The King couple moved to a sleepy beachside town where property prices have risen more than 80 percent in four years, but an analyst says it’s still “extraordinarily cheap” compared to capital city property.

In Bundaberg, Moore Park Beach is nestled between cane fields and the ocean, five hours north of Brisbane.

A lifestyle change prompted Ms King, 28, and her husband to move to the area last year.

Rather than a mortgage in Brisbane, they traded it for an “oasis” with kookaburras in the backyard and private beach access.

She said, “We found this beautiful home in Moore Park Beach, just 20 minutes from Bundaberg.”.

Price comparison

According to PropTrack data, regional Queensland is experiencing the strongest market since the pandemic onset, with home prices rising 66.5% since 2020.

In the same period, values soared by 80.5 per cent in the Wide Bay region between Gympie and Bundaberg.

There was also a 70 percent rise in house values in Ipswich, Logan-Beaudesert, and the Gold Coast.

The median house price in Bundaberg is $522,607, Gympie is $629,775 and Maryborough is $484,153, according to Corelogic.

Noosa’s median price is $1,461,581, while Greater Brisbane’s is $817,564.

Since the pandemic began, coastal areas have experienced extraordinary growth, according to CoreLogic research director Tim Lawless.

Home values at Moore Park Beach, one of the more affordable coastal suburbs in the Wide Bay region, have risen by 82.5%.

In spite of the increase, Mr Lawless said coastal homes in the region were still affordable.

Moore Park Beach, Bargara, and Innes Park still have house values or median house values well below $750,000, he said.

Compared to the coastal markets around south-east Queensland, that’s extraordinarily cheap.”

Increasing prices

As a result of migration, the regional property market and rental market are under pressure, although they have slowed since the end of the pandemic.

Queensland is experiencing strong migration from interstate and overseas, according to Mr Lawless.

There is a strong interstate trend in regional Queensland rather than overseas migrants, but overall population growth remains strong.”

Housing supply was not meeting demand, he said.

The number of new homes being built is not sufficient for the number of people moving into the state, Mr Lawless said.

With that in mind, we’re seeing … constraints across both home purchase and rental markets, since rental rates are also rising consistently and very rapidly.”

The Bundaberg market attracts buyers who have sold and made profits elsewhere, looking for a beachside lifestyle at a cheaper price, said Bundaberg real estate agent Kurt Dempsey.

“They’re looking for the next Sunshine Coast,” he said.

“Bargara, Moore Park Beach, and Burnett Heads have been these little hidden gems that are becoming more popular.”

Traditionally, the region was known for its “slow and steady” market pace, which has returned after the pandemic boom.

The next coastal hotspot

On the Sunshine Coast, James Jenkinson has bought a block of land in Innes Park, near Bundaberg, where he plans to build a house and relocate.

Construction projects, such as the $1.2 billion Bundaberg Hospital development, and the coastal lifestyle attracted the pipeline plumbing construction company owner.

‘The Bundaberg region reminds me of parts of the Sunshine Coast from the early 1990s,’ he said.

“We plan to move into a rental this year and then begin the construction process next year.”

The only negative is finding rentals in Bargara can be a bit difficult.”

Beaches instead of Brisbane

They built their first home in Mango Hill before the pandemic and sold it last year to move to Moore Park Beach.

The experience of living here has been absolutely amazing, she said.

There were turtles laying eggs on the beach last December… you don’t normally see that in your backyard.”

Through a “security swap”, Ms King said they were able to transfer their mortgage with their lender.

Changing the property used as security for the loan allows mortgagees to maintain their existing loan structure.

Our mortgage didn’t change, but because the property we bought here in Moore Park Beach was worth less than the one we sold in Mango Hill, we were able to keep it.

“We are not better off financially, but we are in a better place physically, mentally, and emotionally.”

When you turn one home into two, greater land value, extra income and a tidy retirement nest egg are just some of the potential wins.

If you’re ready for a home upgrade and like the idea of property investing, staying on your block and building a dual occupancy home could be the key.

Paul Ryan, economist at realestate.com.au, says taking a block with one house on it, knocking it down and building two — attached in a duplex style — is an increasingly popular move.

“I think it’s just more aligned with how people like to live at the moment,” Ryan says. “There are a lot of houses with large blocks close to the city and it makes sense to have two families living on them rather than one.”

