Every Qld suburb: What your home is now worth
Queensland now has 185 suburbs with a price tag north of $1 million. Is yours one of the new ones? INTERACTIVE
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Queensland now has 185 suburbs with a price tag north of $1 million, with 95 per cent of suburbs across the state recording growth over the past three months.
The latest PropTrack Home Price Index shows that nine new suburbs have entered the exclusive club in just the past three months, having ticked over into seven figures for the first time.
Among those to hit a new high was Sunnybank Hills, where the median house price is now $1,057,203, up 8.03 per cent since the last quarter.
Mount Gravatt, Calamvale, Parkinson, Mount Crosby, Mount Gravatt East, New Beith, Moorooka and Upper Kedron have also pushed into the $1 million-plus club.
Ray White AKG CEO Avi Khan, whose group oversees many of the new million-dollar suburbs, said he was said he was not surprised by the uplift in prices.
“Brisbane South is booming,” he said.
“Everyone is talking about a shortage of stock and we have that, but it is more that our time on market has shortened drastically so it looks like we have nothing.
“Our office, at the moment, is seeing houses sell in 17 days on average.”
Mr Khan said that rapid sales turnaround was impacting prices, with a lot of buyers coming out of more unaffordable suburbs on the Gold Coast.
He said sellers were in the box seat, particularly those downsizing.
“Sellers hold all of the cards,” he said.
A whopping 34 registered bidders recently saw a 4-bedroom house at Mansfield change hands for $1.502m at auction, with the new owners being a family moving to Brisbane from Dubai.
There was also 11 registered bidders for an Eight Miles Plains home that recently sold for $1.371m, 12 registered bidders signed on for an Everton Park house that sold under the hammer for $1.46m and 13 registered bidders watched on as an Upper Mount Gravatt residence sold for $1.425m.
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But it is not just the bridesmaid suburbs and regions neighbouring some of Queensland’s hottest property markets that are reaping rewards, or houses that are trumping units.
The exclusive analysis revealed that 706 of the 737 suburbs analysed in the Sunshine State had recorded an increase in house values, while 334 of the 357 unit suburbs also saw growth.
And it is the relatively affordable regions leading the charge on the back of diminished borrowing capacity, higher borrowing costs, low supply and high demand.
Fourteen of the top 20 suburbs for price growth were located in the Ipswich region, led by units in Bundamba (+13.43%) and Raceview (11.97%).
The top suburbs for house price growth were also in Ipswich, including Lowood (+11.95%), Kensington Grove (+11.35%) and Riverview (+11.19%).
Raceview, Riverview and Lowood were also the top performers over the past year, with all three recording price growth north of 20 per cent.
PropTrack economist Eleanor Creagh said many of the top performing markets were in more affordable suburbs and regions, as buyers were pushed further afield to secure a home.
“Generally speaking, we would expect to see price growth continue, especially in Brisbane and southeast Queensland,” she said, adding that the southeast corner was still considered relatively affordable compared to southern states.
“Brisbane and the Gold Coast have already reclaimed any losses incurred in 2022, and continue to record growth every month to hit new peaks.
“Interest rates have also likely peaked, or are close to peak, so that will also drive more confidence and demand.”
Up north, the top suburbs for price growth over the last quarter in Cairns was Cardwell and Mossman for houses, and Clifton Beach for units.
Earlville (units) posted the most growth over the year, up 14.63 per cent to $274,914, followed by Cardwell (houses), where median values were up 14.9 per cent to $385,564.
In the Townsville region, houses in Charters Towers increased 4.59 per cent in the last quarter and 12.79 per cent over the year to reach $240,912, while in the garrison city itself, the top performer for houses was Belgian Gardens.
On the Gold Coast, declining affordability is driving up unit values, with the top four suburbs for value growth being for units in Southport, Molendinar, Ashmore and Parkwood.
House values in Jacobs Well, where the median value is now $834,462, were also up 5.33 per cent over the quarter.
But beachside suburbs such as Palm Beach, Coolangatta and Currumbin Waters continue to be popular with buyers, with values up between 4.98 per cent and 5.99 per cent.
On the Sunshine Coast, the top performers were Yaroomba (+6.14%) and Caloundra (5.93%) for houses, and Sippy Downs (5.67%) for units.
Toowoomba, which was a regular top pick for investment as other regions boomed, has seen house values increase by as much as 5.98 per cent over the quarter (Harlaxton), while the top performing suburb for the year-to-date is Toowoomba City, up 10.44 per cent for units.
Wide Bay, a popular spot for sellers cashing out of the overheated Sunshine Coast market, recorded house prices growth as high as 5.08 per cent over the quarter (Elliot Heads) and 10.49 per cent over 12 months (Murgon).
In the latest McGrath Report 2024, real estate guru John McGrath said that buyers – whether investors or owner occupiers – had been lured to the regions after being priced out of the property hotspots, and had increasingly looked to neighbouring “ripple regions” for similar lifestyles and affordability.
He pointed to the Sunshine Coast, where house values in Noosa Heads rose by 5.8 per cent in the 12 months to June.
“But there were more dramatic increases a bit further inland,” he said, noting house values in Black Mountain jumped 24.4 per cent over the same period.
Mr McGrath said the Sunshine Coast was experiencing “the largest population growth in Australia”, closely followed by the Gold Coast.
“Overall, the outlook for southeast Queensland is positive for both owner occupiers and investors, with prices rising, strong population growth and mass infrastructure investment,” he said.
“The sooner you invest in this burgeoning region, the better.”
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Originally published as Every Qld suburb: What your home is now worth
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