An analysis of total sales over the 12 months up to February 2019 revealed that Spring Mountain recorded the largest sales growth in Queensland.
The latest CoreLogic report ranked the suburbs with the highest total value of sales, the largest decline in total sales values, and the greatest increase in sales values.
The report shows that Spring Mountain had a total value of sales of $41,473,228 (91 sales) over the 12 months to February 2019 compared to $9,076,303 (26 sales) in 2018. That figure equates to a 356 percent increase in sales value.
According to CoreLogic’s propertyvalue.com.au, the median house price in Spring Mountain for the last 12 months is $478,000 or an increase of 49.14 percent. This makes Spring Mountain the fifth best performing suburb in Queensland in terms of price change.
Other Greater Brisbane suburbs which recorded the highest change in sales value are Joyner and Windaroo with 128.3 percent and 81.6 percent, respectively. Other Qld suburbs with impressive sales value growth are Blackwater which rose 95 percent and River Heads which is up by 67.7 percent.
Sunshine Coast and Gold Coast recorded the greatest value of transactions. Surfers Paradise’s total value of sales is $816,360,562 (1,348 sales), dropping 11.8 percent whilst Buderim declined 11.1 percent with a total value of sales of $460,938,384 (694 sales).
The slowing rate of decline in national dwelling values at the start of 2019 has continued on in May with prices across Australia falling 0.4 percent — the smallest decline month-on-month in the past 12 months.
Experts attribute the decelerating rate of decline to the improving market conditions in Sydney and Melbourne. Brisbane also recorded declines in dwelling values — 2.3 percent over the past 12 months to May 2019 and 2.4 percent since peaking.
Although, experts predict the downturn in national house prices will continue throughout the year, prices may start rising by 3 percent in 2020 and 5 percent in 2021.