While dual occupancy homes have a lot going for them, starting from scratch is a big decision. Here are seven reasons why it might be right for you.

1. Maximise land value

A block of land has value if it’s home to one house, but the same size of land can be worth more to the owner if it’s allowed to have two homes on it. This means that using your existing block to build a duplex could really help to maximise the value of your land, explains Ryan.

“For blocks that are big enough to be subdivided, it can become very profitable,” he says.

2. Generate income

Building a dual occupancy home can also be a great way to generate extra income without the need to buy a new property, explains Alexander Haddon, regional sales manager at Metricon.

“Whilst existing property prices are moving faster than we’ve ever seen, it’s a great way to ride the capital gain wave and upgrade without having to contend with the height of a competitive market.” Haddon says.

“With a slightly higher investment than the traditional free-standing home, you’re getting a tangible, great value investment and a new home in one.”

Haddon says the most common path is for clients to lease one side and live in the other. However, if land zoning allows, a Torrens title subdivision opens up the option to sell or lease.

3. Potential tax benefits

Building a duplex can also have potential tax benefits. Haddon says it’s worth discussing your financial circumstances with experts as part of your research and planning process. 

“There can be specific tax benefits to be explored such as purchases through self-managed super funds,” he says.

“We highly advocate speaking with your financial adviser as part of the feasibility process.

“We’re happy to have that chat with our clients on an individual basis and help connect them with the right advice they need. It’s not a one-size-fits-all and there are many ways to achieve success from the project.”

4. Build a retirement nest egg

If you’re looking forward to a great lifestyle in retirement, building a dual occupancy home and funding it through a self-managed super fund could boost your retirement nest egg, Haddon explains.

“The ‘live and lease’ model, where you would live on one side and rent the other side out, is exceptionally popular for downsizers and those moving toward the maturity of their nest egg,” he says.

“The rent can work to fund the mortgage or repay the self-managed super fund. It’s commonly used to assist and provide justification to the dual occupancy option by offsetting the slightly higher capital injection required compared to a single dwelling build.”

5. Cater to changing family needs

As you and your family’s circumstances change, building a duplex can suit various stages in life, says Ryan.

“If people are downsizing, the kids have moved out, or if you want to build a granny flat, this would definitely tick some boxes,” he says.

It could also suit professionals looking to kickstart their property portfolio.

A dual occupancy also opens up a variety of multi-generational living options, such as for parents looking to help their kids break into the housing market, or for grandparents moving closer to their grandchildren.

6. Affordable approach

With capital city property prices up around 20% over the past 12 months, capitalising on the land you have and building a home that better suits your needs might be more affordable than moving, says Haddon.

“This gives you the opportunity to stay in your current area, more than likely in a great spot, and rebuild a whole new modern lifestyle without having to battle the current market,” he says.

“Ultimately, your dollar can go further when you’re alleviating the risk and expense of buying and selling.”

7. Expert-led process

Ryan says to remember that it does take organisation upfront.

“You’ve got to apply for building permission, you have to rent out a dwelling — it has the potential to be cheaper, but it also involves work,” he says.

Haddon adds that the process with DualOcc by Metricon is designed to be smooth as possible

“We surround our clients with the right advice and help throughout each step of the journey,” he says.

“At DualOcc by Metricon, the team take time to understand your goals, the logistics of your block and local council requirements. We encourage the unbridled vision and draw on our expertise to piece it together.

“Through an engaged process, we take the time to understand exactly what our clients wish to achieve, provide the right advice and lead our client through a journey of educated decisions.”

New data suggests that the median home price in the Garden City will pass the $1m mark in five years. Details here:

Within the next five years, the median house price in four Toowoomba suburbs could reach $1 million.

REA Group’s PropTrack has revealed how the local property sector may shape up by 2028.

Housing affordability remains a persistent problem in Australia’s real estate market.

In just five years, the median house price in wealthy suburbs such as East Toowoomba ($1,388m), Highfields ($1.11m), Middle Ridge ($1,141m) and Kleinton ($1,003m) will surpass seven figures.

The figures may also be approaching in Westbrook ($952,000) and Mount Lofty ($956,000).

PropTrack data suggests that North Toowoomba might have the lowest median price by 2028, at $513,000.

Toowoomba’s growth has been unusually strong since the start of Covid-19, according to PropTrack’s senior economist Angus Moore.

