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Beachside suburbs Queensland home price growth REIQ

REIQ chief executive Antonia Mercorella. Photo: Claudia Baxter. But it’s a different story for Brisbane’s unit market, with prices falling 2.6 per cent over the past year as the inner-city continues to suffer from an apartment glut. The new annual median unit price is $440,750 — down from $452,500 a year ago. “With more supply expected online over the next 12 months, we expect this market will not firm up until mid-2019 at the earliest,” the report said. The Gold Coast has a new house price record of $606,000, according to the REIQ.Source:Supplied REIQ chief executive Antonia Mercorella said the strong performance of the southeast corner’s coastal markets had been thanks mainly to growth in the tourism sector. Ms Mercorella said the coastal markets had helped drive overall growth in the state’s property market over the past 12 months, with more than 58,000 houses sold and median house price growth of 2.4 per cent. “Tourism is one of the largest contributors to Queensland’s gross state product, with almost eight per cent of GSP coming from tourism,” Ms Mercorella said. “This is roughly $25 billion in the year to June 2016, which means when that sector grows, it offers employment opportunities and this attracts workers who need somewhere to live.” REIQ chief executive Antonia Mercorella. Photo: Claudia Baxter.Source:News Corp Australia The cruise industry has been one of the biggest contributors to growth, pouring $1.1 billion into the state’s economy and supporting more than 4000 jobs, according to the Palaszczuk government. The number of cruise ship visits to the state has nearly doubled over the past four years.




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