Gold Coast, Sunshine Coast property prices cool but CoreLogic’s Tim Lawless says not to worry
Australia’s most expensive real estate market outside of a major city is cooling but experts say it’s not necessarily something to worry about.
The Sunshine Coast, stretching north to Noosa and south to Caloundra, has the highest median house price of any regional area in the country at about $1 million after prices rose about 50 per cent through the pandemic.
The prices even outstrip the Richmond Valley in northern New South Wales, which includes Byron Bay.
CoreLogic research director Tim Lawless, who compiles data from every house sale in the country, said markets across south east Queensland — including the Sunshine and Gold coasts — were cooling.
He said prices had risen about $331,000 over the past two years.
“It’s been quite a spectacular market,” he said.
“We’re looking at median house values now that are above $1 million — houses and units combined is just under the $1 million mark.”
CoreLogic’s figures show that properties on the Sunshine Coast are staying on the market for twice as long as they were last year – haven risen from 13 days to 27.
But the slowdown has not stopped prices from rising, with a 6.4 per cent increase measured in the first months of 2022.
That’s a $68,000 increase if the house started the year at $600,000.
House prices on the Gold Coast are enjoying similar growth with 7.2 per cent after a similarly meteoric period through the pandemic.
Downturns for thee, but not for me?
While the slowing of house prices has been gentle in Queensland’s most sought-after regional areas, the trend is more obvious in southern capitals.