The Toowoomba region’s home prices have risen 52 percent in the past five years, compared to 58 percent for regional Queensland overall.

In spite of the fact that it has grown a little slower than some other regional areas of Queensland, the broader point is that all of these areas have seen very strong growth in recent years.

During the pandemic, we saw strong demand for homes in southeast Queensland, which drove prices up very quickly.”

In a time when interest rates are beginning to bite, Toowoomba is different from other areas because it has continued to grow over the past year.

Prices remain bolstered by strong demand, he said.

Toowoomba’s prices have increased over 8 percent in the past year, much stronger than much of the country, where prices have fallen as interest rates rise.

Moore said the 2028 forecast could materialize, but some heat would leave the market in the future.

Considering the pace of growth over the past five years – and what it would mean for median prices if it were to happen again – he underscored just how unusually strong the past five years have been.

The price of homes across regional Queensland, including Toowoomba, has risen by more than 50% since the pandemic.

Prices nationwide grew 23 percent in 2021 alone, to put it into perspective.

Since 1880, that was the third fastest year for price growth.

Over the next five years, it’s unlikely that we’ll see such a pace of growth again.”

To afford property in the future, Australians must embrace a new reality of higher-density living and shrinking land sizes.

Across the nation, land prices have skyrocketed over the past decade, according to Thursday’s Domain Price per Square Metre report.

Sydney’s median price per square metre is now a staggering $2590 – 41 per cent more expensive than Melbourne, at $1838) – and has more than doubled over the past decade. Ten years ago, Sydney’s median price per square metre was $1122.

Over the past decade, the median house price per square metre has doubled in traditionally more affordable cities like Perth, Brisbane, and Adelaide. Brisbane’s price was $695 in 2013, Adelaide’s was $650, and Perth’s was $950 in 2013. As of now, Brisbane’s price is $1341, Adelaide’s is $1296, and Perth’s is $1410.

But the report also revealed Australia’s property prices would be far higher now had land sizes not shrunk over the past 20 years.

“The average block size has already shrunk over the past 20 years and that has actually helped contain prices,” says Domain chief of economics and research Dr Nicola Powell. “Without smaller land sizes, without the density we already have, overall house prices would be even higher than what they are today.”

The cost of land will only get more expensive in the years to come, she says, meaning that Australians will need to get used to owning less land in the future if they want to own property.

“It’s reshaping what we vision as the Australian dream,” she says. “What our grandparents focused on – the quarter-acre block, the big backyard – is shifting.”

Powell says Australians now own less land per square metre than previous generations, but “land shrinkage” needs to be taken further in order to preserve and improve housing affordability for the broader population.

“Shrinking plots can work wonders,” she says. “The land component is a massive driver of how much you pay for a home.”

Typically, the larger the land size, the more expensive the property. However, Powell adds that location is critical, and the places with the highest price per square metre are not always the areas with the highest median house price.

Officially, Australia’s most expensive suburb is Sydney’s Bellevue Hill, which has a median house price of $9.17 million, according to the Domain House Price Report.

However, when the data is sliced a little differently – and calculated on the sale price divided by the land size – it’s actually Paddington (also in Sydney) that comes out on top as Australia’s most expensive suburb.

Domain’s report reveals that Paddington costs  a whopping $27,400 per square metre (based on its $3.15 million median house price). By way of contrast, a Bellevue Hill house costs $14,149 per square metre, even though the median house price is $9.17 million. This is because houses in Bellevue Hill are typically set on far larger blocks of land than those in Paddington.

Suburbs adjacent to a capital city’s CBD (like Paddington) are considered to be highly desirable, so land comes at a premium and buyers are willing to pay more to live there despite its smaller property sizes, Powell says.

While it may seem grim to watch land values skyrocket and block sizes shrink, Powell says this could be part of the solution to making property more affordable – because when home owners are buying less land, they ultimately paying less for their home.

“The bottom line is, you’re buying fewer square metres,” she says. “If you are buying fewer square metres – say, for example, 10 rather than 20 – the overall collective price is lower.”

PRD chief economist Dr Diaswati Mardiasmo agrees that the strategy for making property more affordable is to increase the amount of high and mid-density housing available in urban areas.

However, it’s not an easy fix. At the heart of the Australian housing affordability crisis is supply; the lack of available land for residential property development is a significant hurdle, she says.

