Weekly Market Wrap with Leigh Martinuzzi
Well, it seems Queensland is leading the way with property price growth with the state recording a record 13.7% property price increase. One suburb that is outperforming many in property price growth is a Sunny Coast local – Nambour, which has reported a quarterly increase of 10.2%.
We’ve also recorded strong sales volumes over the last 12 months with regional Queensland property sales reaching just over 70,000, the highest volume of sales since May 2008. Interstate migration is the highest we’ve seen since 2003 with the net migration to Queensland reaching just under 10,000 people to the end of the December quarter of 2020.
The majority of those came from Melbourne 27.5%. Even though Queensland is a great place to live and COVID has certainly had people question where they live, affordability is a big factor driving migration to our sunshine state. Analysis from the team at CoreLogic found that 41% of properties across great Brisbane are more affordable to service a mortgage than rent and the same can be said up here on the Sunny Coast. In 2021, we expect more of the same to come.
Last week’s auction clearance rates saw a further decline on previous weeks, partly to do with the Melbourne lockdown however across the board this was the case. On the Sunshine Coast CoreLogic reports a 69% clearance rates with 42 properties taken to auction and 29 being sold at auction. Combined capital city price growth was sitting at 0.4% for the week with a year-to-date figure of 10.3%. And while total new
