Funny how the press refers to “The Australian Property Market” when in reality there is no such thing. Australia is made up of so many “sub-markets” you would be a fool to refer to the Australia as one market.
A good example of this is from 2010 – 2016 when in that time both Sydney and Melbourne markets doubled in value. While the Perth and Darwin markets declined by around 10%. I am sure if you were a Perth investor through that period and someone kept telling you how great the “Australian Property Market” was, you would want to punch them in the face!
The same thing is happening at the moment. The press is telling the public that the property market is declining and the more sensational the story is, the more it sells. The truth is that while the Sydney and Melbourne markets are is very slight decline, the Brisbane and Hobart markets have been going great.
Queensland has actually been doing remarkably well.
The latest REIQ figures have just been released and Brisbane, the Sunshine Coast and the Gold Coast all posted record annual median house prices in the September quarter.
The Brisbane annual median house price grew 2.3 per cent to a new high of $675,000, while the Gold Coast grew 3.8 per cent to $629,000.
REIQ CEO Antonia Mercorella said the strength of growth proved that Queensland real estate was a good investment and could be relied upon to deliver capital growth.
“While other markets around the country are struggling in the face of tightened lending criteria and cooling investor appetite, the southeast corner of Queensland continues to deliver steady, sustainable growth,” Mercorella said.
Brisbane, the Sunshine Coast and the Gold Coast all posted record annual median house prices in the September quarter of the REIQ Queensland Market Monitor report.
The Sunshine Coast was the best performer, delivering a 6.3 percent growth to a new median house price high of $595,000.
The Brisbane annual median house price grew 2.3 per cent to a new high of $675,000, while the Gold Coast grew 3.8 per cent to $629,000.
“Queensland’s economy is proving itself to be a good performer, against a backdrop of national gloom, with new jobs bringing population growth and demand for housing. The southeast corner is our powerhouse”. she said.
You must be very careful of what you read in the press. Remember, they are in the business of selling advertising hence the more sensational the story the more likely that you will tune in to the show or buy that paper. That means they can charge more for advertising. Don’t be a sheep and get caught up in that. Make sure you are getting a holistic view and are aware of all the facts.