“It looks like Australia has a lot of land available, but that land that people will sometimes point out and say, ‘Why don’t we build something there?’ might belong to the Crown or the federal government, or they might be protected, or the quality of the soil might not be useable or suitable for residential [property],” Mardiasmo says.

“So even though it looks like we do have a lot of land, it’s not the case that we have a lot of land that can be developed for a residential or a mixed-use project, and many people don’t realise it.”

Grattan Institute associate Esther Suckling says local and state governments have strict planning rules that have made higher-density development in the middle and inner rings of suburbs more difficult.

“The number one most important driver in the affordability of house prices is density,” she says. “The Reserve Bank actually estimates that the really restrictive planning rules have added more than 40 per cent to the price of houses.”

Powell adds that higher density does not necessarily mean a lot of high-rises but rather, more options than a free-standing house on a block of land, such as townhouses, or small apartment blocks of three to four storeys.

“We need to provide more homes on the same amount of land, and that’s the key here,” Powell says. “We need more homes, and we can’t continue to sprawl. 

“It’s actually cheaper to retrofit more homes into an area that already has the infrastructure and use the surrounding areas because it’s very expensive to urban-sprawl and build everything you know from scratch.”

This change has already begun, as many governments have taken the initiative to increase property density.

“The Queensland government, in its latest South East Queensland regional plan, is introducing what they call gentle density in many local councils and suburbs,” Mardiasmo says.

“What that means is that, instead of houses, we will start to see maybe three, four, or five-storey apartments – so that instead of just being able to have family on that land, you create a four-story building with [several] apartments in it, then you can house eight or 12 families on that particular block of land.

“It also means you can reduce the cost to the buyer, so it does make it slightly more affordable.”

Mardiasmo says there has been an increase in Australian families opting not to live in standalone houses but in apartments and townhouses.

A Grattan Institute survey in 2018 found that 59 per cent of Sydneysiders and 52 per cent of Melburnians prefer and want to live in higher-density properties like townhouses and apartments.

“There’s definitely an appetite for higher density,” Suckling says.

Mardiasmo adds that, as household size decreases, smaller spaces become more suitable for Australians as more three to four-bedroom apartments are constructed.

“I think the change is actually going to happen quicker than many people think. And developers are becoming very clued into what families need,” she says.

Inside the newest luxury $450m multi-tower resort proposed by one of the biggest global hotel brands in this surprising Queensland city.

A new luxe five-star hotel could soon be opening one surprising Australian city.

Bypassing global tourism hot spots the Gold Coast and Sunshine Coast, developers have settled on the Fraser Coast for this luxurious development, according to the Courier Mail.

The multi-tower proposal is set for Hervey Bay- popular for whale watching and as a gateway for visiting K’Gari (Fraser Island).

The proposed Hervey Bay Esplanade Resort would be Sheraton’s fifth Australian hotel.

The company said the new resort would be “the largest and most luxurious new hotel between Brisbane and Cairns”.

The five-star hotel would have 223 rooms across the multiple towers, a resort pool, two lap pools, outdoor terraces, barbecue areas, a gym, a business lounge, a “world-class” function and conference space, rooftop bar, private cabanas, sun decks and residential apartments.

Sheraton, through parent company Marriott International, has signed a memorandum of understanding with developer Sunny Beach Land.

The agreement confirms Marriott International’s intention to operate the proposed Hervey Bay Esplanade Resort

The commitment would put the Fraser Coast region “firmly on the map” according to Sunny Beach Land Director Dan Cuda who said the commitment from Sheraton was “fantastic news for Hervey Bay” at a media event on Thursday.

“The potential contribution this would make to the Fraser Coast economy, local businesses and employment is simply massive and too good of an opportunity to miss,” he said.

“The presence of Sheraton in Hervey Bay would also set the tone for future residential and tourism developments in this region and encourage further investment.”

Small investors’ interest in NDIS-funded specialist disability accommodation threatens to further distort a housing pipeline that is already producing too many apartments and not enough detached houses.

A $700 million program that started in 2017 and aims to provide housing of different designs for 28,000 Australians with disabilities is still in its early stages, with only $271 million paid out to participants last year.

Land prices, however, have already distorted the housing market, and private sector-led developments emphasize apartment homes over single-family homes due to land constraints.

