QLD real estate: Every suburb’s median house price revealed

Queensland house prices are continuing to climb, with Brisbane’s median value soaring to a new record high for a ninth straight time. See what the typical house in your suburb is selling for.

Joey Dean of Eschelon Property, with his wife, Phoebe, and their kids, Audrey, 9, Albert, 7, Vivian, 6 and Peggy, 3, at their house in New Farm, where house prices grew another 7.6 per cent during the June quarter. Picture: Adam Head.

Brisbane house prices have smashed records for the ninth consecutive time as more than 30 suburbs across the state hit double digit increases in the past quarter.

Queensland’s real estate market has been consistently hot for the past nine months with interstate migration and lifestyle changes driving the boom, according to property experts.

SCROLL DOWN TO CHECK YOUR SUBURB’S LATEST PRICE

The River City’s median house price shot up another 6.3 per cent to hit an all-time high of $657,551 at the end of June, according to new figures from CoreLogic revealing the growth in home values in every Queensland suburb over the past three months.

MORE PROPERTY NEWS:

Miley Cyrus pulls off $9.7m house flip

Superbike champion Troy Bayliss to bid goodbye to trophy home

Sovereign Islands mega mansion sells for $7.9m

This property at 10 Lance Street, Sherwood, is on the market for offers between $1.8 million and $1.95 million.

Brisbane dwelling values — both houses and units — jumped by 13.2 per cent in the financial year — the highest annual rate of growth since May 2008.

Eleven Greater Brisbane suburbs, and more than 20 across the state, recorded double digit house price growth, with homeowners in Brisbane’s inner west the biggest winners.

Apartment prices also accelerated, with Greater Brisbane’s median unit price rising another 3 per cent to $415,536.

This property at 8 Long Street West, Graceville, is on the market for offers over $2 million.

The top growth suburb for houses in Brisbane during the quarter was Sherwood, with the median house price climbing 12.1 per cent to hit $1.18m.

It was followed by neighbouring Graceville, where homeowners made a motza on growth of 11.1 per cent in the first three months of this year, and Mount Ommaney, where house prices jumped 11 per cent.

House prices in Chelmer, Jindalee and Indooroopilly — also in the western suburbs — all gained over 10 per cent.

This property on 1556 sqm at 85 Longman Tce, Chelmer, is on the market.

Adcock Prestige principal Jason Adcock said he was not surprised to see so many of Brisbane’s western suburbs performing well.

“Buyers now understand if they travel 10 or 15 minutes out of the city to the western suburbs they are going to get more bang for their property buck,” Mr Adcock said.

“In the western corridor they can afford bigger homes and bigger blocks of land for the same price they are paying in inner city suburbs.”

The biggest earners for units were in the tiny suburb of Gordon Park, where the median unit price gained 9.3 per cent to $412,433.

Jason Adcock mid-auction at a property in Indooroopilly. Picture: Annette Dew.

But the waterside suburbs of Point Lookout, Cleveland, Ormiston, Thorneside and Victoria Point also saw unit prices increase between 6 and 9 per cent.

Homeowners lucky enough to live in the Moreton Bay region or in one of Brisbane’s inner suburbs are laughing all the way to the bank after 12 months of sustained price growth.

House prices in the waterside suburbs of Toorbul, Deagon, Redcliffe and Margate all gained more than 20 per cent over the past year.

This five-bedroom house at 3 Chisholm Court, Mount Ommaney, is on the market.

CoreLogic head of research Eliza Owen said houses in wealthier suburbs in particular in Brisbane had seen strong growth momentum over the past three months.

“We are seeing more of the pricey areas of Brisbane having a higher chance of demonstrating higher growth rates over the quarter, which might be a reflection of the profile of the buyer,” Ms Owen said. “Upsizers are still relatively active, or changeover buyers.

“One of the strengths of the Queensland market we’ve seen over the past year has been continued strong interstate migration.”

CoreLogic head of research Eliza Owen.

Mr Adcock said closed international borders were driving buyer demand, with those who could not travel overseas deciding to upgrade their home instead.

“Also interest rates are at an historical low, you can get a fixed home loan rate of 1.8 per cent for three years at the moment and those low rates are fuelling people’s buying capacity — they can actually afford to buy better homes now,” he said.

New Farm homeowners Joey and Phoebe Dean are thrilled to see the Brisbane housing market going so well.

The median house price in their suburb gained 7.6 per cent during the June quarter and has grown nearly 17 per cent in the past 12 months to $2.1 million.

Working in the property industry as managing director of Echelon Property, Mr Dean has seen first-hand how active investors and owner-occupiers are in the local market.

Brisbane’s inner suburbs have seen strong house price growth. Picture: David Clark.

“As we’ve seen through our business developing new commercial properties, the residential market in Brisbane seems to have the same depth to the buyer pool, which is driving strong price growth,” Mr Dean said.

“I think given the amount of capital available at the moment, sales will continue for the balance of 2021.”

Ms Owen said the monthly rate of growth for Brisbane’s dwelling market was slowing, with home values rising 1.9 per cent in June, which is down from 2 per cent in May and from a suspected peak of 2.6 per cent in March.

Brisbane has a fresh record house price for a ninth consecutive month. Picture: NCA NewsWire / John Gass.

“Double digit annual growth rates, as we’ve seen in recent months, doesn’t tend to be sustainable against affordability constraints,” she said.

“Queensland saw a decline in first homebuyers over the month of May, where values of financing for first home buyers fell 6.4 per cent. This definitely marks a shift in demand from this particular type of buyer.”

Those affordability constraints and the potential for tighter lending conditions and rising mortgage rates would likely impact housing market conditions going forward.

Originally published as QLD real estate: Every suburb’s median house price revealed