Douglas-Daintree again sees highest rise in median home values
GROWTH
Douglas-Daintree remains the regional area in Queensland with the state’s highest growth in median home values – and has the second biggest median value growth in the whole of Australia.
There was a 10.8 per cent growth in the local region’s median house value in the 12 months to April, with the median value for a dwelling in Douglas-Daintree now at $543,789 – a six per cent rise in just three months.
In February, the median dwelling value in Douglas-Daintree was $513,119.
Douglas-Daintree again bucked the trend along with several other regions, of low or negative median value growth in most capitals and greater capital areas.
Because of the continued higher growth in this region, that median figure has also outpaced those in all of the other nine Queensland regions surveyed by the major independent property information and analytics provider CoreLogic, with the next highest median value now in Toowoomba, at $527,478.
CoreLogic’s May ‘Hedonic Home Value Index’ said the latest figures – in which most capital city and greater city areas have shown negative median value growth in the past year, now show further evidence Australia’s general housing downturn is over.
“After falling -9.1% between May 2022 and February 2023, Australian housing values look to have bottomed out, posting a second consecutive monthly rise,” the Index reported.
“CoreLogic’s national Home Value Index (HVI) increased by half a percent in April, following a 0.6% lift in March to be 1.0% higher over the past three months.”
CoreLogic’s Research Director Tim Lawless said that factors including a growing expectation that the cycle of interest rate hikes is over, or nearly over, and following a sharp decline in values nationally, there’s likely to be a comeback in housing demand.
“This could be contributing to a broader perception that the market has bottomed out, and for those attempting to time the market, that it is considered to be a good time to
buy,” Mr Lawless said.
“As interest rates stabilise there is a good chance consumer sentiment will improve, bolstering housing market activity from both a purchasing and a selling perspective.”
Regional QLD Median Dwelling Values (12 months to April)
Location
1- Port Douglas-Daintree
$543,789 Growth - 10.8%
2 - Granite Belt
$387,579 Growth - 8.6%
3 - Rockhampton
$405,068 Growth - 4.8%
4 - Darling Downs - (East)
$324,185 Growth - 4.5%
5 - Burnett Wide Bay
$309,252 Growth - 3.9%
6 - Bowen Basin - North
$272,438 Growth - 3.7%
7 - Cairns - South Cairns
$453,185 Growth - 3.5%
8 - Darling Downs (West)
$260,975 Growth - 2.6%
9 - Whitsunday Mackay
$525,800 Growth - 2.4%
10 - Toowoomba
$527,478 Growth - 2.3%
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