Hot property: Top 20 Qld property markets to watch in 2023

They are the top 20 Queensland property markets tipped for growth in 2023, and they range from inner-city units to affordable homes in the regions. See what was said about each market!

They are the top 20 Queensland property markets tipped for growth in 2023, and they range from inner-city units to affordable homes in the regions.

The Canstar Property Market Report Rising Stars 2023, powered by Hotspotting, has revealed the best prospects across Queensland across five key metrics – sales volumes, quarterly price growth, vacancy ratesm rental growth and infrastructure spend.

Here is what the report said about each of its top picks in Greater Brisbane and beyond, word-for-word.

QUEENSLAND’S TOP 20 RISING STARS FOR 2023 REVEALED

Brisbane skyline from Howard Smith Wharf.

GREATER BRISBANE

Annerley (Units)

The research indicates suburbs close to the big sporting venues get the biggest boost from

an Olympic Games, so Annerley is well situated not far from the Gabba. It’s also handy to one of Brisbane’s major hospitals, the University of Queensland, the Pacific Motorway and commuter rail. Houses are becoming expensive but units (with a median price of $460,000) are an affordable option.

Caboolture

This is a key hub suburb in Brisbane’s far north. It’s not fashionable but always attracts buyer

demand because it has the basic infrastructure and affordability that matters most to many people. Its low vacancy rate, currently just 0.3%, and high capital growth rate (at 8% a year on average over the past 10 years it’s one of the best in Brisbane) demonstrate that apparently boring bread-and-butter locations can be outperformers.

FOR SALE: 6 Guardian Court, Caboolture, is listed for offers over $665,000

Dakabin

This northern suburb offers plenty for not much money: three schools, lots of recreation features including a golf course, easy access to the Bruce Highway and one train stop from the new Sunshine Coast University campus. This explains 30% price growth in a year and very low vacancies, currently at 0.4%. Despite the recent uplift, the median house price remains below $600,000.

Deception Bay

This down-market bayside suburb is working to cast off its daggy image, book-ended by

the Moreton Bay Marine Park and the North Lakes masterplanned community. While Brisbane’s market overall has eased, sales activity here is still rising and prices have responded, with one-year growth among the highest in Brisbane. With vacancies at 0.4%, rents have jumped 15% in the past year.

UNDER OFFER: 213 Esplanade South, Deception Bay, was listed for offers over $769,000

Eagleby

Logan City has been one of the stars of Brisbane’s stellar 2020-2021 growth and, while Brisbane overall has faded somewhat since the start of 2022, Logan City between the Gold Coast and central Brisbane is still attracting lots of buyers. For Eagleby, a handy location, good basic amenities and affordability are a sexy combination, even if the suburb isn’t. The intersection of the Pacific and Logan Motorways is nearby.

Eastern Heights

The Ipswich City market has surged in the past two years and remains one of the region’s most buoyant, helped by its affordability, good infrastructure and an array of employment zones. Eastern Heights continues to attract elevated buyer demand close to the amenities of the Ipswich CBD, schools and parkland. Vacancies are ultra-low at 0.4%, with rents rising more than 20% in the past year, and yields are above average.

Edens Landing

This suburb is a box-ticker for buyers on a budget: solid homes, green spaces, train station, schools, proximity to services and amenities in neighbouring Beenleigh – halfway between the Brisbane CBD and Surfers Paradise. Buyer demand keeps rising and prices have responded recently, with the median house price nudging above $500,000 recently. Low vacancies have generated a 20% rise in rents.

Kangaroo Point (Units)

This riverside suburb on the edge of the CBD and beside Woolloongabba (venue of the

main 2032 Olympics stadium) is the ideal fit for one of real estate’s emerging trends – the pursuit of affordable apartments in lifestyle locations. It’s no surprise that sales activity is trending up here. Typical units are priced in the $500,000s which is attractive for a location so close to inner-city amenities.

UNDER OFFER: This two bedroom unit in Kangaroo Point was listed for $559,000

Redbank Plains

Sales volumes in this well-established battler suburb have soared in the past two years and

prices are responding but remain affordable. It provides an affordable alternative to the neighbouring Springfield masterplanned community. There are multiple school choices

and the Redbank Plains Recreational Reserve is a bonus.

