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Queensland property market led by Gold and Sunshine Coasts

Queensland's property market looks set to be led by the Gold and Sunshine Coasts throughout 2017, if the latest figures prove accurate. 

Data gathered by the Domain Group indicated that south-east Queensland's coastal areas are the stars of the market, recording the strongest gains in the state.

Local agents report that prices are being driven up by a drain on supply caused by an influx of buyers from the southern states and Asia. 

According to the Domain Group's latest rental and house price report, houses on the Gold Coast grew by 7.3 per cent overall last year, which is the best result of all of the major Queensland regional markets.

Indeed, over half of the top 20 property sales for the entire state were made on the Gold Coast in 2016. This includes all of the top five alone, which were clustered at Surfers Paradise and Mermaid Beach and totalled $76.2 million.

It was suggested that the trend extends beyond prestige property - and buyers from Sydney and Melbourne could be holding unrealistic about the current state of the market that mean they lose out to buyers from Brisbane and China. 

The Sunshine Coast currently boasts a median house price of $555,000, having grown by 4.4 per cent over the past 12 months. 

Dr Andrew Wilson, chief economist of the Domain Group, indicated that this trend is likely to continue. 

"The Sunshine Coast's healthy annual growth suggests that the coastal region will remain a popular destination for buyers in 2017," he remarked. 

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