Every Queensland suburb’s home price revealed

New data has exposed vastly contrasting fortunes for Queensland homeowners, with prices rising up to 63 per cent in some, but falling as much as 23 per cent in others. SEARCH EVERY SUBURB

Quarterly home values are in

Queensland homeowners are caught in the grip of a Jekyll-and-Hyde housing market, with exclusive new figures showing prices in nearly half of the state’s suburbs have plummeted while just as many have risen.

A suburb-by-suburb breakdown by PropTrack reveals home values tumbled in 373 suburbs in the September quarter, with some falling as much as 20 per cent.

House price falls of 10 per cent or more were recorded in eight suburbs, led by the Ipswich suburb of Wacol, while Brisbane’s Fortitude Valley lost more than 16 per cent.

For units, Caloundra West on the Sunshine Coast had the biggest drop of 21 per cent to record a median of $580,583.

But 425 suburbs still managed to record growth over the past three months, with house prices jumping 10 per cent or more in 13 postcodes.

This four-bedroom canal-front home at 30 Cypress Court, Minyama, sold for $4.51m last month.

The downsizer hotspot of Russell Island in Brisbane’s east led the gains – up an impressive 21.4 per cent – while South Brisbane was the strongest inner-city performer, with a rise of 14 per cent.

PropTrack economist Eleanor Creagh said Queensland’s affordability, population growth and tight rental market were among the factors propping up prices.

While listings had picked up heading into spring, the number of properties for sale remained well below pre-pandemic levels, underpinning demand.

“Prices in Brisbane and Queensland have largely held up better even though buyers’ borrowing capacity has been constrained as interest rates are rising,” Ms Creagh said.

“These regions have benefited from strong population growth, and the preference shifts that have continued since the pandemic with demand for larger homes and bigger block sizes, but also the relative affordability advantage when compared to the east coast capitals of Sydney and Melbourne.”

Compared to a year ago, Queensland home prices are still significantly higher.

Brisbane’s overall median home value of $761,000 is up 11.65 per cent from 2021, with many homeowners sitting on even greater capital gains.

Unit values in Logan Central are a whopping 50 per cent stronger than they were this time last year, while the median house values in West End and the Ipswich suburbs of Kalbar and Boonah are up 40 per cent compared to 12 months ago.

Median prices hit $1m-plus in a third of all Queensland suburbs, and more than $2m in 18 areas across Brisbane and the Gold and Sunshine coasts.

This property at 61 Nylana Way, Doonan, recently sold for $1.65m.

GROWTH STARS

The median house price in Russell Island climbed 21.41 per cent over the quarter to $314,897.

It was greater Brisbane’s strongest result, followed by South Brisbane (median $1.941m), and then West End, where prices were up 12.17 per cent to just under $2m. Inner city West End also notched up Brisbane’s highest annual growth of 40.65 per cent.

But the rest of the top 10 highest growth spots went to suburbs outside the capital city, as buyers sought areas yet to hit their peak.

“Whilst Brisbane and the Gold and Sunshine Coasts very much led the upswing, growth has now shifted to more affordable regions peripheral to Brisbane where the median value of homes is still more affordable on a relative basis,” Ms Creagh said.

Regions to watch included Ipswich, Logan and Redlands.

Russell Island real estate agent Chris McGregor, of Bay Islands Property, said the area was popular with buyers aged 50 and over.

“We’re still very affordable and low risk when it comes to mortgage stress, and the majority of our buyers are cash buyers,” Mr McGregor said.

“A lot of people from Sydney and Melbourne are downsizing and just want to get rid of that financial stress, so when they have sold their homes in the city and cashed in they can come here where you have that country feel but are still close enough to Brisbane and the Gold Coast.”

Mr McGregor said new listings had increased over the past month as vendors capitalised on demand for quality established homes, with buyers reluctant to take on new-builds amid rising construction costs.

This property at 29 Reliance Place, Pelican Waters, sold for $3.21m in August.

BEST MARKETS FOR BUYERS

Homebuyers looking to crack the greater Brisbane market could find vendors in Wacol, Dayboro or Lowood more willing to negotiate.

Those outlying suburbs clocked price falls of 20.8, 7.9 and 4.8 per cent over the quarter, each now with median house prices below $1m.

For buyers with more in the budget, houses in Fortitude Valley fell to a median of $1.82m, while prices slid by close to seven per cent in Wakerley (median $1.21m) and Highvale in Moreton Bay (median $1.55m).

Cohen Handler Queensland managing director Jordan Navybox said buyer confidence had improved.

“Prior to three months ago, there was still a lot of uncertainty about how quickly the interest rates were going to increase and to what extent they would go up, but I think in the last 30 days, buyers have started to feel a lot more confident to take on debt,” Mr Navybox said.

He said newly completed houses and units or those renovated to a high standard were most in demand.

This property at 33 Westward Way, Coomera Waters, recently sold for $2.45m.

DEMAND V SUPPLY

PropTrack’s Listings Report showed an uptick of 7.1 per cent in new homes listed for sale in Brisbane in the lead-up to spring – up 17.4 per cent since last year.

While the monthly figure sat below the national increase of 10 per cent, Ms Creagh said it brought balance to the market.

“The supply of properties for sale in Brisbane and regional Queensland hasn’t normalised as quickly as in Sydney and Melbourne, and so buyers still have fewer options to choose from,” she said.

“But that fear of missing out has subsided quite significantly from last year when we would have characterised the market as a sellers’ market and overwhelmingly so.”

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Place Estate Agents managing director Sarah Hackett said average bidder numbers were between three and four for auctions across the group, down from eight in 2021.

“Certainly that is up from 2019, so I think it is an exaggeration to say the market has dramatically dropped,” Ms Hackett said.

While some frustrated buyers tried their luck with offers below market value, others realised an opportunity to buy without the “crazy prices and conditions” vendors were demanding during the boom.

Auction clearance rates for Place New Farm had tipped 90 per cent, she said.

“We’ve still got another influx of southern buyers; people want to live in Queensland and there is a massive shortage of rentals,” she said.

This property at 40 Day Rd, Northgate, fetched $2.05m in September.

WILL PRICES KEEP FALLING?

While rapidly rising interest rates placed downward pressure on house prices, Ms Creagh said early predictions of falls of up to 20 or 30 per cent now seemed “quite unlikely”.

“The Reserve Bank of Australia did ease off in the pace of their tightening cycles which could give potential buyers, or those who are close to making their purchasing decision, a little more confidence,” she said.

“We are potentially at a point where market conditions have stabilised somewhat. Vendor price expectations have reset and those putting their property on the market have adapted to market conditions, and on the other hand many buyers are taking advantage of the increased choice available now and moving ahead with purchasing plans.”

The RBA’s latest cash rate hike of 0.25 per cent was the sixth consecutive monthly rise, representing a nine-year high of 2.6 per cent.

PropTrack modelling shows home buyers’ borrowing power has been slashed by 21.6 per cent since the start of the year.

Real Estate Insitute of Queensland (REIQ) chief executive Antonia Mercorella said the RBA’s decision had “returned the market to pre-Covid conditions”.