll see added demand for Sunshine Coast living.
"This area would benefit from greater supply levels, undoubtedly.”
The rest of the Sunshine Coast region delivered similarly strong results for the year to June.
The Sunshine Coast LGA grew 6.5 per cent to a median house price of $575,000, from 4381 sales.