The emerging asset class is being embraced by institutions like Australian Unity, Hesta, Suncorp, the Paul Ramsay Foundation and Conscious Investment Management, but SDA advocates warn that the growing number of retail investors could increase the imbalance.

Alecia Rathbone, chief social enterprise officer for Housing Hub, an SDA listings and information portal, said, “The risk is that we aren’t determining what to build or where to build based on what people need.”

The federal government will overhaul the NDIS, which started in 2013, as costs are rising faster than expected, Disability Minister Bill Shorten announced this month.

The Australian Financial Review has previously reported that property spruikers are luring in mum-and-dad investors with unrealistic expectations with the help of specialist disability accommodation payments.

SDA homes receive subsidies – currently under review and whose new rates will be announced next month – that increase according to the needs of residents.

Subsidies types

In the improved liveability category, the subsidy is the lowest, followed by the fully accessible category, robust – for tenants with complex behavioral needs – and the highest for high physical support.

Besides subsidy payments, robust housing, built in single-family dwellings, requires the most land because it needs good soundproofing and a safe environment for other tenants.

It has higher costs and risks than other types of SDA housing, such as high physical support units in apartment buildings.

A Housing Hub-Summer Foundation report in October found that of the 2304 places under development last year for people with disabilities in 1522 homes, almost two-thirds (64.2%) were for high physical support, followed by robust (12.8%), improved liveability (12.2%) and fully accessible (10.5%).

According to separate data from January, most jurisdictions experienced demand-supply mismatches, with undersupply concentrated in regional areas. WA had the largest undersupply, followed by Queensland and the Northern Territory. NSW, Victoria, SA, and the ACT had surpluses.

Housing Hub’s parent company, Summer Foundation, conducted an analysis of offers to retail investors regarding investment in an SDA dwelling, and found that the promotion of homes for three to five residents in Queensland indicated an imminent shortage of high physical support homes.

She said there will be an oversupply of HPS in Queensland in the next few years.

Retail investors were not exacerbating the imbalance, but many were developing a home without full knowledge of whether it was the right one, Ms Rathbone said.

According to her, this is not a property investment rental like you would find in the mainstream market.

Retaining a property after a resident moves out can be challenging, particularly when a home was built for sharing. Finding a new tenant depends not only on their needs matching those of the property, but also on their compatibility with the current tenants.

“I am concerned that people are investing in it without understanding what the tenants’ needs are,” she said.

Returns that are overstated

“Most of them build properties in the hope that they’ll find tenants.”

It is also possible that investor returns are overstated.

“In some cases, yes. What’s being touted isn’t the reality once people move in.

“Often, they claim that it’s government-backed. However, it’s not. You need a person who wants to live in the property, it needs to be an NDIS [certified] property, and it needs the right level of funding. That kind of detail never gets explained.”

Investing in bricks-and-mortar assets requires the right properties to be built in the right places at the right time to meet tenants’ demands, she emphasized.

“We’re building social infrastructure that won’t meet people’s long-term needs.”

The Hunter is celebrating continue to rise of house prices within the region. 

In Newcastle and Lake Macquarie, they rose by 1.43% in the past three months, and by 2.61% in the past year.

Prices in the Hunter Valley rose 1.36% this quarter and 2.53% since 2022.

There is a return of confidence in the property market, according to industry experts. 

In 2022, the nation experienced one of its worst house value slumps in decades. 

The Australian home price index rose 0.8% in September, the eighth consecutive month of growth. 

In September, regional NSW home prices increased 0.36%, up 0.7% from last year, according to PropTrack. 

Home prices in Sydney rose for the tenth consecutive month in September, rising 0.48% to 6.86%. 

The most rapid decline in home prices in recent history has now been fully reversed, according to PropTrack’s Eleanor Creagh. 

The spring selling season got off to a busy start in September, with buyer confidence on the rise and choice improving significantly in the major capitals.  

Despite the increase in property listings, national home prices have moved higher again, regaining 2022’s rapid price declines in their entirety to reach a record high in September.  

Several factors have contributed to the rise in home prices, including record levels of net overseas migration, tight rental markets, and a housing shortage.  

“Although there has been an increase in the number of properties hitting the market in Sydney and Melbourne, strong demand has seen prices rise.  

