Whitsunday house prices rise significantly year on year.

According to Whitsunday Times, they have reported that the Whitsunday house prices rise significantly year on year.

“Housing prices have risen almost 11 times faster than wages growth over the past year, creating a more significant barrier to entry for those who don’t yet own a home,” CoreLogic’s research director Tim Lawless said.

Tim Lawless also mentioned in his report that this is the fastest annual pace of growth in housing values across Australia since the year ending July 1989,

They have seen a trend where more buyers than listings in almost every corner of Queensland, including The Whitsunday region.

The market trends reports have seen that Proserpine has had the most value growth in the past three months, up 38.5 per cent with a median sale price of $290,500.

For unit sales, Cannonvale was by far the most attractive suburb with 138 sold in the past year and attracting a median price of $230,000 – up 18.7 per cent in the past three months.

Real Estate Institute of Queensland CEO Antonia Mercorella told the Whitsunday Times that it was the toughest market she had ever seen, with buyers challenged across all demographics.

“Even buyers with a generous budget are struggling to secure property,” she said.
“You have to move very quickly in this marketplace.”