Douglas median home values slow, but still healthy overall

DWELLING VALUES

David Gardiner

Journalist

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This house in Cooya recently sold for $600K. Picture: Ray White

For the first time in well over a year, the Douglas-Daintree region has been knocked out of the list of the 10 highest growth regions for median home values in Queensland. 

But despite the slower growth – down to just 2.0% (annual) in September compared to 6.5% the previous month – property analysts say the far north lifestyle region has still gained a phenomenal growth in median home values since the pandemic. 

At the top of CoreLogic’s top ten regional Qld regions for September is the Darling Downs-East Darling region, with 9.9% growth in the dwelling median value (now at $368,823 in that region).

There were four Gold Coast areas that recorded a high growth in the median dwelling value, and two in the Wide Bay region. Other areas in the top ten were in the Maranoa, Toowoomba and Biloela regions. 

CoreLogic’s Head of Research, Eliza Owen, told Newsport that “annual growth in the Port Douglas-Daintree dwelling market was just 2.0% in the 12 months to September, compared to an annual growth of 3.6% across the broader rest of Queensland dwelling market.”

But what’s important to note is that while growth has slowed to 2.0% from a peak more than 18 months ago, median home values in Port Douglas-Daintree are still high – at around the $520,000 mark – because they enjoyed big rises prior to the latest slowing.

“Growth rates have continually moderated across the Daintree-Douglas market since a peak of 25.5% in the 12 months to May 2022,” Ms Owen said.

It was probably not surprising that median home value growth eventually slowed, because values overall did very well since COVID-19.

“Since the pandemic, cumulative growth in the region is sitting at 39.4%,” she said.

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