Wide Bay leads nation in housing price performance: Report
HOME values in the Wide Bay area have increased for the first time in years - outperforming the nation's 11 regions, a new report reveals.
After at least a decade of dormancy, the area encompassing Bundaberg, Gympie, Hervey Bay and Maryborough recorded the biggest rise in home values for both houses and units in the 12 months to June, according to the latest quarterly regional report from CoreLogic.
It was the only region in the country where both house and unit values went up in the period.
CoreLogic research analyst Cameron Kusher said the combination of higher commodity prices, a pick-up in mining investment and increased interstate migration was likely driving the recovery in the Wide Bay region's housing market.
House values rose 2 per cent and unit values increased 4.9 per cent during the year to May in the Wide Bay region.
The Fraser Coast market has not moved in years, but saw a 2.4 per cent improvement in house values. And Gympie recorded a significant jump in unit values of 15.4 per cent.
"Migration from NSW to Queensland is picking up, so perhaps people are looking at that area again," Mr Kusher said. "In 2005, 2006, the Fraser Coast was all the rage, but the market hasn't done much since then."
Home sales fell across all five Queensland regions in the year to May, with the biggest drop recorded on the Gold Coast (-18 per cent), followed closely by the Sunshine Coast (-17 per cent).
The largest annual fall for house values was seen across the Sunshine Coast, where house values were down 2.9 per cent.
In the state's north, there has been a sharp improvement in the rate of decline in home values in Townsville. House values also rose 1.7 per cent in Cairns.
Rental rates for houses increased across all five regions in the state, but the biggest rise was in Townsville (4.8 per cent) and Cairns (3.8 per cent).