Almost $400m in Gympie region houses sold over 12 months
GYMPIE'S housing market is surging forward with new data revealing almost $400 million worth of property was sold in 12 months as the region's median price continues to rise.
According to the Core Logic's latest Regional Market Update, as of September the region's median house value was $324,000, up 5.2 per cent over the past year.
That is only part of the picture though, with region's median having now up more than 11 per cent on where it was five years ago.
The region's five year growth is above that of the Fraser Coast's (7.4 per cent) and Bundaberg's (1 per cent), but well below the surging Sunshine Coast (33.7 per cent) and Noosa (38 per cent) regions.
The region's 12 month rise was higher than the Wide Bay's 1.7 per cent average, and overall from August 2017 to August 2018 there were 1159 houses sold in the region.
It's not all entirely good news in the property market, however.
While Gympie's median house value has gone up, the region's units have trended the other way.
The report says the region's median unit value is $250,000, down 2.6 per cent in the past 12 months and a drop of 4.7 per cent over the past five years.
In all, there were 88 unit sales between August 2017 and August 2018, totalling of more than $22 million.
Core Logic Head of research Cameron Kusher said value for money was no doubt a big driver in the market splitting this way.
"There's not a huge difference between unit and house prices,” he said, and as such people hunting on the market "prefer to go for houses”.
Mr Kusher said a "massive supply of markets” across the national market and the banking royal commission also had an effect.
"There's a bit more reluctance to lend for units than houses,” Mr Kusher said.
Gympie Century 21 principal Billy Mitchell shared Mr Kusher's view that buyers had a clear favourite if faced with close unit and house prices.
"”If you can buy a house on its own, why wouldn't you?” he said.
This was bolstered by the fact the region's entry level house price was still $200,000, he said.
And while unit prices might have dropped, Mr Mitchell said the market was still "very positive”.
"There still seems to be plenty of units selling well,” he said.
Across the Wide Bay houses were selling on average five days faster, now sitting on the market for 101 days.
Unit sale times, on the other hand, had slowed by nine days with them now spending an average of 134 days on the market.
The discount offered by vendors on sales has also shrunk.
Qld's median values
- Noosa $710,321
- Sunshine Coast $603,949
- Gympie $324,306
- Fraser Coast $319,712
- Bundaberg $291,566
- Noosa $606,699
- Sunshine Coast $411,704
- Fraser Coast $254,208
- Gympie $250,430
- Bundaberg $237,683