Combined with a shortage of new home builds, prices are expected to rise as we move into spring. As we head further into spring, more markets are likely to reclaim 2022’s fast falls. 

Tim Lawless, CoreLogic research director, echoes this sentiment. 

“Perhaps we are experiencing renewed affordability challenges that are deflecting more demand to the middle of the market where entry barriers are lower,” he said. 

A softening of housing conditions across regional Australia appears to be more driven by demand, with home sales estimated to be 6.5% lower than a year ago and 9.2% lower than the five-year average.” 

Mr Lawless anticipates that home values will recover to a new nominal high if the current growth rate continues. 

The Reserve Bank of Australia board have met hold a press conference outside of a crisis, and released its full set of economic forecasts earlier than usual.

As a result of an independent review commissioned by Treasurer Jim Chalmers, the bank has made sweeping changes to improve decision-making, debate between board members, and communications.

The bank’s new deputy governor-designate Andrew Hauser will not be present at the first meeting of the year. Hauser has had his work visa approved and has worked at the bank since February 12.

According to Luci Ellis, Westpac chief economist and former RBA assistant governor, every board meeting will follow crucial economic data, such as quarterly inflation or national accounts.

According to Dr Ellis, there will be no dead rubbers under the new arrangements.

There will be enough new information and consequential data for all eight meetings to be considered ‘live’ in principle.”

As a result of softer-than-expected December quarter inflation data, economists expect the RBA to maintain the 4.35 percent cash rate on Tuesday.

The press conferences begin

In preparation for her first press conference with new chief communications officer Sally Cray, a former adviser to Malcolm Turnbull, Governor Michele Bullock spent last week preparing.

Following a board meeting, governor Philip Lowe held a press conference at RBA headquarters in Martin Place, Sydney, to explain extraordinary decisions during the pandemic.

As a result, the bank will increase public communication about monetary policy, which formerly relied on a one-page statement and speeches.

Two-day meeting

Instead of a half-day on Tuesday, the meeting will last for two half-days.

The RBA’s staff will present on Monday from 2pm to 5.30pm on the state of the economy and markets, as well as the outlook.

The board will discuss these issues for about 312 hours, about twice as long as previously. “This is not about giving longer presentations but about giving members more time to discuss, probe, and explore,” Ms Bullock said in November.

This will allow members to reflect overnight and raise any further issues or questions before the policy decision is made, according to Ms Bullock.

In the four-hour meeting on Tuesday, members will also refine post-meeting communications to appear in a written statement from the board rather than a governor-only statement.

Forward-looking forecasts

On Tuesday, a separate and more detailed Statement on Monetary Policy (SMP) will be released, brought forward from Friday. It contains information on the bank’s latest assessments of emerging issues, as well as forecasts on economic variables such as inflation, unemployment, and growth.

To make the new SMP more reader-friendly, it will be abridged slightly.

The de-identified board votes won’t be released until a new monetary policy board and separate governance board are formed around the middle of the year.

It is possible for the new communications and board changes to “add noise”, according to JPMorgan economist Ben Jarman.

Ian Macfarlane, a former governor, warned that the overhaul could result in “radical” changes to monetary policy.

Board appointments

Paul Bloxham, former RBA official and chief economist at HSBC, said the changes were major adjustments for the RBA’s monetary policy process.

It will take time to discern how the big changes to RBA internal processes will affect the monetary policy reaction function, even once the new board has been announced.

As of now, Dr Chalmers has appointed former Fair Work Commission president Iain Ross and former AustralianSuper chairwoman Elana Rubin.

Selwyn Cornish, RBA historian, said a review of the bank’s archives suggested the bank had never met on a Monday.

Commonwealth Bank was both the central bank and a government-owned commercial bank before the Reserve Bank began operations in January 1960, he said.

Due to commercial banking and central banking matters that the board had to address, its board meetings were held on Wednesday and Thursday.

Initially, it appeared the Reserve Bank met on Wednesdays; later, it met on Tuesdays.

Fundamentals unchanged

“Australia’s monetary policy framework is essentially unchanged,” Bloxham said.

The inflation target remains 2-3 percent, the timeframe to bring inflation back to target remains flexible, and the cash rate is the main tool for achieving it.

In fact, once the legislation associated with the review is passed, likely early this year, the RBA’s independence will be even more explicitly protected.”

