Port Douglas-Daintree median house value up 15%
HOUSE VALUES
Port Douglas-Daintree tops the list in the whole of regional Queensland for the highest growth in median house values – a jump of 15 per cent in just 12 months.
The median value for a house in Port Douglas-Daintree is now $513,119, according to a February Home Value Index by the country’s largest major independent provider of property information and analytics, CoreLogic.
In the neighbouring Cairns-South Cairns region, the median house value rise was at number 10 on the list, at just 5.0 per cent – taking the median value to $441,655.
The Queensland overall regional median is $553,156.
It’s good news for existing homeowners but adds further pressure on loan affordability for those seeking to buy their first home.
High demand for housing – both for buying and renting – is still outstripping supply especially in the regions like Douglas, and is a major factor in the growth of house values.
But the rise in regional median values is a stark contrast to those in capital city/greater city areas – as well as many other regions – which in many cases fell into the negative. In Brisbane for example, the change over 12 months was minus 6.8 per cent.
Corelogic – February - Top 10 regional SA3’s (statistical areas Level 3) with highest 12-month value growth – Dwellings
| REGION | Median value | 12 Month rise |
|---|---|---|
| Port Douglas-Daintree | $513,119 | 15.0% |
| Granite Belt-Darling Downs | $385,210 | 12.0% |
| Darling Downs-East Darling Downs | $321,649 | 10.2% |
| Burnett-Wide Bay | $309,881 | 9.1% |
| Bowen Basin-North Mackay-Isaac-Whitsunday | $286,030 | 8.1% |
| Bundaberg | $445,856 | 7.0% |
| Toowoomba | $521,299 | 6.4% |
| Rockhampton-Central Qld | $397,907 | 6.2% |
| Charters Towers-Ayr-Ingham-Townsville | $232,740 | 5.6% |
| Cairns-South Cairns | $441,655 | 5.0% |
Qld regional median value $553,156
Regional housing values across Australia remain 30.7% above levels recorded at the onset of COVID in March 2020.
But rising interest rates will almost certainly result in a lower growth of the median dwelling value by this time next year.
Tim Lawless of CoreLogic’s Asia–Pacific research division said interest rates will be more of a factor in future values.
“Considering the RBA’s move to a more hawkish stance at the February board meeting, along with an expectation for a weaker economic performance and a loosening in labour markets, there is a good chance this reprieve in the housing downturn could be short-lived,” Mr Lawless said.
“We also have the fixed-rate cliff ahead of us; arguably the full impact of the aggressive rate hiking cycle is yet to play out.”
*About the data: