LATEST RESEARCH HINTS TOWARDS QUEENSLAND’S NEXT MILLIONAIRE’S ROW
Belinda Chilton, The Courier-Mail December 30, 2016 9:10am
Noosa Heads on the Sunshine Coast is being outperformed in house price growth by Woorim on Bribie Island.
A VIRTUALLY untouched seaside suburb on Bribie Island is showing all of the hallmark signs of becoming home to the next millionaire’s row in Queensland.
Woorim has outstripped the premier seaside location of Noosa Heads, on the Sunshine Coast, on the price growth according to the latest research to September.
Resolution Research market analyst Diana Howes said Woorim was in its infancy but looked poised to experience price growth at the top end of the market, with its recent performance significantly outshining the premier ocean front market of Noosa Heads on the Sunshine Coast.
“Over the past year median price growth in Woorim has eclipsed that recorded within Noosa, 10.5 per cent versus 5.3 per cent, a fundamental which has been duplicated over the past five years with 2.9 per cent versus 1.1 per cent,” Ms Howes said.
Resolution Research market analyst found Woorim was proving to be a well performing suburb. “It’s probably one of the best performing suburbs on Bribie Island. “Anything you get listed there you know you’re going to sell it regardless of price.”
While the million dollar plus market in Woorim remains in its infancy, with only four properties sold in this top end bracket in the past eight years, the suburb is starting to draw interest from buyers in the high end of the market.
The research shows that Woorim’s Rickman Parade could very well be home to the next millionaire’s row in Moreton Bay, with properties likely to be renovated, new supply to enter the market and retail and dining precincts beginning to emerge. Ms Howes said it was clear that local market confidence was high, with properties being held in a rising market.
“At the time of undertaking this research there were only 18 homes for sale out of the 690 privately owned homes within Woorim,” she said. “Properties within Woorim are tightly held with transactions averaging 30 per annum over the past five years. ”Rumour has it that two large parcels of church held land on Rickman Parade have recently sold, with the parcel zoned for low density residential. Ms Howes said this was likely to propel Woorim’s top end market onto centre stage for price growth over the coming years.
Resolution Research are leading Brisbane based property analysts dedicated to market analysis, reports and forecasting on residential and retirement sectors. Originally published as “Next millionaire’s row revealed”
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