West End (Units)

The South Brisbane area has become one of Australia’s best inner-city lifestyle precincts: performing arts complexes, art gallery, museum, an array of fine restaurants, and riverbank

parklands. The market is no longer weighed down by an oversupply of apartments. In a market which is favouring affordable well-located apartments, this market is rising at a time when Brisbane overall has been struggling. The median unit price is $565,000 and the rental yield is sitting at about 4.2%.

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REGIONAL QUEENSLAND

Bundaberg South

Queensland abounds with regional cities with strong economies, affordable homes and elevated infrastructure spending. Bundaberg is as strong an example as any in the state. Bundaberg South, with a median house price still below $300,000 despite big annual growth,

demonstrates what’s on offer. Vacancies are low, yields are above 6% and sales activity continues to rise.

Caloundra (Units)

The Sunshine Coast market peaked around the middle of 2021 and there are now few suburbs where sales activity is rising. The exception is a cluster of suburbs at the southern end of the coastal strip around Caloundra – which has cast off its daggy image and is now a popular lifestyle precinct but with property half the price of the Noosa enclave in the north. When apartment prices rise by almost 30% in 12 months, something is happening.

This one bedroom unit at Caloundra recently sold for $535,000

Frenchville

The key Central Queensland regional centre of Rockhampton is a good fit for the ‘Exodus to Affordable Lifestyle’ trend and it’s also attracting investors who can buy solid homes below $400,000 and get strong yields. Frenchville is a suburb with good amenities early in a growth cycle, with vacancies close to zero.

Kirwan

Townsville is the unofficial capital of North Queensland and its economy has strength and diversity, creating plenty of jobs. Major weather events have stalled the property market at regular intervals but currently, buyer demand is rising. Kirwan is the most popular Townsville suburb for buyers (over 500 sales in the past 12 months), with prices in the $300,000s and rentals scarce. It offers plenty of services and amenities.

FOR SALE: 5 Lilium Close, Kirwan, is listed for offers over $335,000

Nerang

The Gold Coast has defied the worst of the pandemic, including the shutdown of international tourism. While the high-rise markets have shown big growth, it’s workaday suburbs such as Nerang that have the best prospects for long-term uplift. With vacancies near zero and yields solid, sales activity is rising. Nerang is well-connected, on the M1 and rail line linking to Brisbane and the Smith Street Motorway connecting to the coast.

FOR SALE: 27 Merloo Drive, Nerang, is listed for offers over $899,000

New Auckland

The past does not always inform the future in real estate and Gladstone is a great example of

that. Suburbs like New Auckland still have prices below the levels of 10 years ago, but the future prospects for growth are good. The local economy is humming, major new projects are happening, vacancies are low and sales activity is lifting, with prices following.

Newtown

Most suburbs in the City of Toowoomba have rising sales activity, led by inner-city locations like Newtown. The local economy is strong and diverse, big game-changing infrastructure projects are happening, prices are attractively low and scarce rental properties are highly sought-after. Newtown is an older suburb with renovation possibilities for houses on large blocks, close to central amenities.

South Mackay

Much of the discussion about affordable growth centres overlooks Mackay, but the Central

Queensland city has strong credentials. Its economy is pumping, helped by the agriculture, tourism and resources sectors, and there is plenty being invested in infrastructure. South Mackay is typical of the city’s offer: prices in the $300,000s, rising buyer demand, low vacancies and yields around 6%, with rents rising.

UNDER OFFER: 4 Credlin Street, South Mackay, was listed for $525,000

South Toowoomba

Buyer demand is high for this suburb, which sits beside the city centre and includes Toowoomba Hospital, as well as schools and major retail. Sales activity in South Toowoomba has doubled in the past 18 months and prices have jumped, but houses can still be had in the

$400,000s. With vacancies at 0.3%, rents are rising strongly and will likely continue to grow.

Yeppoon

This popular coastal town outside the bustling regional city of Rockhampton is an icon of the ‘Exodus to Affordable Lifestyle’ trend. A national poll of the locations Australians would most like to move to under this trend included Yeppoon in the top five. It offers great value for money and rental yields are strong, with vacancies scarce.

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