Central Queensland house prices take a fall
HOUSE prices across Central Queensland fell as much as 13% in the September quarter as the impact of the resource sector downturn continues to bite into the property market.
The most affected of the major centres (in the REIQ report) was the industrial hub of Gladstone where six suburbs (including Clinton 12% down to $380,511 West Gladstone 13% down to $349,176 and Kin Kora, 11% down to $371,519) recorded double digit falls in median house prices (on the back of more than 550 sales).
In the Rockhampton region, house prices dropped between 1% (Mount Morgan down to $158,888) and 5% (Allenstown down to $272,421) to make home ownership even more affordable.
Frenchville continued to be a strong performer in a buyers market with prices falling just 2% to $338,267 on the back of 151 sales.
Other areas to see major sales action were the more upmarket suburbs of Norman Gardens (141 sales for a 2% drop to $369,337) and The Range (108 sales down to $377,970). Emu Park was the star performer on the Capricorn Coast with a jump of 4% for house prices to $382,505 after 33 sales while Yeppoon recorded 118 sales at median price of $371,189 for a 3% drop.
Gracemere, which had experienced major growth during the mining boom, saw house prices drop another 4% to $318,895 based on 129 sales.
Every suburb in Mackay recorded a drop in house price with Sarina copping the biggest drop of 11% down to $323,724 while most areas saw falls of between 2% and 3% (including Slade Point 3% down to $361,895).
The property market in the mining centre of Emerald looks to have stabilised with prices staying put at $382,243 after 149 sales while Biloela fell 2% to $295,845.
The loss of hundreds of CQ mining job in the past quarter hurt Moranbah where house prices fell 7% to $374,635 - which is a 28% slump over 12 month period.
Median sale prices October 2014:
Norman Gardens: $415,000
The Range: $320,000
Frenchville: $ 265,000
Depot Hill: $175,000