The latest figures from the Real Estate Institute of Queensland have confirmed the status of the Sunshine Coast and the Gold Coast as the worst performers in the state.
The REIQ’s figures for the five years to March 2010 show that the Sunshine Coast has recorded the lowest growth in its median house of all the locations covered in the report.
The Gold Coast, with just 25% growth in its median house price in five years, is only marginally better than the Sunshine Coast’s 21%. Both have average annual growth rates below 4.5% over the past five years.
The institute’s March Quarter report shows that Rockhampton has done best among the major city markets in Queensland, with its median house price almost doubling in five years. Others to show significant growth include Gladstone (up 70%), Townsville (up 62%) and Mackay (up 61%).
But it’s the smaller regional centres that have recorded the highest growth over the past five years. The municipalities of Banana, Burdekin, Charters Towers, Hinchinbrook, Isaac, Longreach, Maranda, Mount Isa and Western Downs all recorded growth that saw median house prices at least double in five years.
Banana Shire, based on the regional town of Biloela, recorded a 141% rise while Isaac, which includes the mining towns of Moranbah and Dysart, achieved 138%. Maranda, based on Roma in the Surat Basin region, achieved similar growth.
The results provide further confirmation that property investors who ignore the inland regional centres are missing some of the best opportunities for capital growth, as well as affordable real estate .