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Mexicans 'shocked' by QLD property prices Brisbane Times (Ellen Lutton of the Sun-Herald) | 13 November 2007 Sydneysiders are finding it increasingly difficult to secure property in the Sunshine State. As prices in some suburbs in Australia's most expensive city have been falling in the past 12 months, Queensland values - particularly in the south-east corner - have increased on average more than 10 per cent. Brisbane prestige property agent Judy Goodger says it is not uncommon for cashed-up southerners to be gazumped by locals prepared to pay premium prices. "This is a definite trend that has emerged this year," she says. "While we are still receiving extremely strong interest from interstate buyers in places like Sydney and Melbourne, they are frequently shocked by the asking price and also the prices being paid for properties here." Gold Coast Ray White agent Sherry Smith says: "I have some [buyers] arguing they could buy a property in Sydney for the same amount, but the fact is that the Gold Coast and south-east Queensland are now premium places to live." PRDnationwide realty researcher Jon Rivera says the gap between prices in Sydney and Brisbane has shortened since the boom of 2000-2003. "Before and during the boom, interstate buyers were coming here in droves because of the cheap housing," he says. "Now that Queensland property prices have gone up, the number of buyers from down south has slowed. In fact, there is evidence to show they have turned to Melbourne instead, where prices have come down in some instances."
Despite this, the 2006 Census shows Queensland is still the nation's fastest growing state, with about 1500 people moving there from interstate each week. Toowoomba, a two-hour drive west of Brisbane, is one of the state's most affordable areas with a median price of $255,000 over the year to June - an increase of 5.4 per cent, according to the Real Estate Institute of Queensland. Many of Queensland's regional coastal markets are at a later stage of the property cycle, providing an "excellent" opportunity for high capital growth over the long term, Rivera says. He says Sarina, just south of Mackay, with a median house price of $352,000, is a good example. He also lists the northern suburbs of Hervey Bay such as Dundowran Beach and Toogoom as affordable. | |
