Gladstone defies doomsayers with 24% gain in annual median house prices… Larry Schlesinger Tuesday, 28 May 2013 Talk of the mining boom effect petering out in perennial property hotspot favourites Gladstone and Moranbah in northern Queensland appears premature with both bucking the trend of property markets that soar one year only to fizz out the next. Property Observer analysis of the 15 best performing detaching housing markets across five house price brackets published last May by Smart Property Investment magazine now one year on, shows that nine markets went from boom to bust in the space of a year, two tread water and three grew strongly, albeit at slower rates in the prior year. The biggest boom to bust occurred in Quindalup, a small town in the South West region of Western Australia in the shire Busselton and about 250 kilometres west of Perth, most famous as the hub of a thriving timber industry from the mid to late 1800s. Just a few original buildings remain, including Harwoods Cottage, now a local tourist attraction. Based on annual sales data, RP Data figures show that Quindalup median house prices rose 47% to Feb 2012 but then fell 38% in the twelve months to February 2013. Double-digit corrections also occurred in Netherby, a suburb of Adelaide, Sydney’s prestige McMahons Point on the lower north shore (though from a small number of prestige sales), Dicky Beach, a suburb on the Sunshine Coast, East Launceston in Tasmania, Alton Downs near Rockhampton and Shorewell Park on the north coast of Tasmania near Burnie. However, Gladstone City median house prices (the greater Gladstone area) have risen 24% over the 12 months to February 2013 following a rise of 32% in the previous months to a median of $600,000, albeit off just 17 recorded sales, according to RP Data. And in Moranbah, house prices rose 17% over the 12 months to February 2013 following a 33% in the previous 12 months to rise to $740,000 from 159 sales. The third location to register two consecutive years of strong price growth was Millthorpe in NSW, a tiny hamlet between Orange and Blayney with 1,100 people, with price gains of 31% in 2012 and 13%. While listed as the top performers, the locations below were not necessarily recommended by RP Data or SPI Magazine as property investment hotspots for 2013. State Suburb Annual sales to Feb 13 Median price Feb 2012 Median price Feb 2013 Median 12mth growth to Feb 2012 Median 12mth growth to Feb 2013 BEST PERFORMING SUBURBS $700,001 plus WA Quindalup 12 $970,000 $565,000 47% -38% SA Netherby 19 $970,000 $800,000 39% -18% NSW McMahons Point 16 $1.92m $1.6m 33% -17% BEST PERFORMING SUBURBS $500,001 - $700,000 WA Derby 42 $555,000 $542,500 40% 0% QLD Moranbah 159 $610,000 $740,000 33% +17% QLD Dicky Beach 20 $660,000 $562,500 28% -15% BEST PERFORMING SUBURBS $400,001 - $500,000 QLD Alton Downs 13 $480,000 $430,000 38% -10% TAS East Launceston 44 $478,000 $385,000 33% -19% QLD Gladstone City 17 $482,500 $600,000 32% +24% BEST PERFORMING SUBURBS $300,001 - $400,000 SA Munno Para 92 $322,827 $307,500 42% +1% NSW Millthorpe 12 $330,000 $372,500 31% +13% NSW Wyee Point 17 $380,000 $377,500 31% -1% BEST PERFORMING SUBURBS UNDER $300,000 TAS Shorewell Park 18 $246,000 $207,500 47% -21% NSW Boggabri 21 $157,500 $153,000 45 -6% TAS Trevallyn 98 $290,000 $279,500 26% -7% Source: RP Data/Smart Property Investment magazine
Posted on: Tue, 18 Jun 2013 00:38:31 +0000
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