PHOTO: The Gold Coast recorded the second largest falls, coming down almost 5 per cent in the past three months. FILE

It’s a long way from a bust, but the booming property prices in Queensland’s two biggest regional centres are clearly cooling, with values now falling faster than almost anywhere else in the state.

The Sunshine and Gold Coasts in the state’s south-east became a safe harbour for interstate migrants looking to flee the heavy COVID restrictions in New South Wales and Victoria throughout the pandemic.

The rush of new arrivals and subsequent demand for homes meant property prices surged consistently until earlier this year.

In the two regions – which sit north and south of Brisbane – property prices are still more than 40 per cent above what they were before the pandemic.

 

First to boom, first to fall

CoreLogic researcher Eliza Owen said as the COVID situation has eased, so too have property prices.

“This market was extremely popular through the COVID period,” she said.

She said the data showed that Sunshine Coast housing prices have fallen by 6 per cent in the past three months and 2.5 per cent last month alone.

sold sign
The Gold Coast property market had been surging amid a migration increase, but is now on the downturn.(ABC Gold Coast: Dominic Cansdale)

The Gold Coast recorded the second largest falls, coming down almost 5 per cent in the past three months and a touch under 2 per cent last month.

Cairns and the Darling Downs were the only two regional areas to buck the slowdown across the regions, with property values climbing by a fraction of one per cent.

Ms Owen said that was not a surprise.

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“The areas that had the fastest up-swings in price are now experiencing the fastest drop-off,” she said.

Woman in dark blazer and white blouse stands in front of an office building.
CoreLogic head of Australian research Eliza Owen.(ABC News: Simon Beardsell)

Ms Owen said while the Reserve Bank of Australia continued to put up interest rates – as it did on Tuesday – so too would property prices edge down.

But it won’t be the same everywhere.

“Those areas that are more affordable and further from the coast of Queensland are going to be the slow and steady performers,” she said.

“They’re probably going to follow the Sunshine Coast and Gold Coast into a bit of a downturn, but the extent of their downturns won’t be as large.”

Ms Owen said the two coasts would probably also enjoy the first signs of recovery.

Queensland’s housing market

Metro property prices
1 month 3 months 12 months Median value

Brisbane – East

-2.1%

-5.1%

15.7%

$873,343

Brisbane – North

-3.0%

-7.0%

7.5%

$839,244

Brisbane – South

-2.5%

-6.3%

11.8%

$944,495

Brisbane – West

-1.9%

-3.7%

10.1%

$991,466

Brisbane Inner City

-0.9%

-3.0%

9.3%

$730,469

Ipswich

-0.6%

-2.0%

21.6%

$550,242

Logan – Beaudesert

-1.4%

-2.6%

22.2%

$612,390

Moreton Bay – North

-1.7%

-4.0%

16.9%

$671,924

Moreton Bay – South

-1.4%

-4.2%

12.9%

$761,919
Regional property prices
1 month 3 months 12 months Median value

Cairns

0.7%

0.3%

11.5%

$464,686

Central Queensland

-0.1%

-0.2%

12.5%

$377,459

Darling Downs – Maranoa

0.2%

1.9%

18.0%

$326,564

Gold Coast

-1.9%

-4.8%

13.5%

$867,542

Mackay – Isaac – Whitsunday

-0.1%

-0.5%

8.3%

$408,676

Queensland – Outback

n.a

n.a

n.a

n.a

Sunshine Coast

-2.5%

-6.0%

8.0%

$951,626

Toowoomba

-0.3%

-0.1%

18.7%

$526,931

Townsville

-0.4%

-1.9%

7.1%

$355,510

Wide Bay

-0.7%

-1.0%

20.1%

$488,267

Source: CoreLogic, current as of September 2022)

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