$300k-plus gains: Every Qld suburb’s home price revealed
House prices soared more than $300,000 in Queensland suburbs during a year of surprise gains. Latest data reveals home values, suburb by suburb across the state. SEARCH YOUR SUBURB
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House prices soared more than $300,000 in Queensland’s strongest performing markets during a year of surprise gains that left even seasoned property watchers gobsmacked.
Latest data has revealed the full extent of growth through 2023 by breaking down home values suburb by suburb across the state.
PropTrack’s exclusive December quarter wrap shows median prices were up $100,000 or more in 114 Queensland house and unit markets over the past 12 months, defying early forecasts of an 8 per cent drop in Brisbane home values as interest rates rose.
Instead, Greater Brisbane’s average home price climbed 10.45 per cent in 2023, rocketing to a new record high of $783,000, while the state’s 32 top-performing suburbs notched up between 20 and 30 per cent annual growth across unit or house sectors.
The gains were led by suburbs in Ipswich and Logan, as priced-out buyers widened their net to the edges of the city’s urban sprawl in search of affordability.
A typical house in Riverview now costs $470,985 — 27.05 per cent or $100,290 more than last year. In Woodridge (median $528,038), homebuyers are forking out 25.38 per cent or $106,875 more.
Unit prices in Brisbane’s entry-level markets climbed by about 30 per cent, led by Waterford West — up $80,241 to median $335,715.
The city’s southern suburbs also performed strongly, topped by Sunnybank Hills where the median house price was up a huge $208,799 to $1.115m, based on annual growth of 23.04 per cent.
But the biggest dollar increase was recorded in Surfers Paradise on the Gold Coast, where affluent buyers handed over $321,302 more than last year (median house price $2.4m). In Robertson, the median price hit $1.651m — an annual increase of $308,864, while other South Brisbane markets of Rochedale and Stretton recorded spikes of $276,006 and $251,493 respectively.
PropTrack senior economist Paul Ryan said Queensland’s lifestyle and affordability advantage compared to southern states ensured strong demand outweighed the cooling effect of five cash rates hikes last year to 4.35 per cent in November.
“We’ve seen Brisbane and southeast Queensland perform really strongly over the past several years, but that has certainly surprised us from this time last year, when prices across most of the country had been slowing and it was looking like 2023 was going to be a year of correction,” Mr Ryan said.
Research by the CBA had predicted house prices would fall 10 per cent nationally in 2023, and 8 per cent in Brisbane, Adelaide and Darwin.
“Instead, buyer and seller confidence returned. There was some more stability with interest rates, and a lot of the uncertainty people had about the future dissipated.
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“Those forces look like they are going to continue into 2024, though we are not predicting the same amount of growth given how much prices are up already — in Brisbane, the median value now is 57 per cent higher than before the pandemic, which is extraordinary.”
Mr Ryan said “constraints on affordability” meant first-home buyers were forced further from the CBD to get a foot on the property ladder.
Ray White principal Avi Khan, who owns four residential offices including in growth markets, Logan and Ipswich, said those suburbs had shed “past negative connotations”, emerging as desirable locations for buyers and renters alike.
“Logan and Ipswich are at the epicentre of price rises as these suburbs are still accessible for first-home buyers,” Mr Khan said.
“Interstate buyers are also paying well above market, sometimes sight unseen. Auction sales in particular are consistently breaking suburb records and one sale in particular even broke the Australian record for the number of bidders.”
A Sydney-based investor beat 160 other bidders to take the keys to a vandalised ex-rental property at 19 Billabong Dr, Crestmead. It sold for $494,700 in October 2023.
“Among reasons for this surge of activity across Logan and Ipswich are the high rental yields and relatively lower prices making it easier for buyers to secure finance,” Mr Khan said.
“Another driver, however, is that construction costs in Brisbane have rapidly outpaced house prices over the past two years. Buying an established home in these low-cost areas is now looking like good value compared to building new.”
Propertyology head of research Simon Pressley said house price growth would trend north while the “very tight” supply of homes available to buy or rent persisted.
Across Australia, 247,000 properties were listed for sale in December — 32 per cent less than the same time five years ago, despite the nation’s population growing by 1.7m since.
“This all-time record shortage of properties means buyers will have to compete hard,” Mr Pressley said.
Meanwhile, just 30,000 homes were advertised to rent, down from 78,000 properties listed seven years ago.
“Like it or loathe it, until there’s several consecutive years of very high levels of investor activity, rental supply will remain as tight as a mouse in a matchbox.”
Mr Pressley tipped regional central and north Queensland as well as Rockhampton among the nation’s best performers of 2024, predicting 15-20 per cent growth.
Brisbane house prices could spike 9-13 per cent, he said.
“The already strong Brisbane property market may be politically stimulated by the state’s October election.”
Research by Compare the Market found 40 per cent of Aussie homeowners were planning to sell their property within the next five years, with 30 per cent of those planning to downsize.
“It’s been a grim 18 months for Australian borrowers, between 13 cash rate increases and the rising cost of living,” Compare the Market property expert Andrew Winter said.
“While our research shows that many homeowners are planning to sell in the near future to upsize, downsize and move to a different area, the harsh reality is many are selling up shop because they have no other choice,” Mr Winter said.
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