Former RBA insider Dr Ellis said the changes “will not hurt, but it isn’t clear they will make a major difference”.

A challenge for Ms Bullock at Tuesday’s press conference may be navigating “gotcha” questions from some journalists.

A rapid rise in median prices in the region in 2023 led to some shocks, according to Ray White data.

The value of houses increased from $993,070 to $1,085,742, while the value of units increased from $719,817 to $775,197.

Many people were surprised by the rise, according to Ray White chief economist Nerida Conisbee.

“Prices didn’t slow down on the Sunshine Coast,” she said.

“It was surprising because many people predicted that prices would plummet in many beachside locations, especially in the Sunshine Coast.”

A drop in prices during the second half of 2022 prompted that opinion, but the market rebounded in 2023.

“The downturn didn’t last very long,” Ms Conisbee said.

Parrearra, Bokarina and Buddina experienced the largest price increases as buyers jostled to be near the sea, while Mooloolah Valley and Rosemount experienced gains in the hinterland.

Despite rising interest rates, property values in the region have increased for several reasons, according to Ms Conisbee.

As a result of limited housing supply and an influx of people, supply and demand played a major role.

She said there was definitely population pressure.

Despite rising construction costs, many people have been forced into established homes in South-East Queensland.

The situation is probably worse in the south-east, where construction costs have risen more than 35 percent over the past two years.”

A rise in property prices is expected in 2024, according to her.

The growth rate is likely to remain the same,” she said, “it’s quite possible we’ll see a similar trend.”.

This will be a factor if interest rates are cut earlier than expected.

There has been a sticking point in the market: the cost of financing.

“However, if interest rates begin to fall, that will fuel the market.”

Until buyers prefer buying new homes and bear the brunt of building costs, established homes will continue to attract top dollar.

She said, “At some point, the pricing will balance out.”.

In order to keep up with construction costs, which will not decrease, price growth must continue to increase.”

Eventually, more homes will be built as a result.

According to Ms Conisbee, “it is harder to build on the Sunshine Coast” largely because of planning regulations and construction costs, but she expects federal and state governments to encourage more new housing.

Furthermore, she predicted that people would continue to move to the region, which would push prices up.

“South-East Queensland’s population shift appears to be continuing,” she said.

As a result, we are seeing more people settle there than we did in previous cycles, not only from within the state, but also from abroad.

“It’s now seen as a place to live permanently, as opposed to just a place to visit.”

According to her, it is a “buyer’s market”.

A lot of sellers have been sitting on their hands because there is nothing for them to buy. I think one of the things that hopefully happens in 2024 is the number of properties for sale starts to rise.

Slower price rises expected

According to Cameron Kusher, director of economic research at PropTrack, the Sunshine Coast saw “superior price growth” in 2023.

Due to rising interest rates and inflation, he expected local home prices to continue rising in 2024.

He explained that “the slowdown in growth is the result of the delayed impact of interest rate hikes, as well as the weakening labour market.”

It is still expected that prices will rise, but at a slower rate.

There are two factors that will influence home price growth on the Sunshine Coast: migration to the region and subsequent demand for housing, along with the amount of stock on the market.

On the Sunshine Coast, there has been a shortage of stock for sale, which has supported prices.”

The housing supply is a major concern

Tim Lawless, CoreLogic’s head of research, said a limited supply of housing also contributed to rising prices.

Sunshine Coast markets have been characterized by low supply, he said.

During November, CoreLogic tracked 2944 homes on the market, 14.5% lower than the same time last year and 37.5% lower than the 10-year average.

There has been strong selling conditions and upward pressure on prices due to such tight advertised supply levels.

Sunshine Coast housing values have grown faster than most other regional markets, and he expects prices to continue to rise.

“However, the pace of growth won’t be as strong as the pandemic phase, which reached 38.7% annual growth through 2021,” Mr Lawless said.

“Worsening affordability constraints will likely slow the rise in housing values.

In spite of this, interstate migration and low supply are expected to keep housing prices mildly upward.

A key factor in 2024 will be the number of listings, migration, and interest rates.

Vendor activity will be an important trend to watch, he said.

Through November, advertised supply was trending lower as buyer demand outweighed the flow of new listings, but if this trend begins to reverse, buyers may benefit from more choice and less urgency.

The Sunshine Coast has been one of the most popular areas for internal migrants, supporting housing demand.

