The regional QLD postcodes on the cusp of a property payday

There are 267 postcodes in Queensland where owners are on the brink of earning more for their homes each year than their job. SEARCH THE LOCATIONS

A North Queensland postcode is one of just two outside of the booming southeast corner where homeowners are earning more from their house than their job.

But there are many more waiting in the wings where, if price growth continues and wages continue to stall, homeowners could soon be earning more from bricks and mortar than their boss.

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An aerial view of Port Douglas, which is on the cusp of a property pay day. PHOTO: Supplied.

Owners living in the postcode of 4849 – which takes in the Cassowary Coast suburbs of Cardwell, Damper Creek, Hinchinbrook, Lumholtz and Rungoo – have seen dwelling values rise from $220,000 in 2018/19 to $311,500, or an average of $45,750 a year.

That is 1.01 times the average wage in the region, according to data from REA Group and the ATO.

The latest REA Market Trends report for September shows median house values in the sleepy coastal town of Cardwell have soared 31.3 per cent to $308,000 in the past 12 months off the back of 43 sales.

In Hinchinbrook, median house values have risen by 12.2 per cent to $825,000 after 88 sales.

Hinchinbrook Real Estate principal Lindsay Hallam said many people were moving to the region for “lifestyle reasons”.

“There are people migrating from down south, from Sydney, Melbourne, southeast Queensland,” he said.

“They are selling up, putting money into their super, and buying up here, but many of them are retirees, which is great, but it would be fantastic to see investment in infrastructure and jobs to encourage younger families back.”

Mr Hallam said the region, which was “smashed” by Cyclone Yasi in 2011, saw a lot of housing stock come onto the market after the devastating weather event, but that had largely been absorbed now.

He said demand for established housing stock remained strong.

Luxury boats at the Hinchinbrook Marina after Cyclone Yasi barrelled through in 2011 AFP PHOTO / Paul CROCK Pic. AFP

“Clearly a lot of that is Covid driven, but there are also a lot of locals looking at the market who are now worried they will be priced out of the areas they want to retire,” he said.

The only other postcode outside of the red-hot southeast corner where owners are enjoying capital growth exceeding the average salary can be found in postcode 4581, which is home to Eurong, Fraser Island, Inskip, Inskip Point, Orchid Beach and Rainbow Beach.

But sitting just outside of the list are the postcodes of 4170, 4514 and 4519, where average salaries are running just slightly ahead of annual capital growth.

Beautiful Fraser Island Photo Lachie Millard

Up north, in the postcode of 4877 – home to Port Douglas, Mowbray, Wangetti and Oak Beach – median house prices have risen from $615,000 in 2018/19 to $700,000 in 2020/21, or around $42,500 a year.

There, the average salary, which takes into account the entire population, from rich-listers to baristas, is $44,108.

Boasting one of Queensland’s best views, Villa Hemingway at Port Douglas could be yours for $10.8 million

It is a similar story for 4881, home to Koah, Kuranda, Mona Mona and Speewah.

There, median house values have risen from $460,000 to $550,000, or $45,000 a year.

The average annual salary was $54,642 in 2018/19, according to the data.

And on the Fraser Coast, property owners in the postcode of 4659, which takes in suburbs such as Burrum Heads and Pacific Haven, house values have risen from $350,000 (2018/19) to $425,000 (2020/21), or an average of $37,500 a year.

The median salary was $42,304, according to the data.

REA Group economist Paul Ryan said that while there had been significant migration from Sydney and Melbourne to southeast Queensland, there had also been movement from the southeast corner to the regions further afield.

He added that many southeast owners were cashing out, and were looking elsewhere for value, spurred on by greater working flexibility and early retirements.

“That means that a bigger array of demographics can now move to other regions,” he said.

“For those areas that want to reach (population) mass that is big enough to support infrastructure investment, lifestyle amenities, there are more opportunities now to reach for that.

“Buyers are now looking further afield due to word-of-mouth, greater opportunities, or after visiting a place … that’s positive for future growth and I think we will see even more (regional) postcodes entering the mix.”

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Originally published as The regional QLD postcodes on the cusp of a property payday