In addition, interest rates should be watched closely. There is a growing expectation that interest rates will begin to fall by the end of 2024. While any rate cuts are likely to be gradual, lower interest rates are likely to stimulate buyer activity.”

It is expected that housing values will keep slowly climbing to record highs in the future, according to Mr Lawless.

According to him, the housing market is highly cyclical due to factors such as debt costs, credit availability, supply versus demand, and sentiment.

Over the next six months, housing values are likely to reach new record highs on the Sunshine Coast if the growth trend continues.

As housing affordability worsens, prospective buyers will face increasingly high barriers to entry.

According to CoreLogic data, hinterland towns like Glass House Mountains, Diddilibah-Rosemount, and Nambour had experienced the strongest growth in the past year.

There will be more homes built

In December, the state government released a framework for almost 900,000 new homes by 2046.

In South-East Queensland, the plan aims to provide more affordable and well-located homes as the region prepares for an additional 2.2 million people.

In the nation’s fastest-growing region, the release follows months of consultation with communities, local governments, and industry.

There are 5000 hectares to be added to the urban footprint for residential and employment purposes, including at Yandina on the Sunshine Coast.

A real housing supply would be enabled by the plan, according to Premier Miles.

“Queensland is experiencing its golden decade of growth, so we need more homes than ever before,” he said.

As part of the national housing supply challenge, ShapeSEQ will ensure we deliver more homes while preserving the great lifestyle our region has to offer.

“It’s a blueprint for building nearly 900,000 more homes.

We want to make sure the homes are what South-East Queenslanders want, strategically located to meet their needs, reduce costs, and increase affordability.”

As state elections approach next year, Antonia Mercorella, CEO of the Queensland Real Estate Institute, said accommodation would be a hot topic.

Housing is a complex challenge and a highly prevalent issue facing our state, and will undoubtedly weigh heavily on voters’ minds,” she said.

In equal parts alluring and terrifying, living in the country can be a dream come true for Sydneysiders.

The area has plenty of space, cheaper real estate, a more relaxed lifestyle, and fewer traffic jams.

Meanwhile, city dwellers can be worried about where to find decent coffee, what to do after dark, where to send their children to school, and what will become of their careers. 

Between Newcastle and the Hunter Valley, Maitland combines rural charm with city convenience.

PRDnationwide Hunter Valley managing director Reece Thompson says there are a wide range of properties, from historic homes in Morpeth to prestige homes in Bolwarra Heights, as well as house-and-land packages in new estates and acreages.

You can still buy a freestanding home for less than $500,000.

“It’s an affordable rural lifestyle,” Thompson says.

COVID has seen a real spike in visitors because it offers more bang for your buck than Sydney or Newcastle.”

From Woodberry in the east to Lochinvar in the west, the Maitland local government area covers almost 400 square kilometres.

Trade and transport were important along the Hunter River in the early 1800s.

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After the railway arrived from Newcastle in the 1850s, river traffic declined.

There are still outstanding transport connections in Maitland.

It takes about three hours to get to Central by express train.

Sydney’s CBD can be reached in less than two hours by car.

You can reach Newcastle CBD and beaches within half an hour of Newcastle Airport.

It takes about half an hour to reach the vineyards and tourist attractions of the Hunter Valley.

You can find everything from quaint cafes overlooking the river at Morpeth and The Levee in central Maitland to the Stockland Green Hills mall at East Maitland. 

Early next year, a new hospital will open.

Among the region’s biggest employers are agriculture, mining, tourism, manufacturing, and construction.

Public and Catholic schools, as well as Hunter Valley Grammar School, are available for families with school-aged children.

Thompson says, “I’ve been here a long time.”.

“It’s the perfect place to raise a family, away from the hustle and bustle.”

In 2016, Tim Skinner opened The Bikesmith & Espresso Bar, combining his passions for coffee and cycling.

It combines an espresso bar with a bike shop and workshop.

Skinner compares the bike shop to an old-school motor garage.

“We ship bikes all across the country.”

As someone who used to work for a mining company, Skinner says moving to Maitland CBD led him to discover the city’s rich cultural offerings.

The town has so many interesting things going on, such as an amazing poetry scene, repertory theatre, and small-scale farmers’ markets. Everyone is driven by a high level of passion for what they do.”