New data reveals QLD suburbs with most growth in home prices over five years
Toogoom and Woodford have emerged as Queenland‘s top 10 best performing suburbs over the past five years. See which suburbs made the list.
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HOME prices in parts of Queensland have doubled in the past five years, with new PropTrack data revealing homeowners who bought in Ipswich, the Gold Coast or the Sunshine Coast in 2018 have won the property lottery.
Woodford topped the list for the biggest growth in house prices across Greater Brisbane with a 97 per cent increase to a median price of $723,000 followed closely by Grange with 83 per cent growth to $1.6m.
Brisbane suburbs in the top 10 for house growth included Regency Downs, Toowong, Caboolture South and Churchill.
For units, the Moreton Bay suburb of Clontarf topped the list with 67 per cent growth to a median price of $550,000, followed by Lawnton, Algester, Tingalpa and Caboolture.
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Meanwhile, for the rest of Queensland, Wide Bay suburb, Toogoom topped the list for the biggest growth in house prices with a 122 per cent increase to a median price of $700,000 followed by Central QLD suburb, Blackwater with a 113 per cent increase to a median price of $180,000 and the Gold Coast suburb, Worongary with a 113 per cent increase to a median price of $1.27m.
For units, the Sunshine Coast dominated with Noosaville with a 108 per cent increase to a median price of price of $935,000, followed by Sunshine Beach, Coolum Beach, Marcoola and Mount Coolum.
PropTrack senior economist Eleanor Creagh said there had been a tremendous capital growth throughout the pandemic period and has seen multi-million-dollar profits in some regions.
“The pandemic property boom, record low rates and the lifestyle push saw staggering growth in property prices in many parts of the country”, Ms Creagh said.
“A very unique combination of circumstances drove exceptional price growth in some parts of Queensland over the past five years.
“Interest rates fell to a record low as the COVID-19 pandemic engulfed the country.
“Low interest rates and near-zero real mortgage rates spurred record demand for property, pushing prices higher Australia wide.
“In fact, national home prices rose at the fastest pace in more than three decades in 2021 alone.
“During the pandemic, lifestyle became a higher priority and housing markets in regional Australia and coastal/lifestyle locations experienced extreme demand as people sought more space and more affordable housing.
“Remote working opportunities and preference shifts drove strong population growth in regional areas at the expense of the capitals. Forced savings and government support measures also worked to fuel Australia’s appetite for property.
“The combination of the above not only drove housing demand to record heights, but it also pushed prices to new highs. The biggest winners have largely been houses, and predominantly in desirable or coastal locations or lifestyle orientated city suburbs.”
Ms Creagh said in Brisbane, suburbs within the Ipswich region have performed well, with Ipswich remaining the top performing region with respect to annual price growth in Greater Brisbane.
“Affordability has been a key driver here. As interest rates have quickly risen and people’s borrowing power has dropped, both demand to buy and home price growth held up better in more affordable regions. These factors have likely contributed to the outperformance of median sale prices in some parts of Ipswich in the past five years”, she said.
“Queensland also experienced an influx in migration not seen in almost two decades, with many escaping COVID lockdowns in southern states in search of relative affordability, scenic coastlines and more space, considering Queensland’s housing stock is dominated by houses. Strong interstate migration and population growth in Queensland has also contributed to Brisbane being the second strongest capital city market in terms of price growth since March 2020.”
TOP 10 GREATER BRISBANE SUBURB GROWTH
HOUSES:
Woodford – 97 per cent growth – median price $723,000
Grange – 83 per cent – $1.6m
Newton – 82 per cent – $601,000
Upper Caboolture – 82 per cent – $823,000
Toowong – 75 per cent – $1.5m
Caboolture South – 75 per cent – $530,000
Regency Downs – 73 per cent – $573,000
Churchhill – 73 per cent – $460,000
Laidley Heights – 73 per cent – $570,000
Bellbowrie – 73 per cent – $933,000
UNITS:
Clontarf – 67 per cent growth – median price $550,000
Lawnton – 64 per cent – $388,000
Algester – 62 per cent – $590,000
Tingalpa – 60 per cent – $569,000
Caboolture – 54 per cent – $295,000
Hawthorne – 53 per cent – $706,000
Carseldine – 49 per cent – $500,000
Burpengary – 49 per cent – $379,000
Wynnum West – 48 per cent – $510,000
Capalaba -47 per cent – $465,000
TOP 10 REST OF QUEENSLAND SUBURB GROWTH
HOUSES:
Toogoom – 122 per cent growth – median price $700,000
Blackwater – 113 per cent – $180,000
Worongary – 113 per cent – $1.27m
Coral Cove – 108 per cent – $710,000
Peregian Beach – 108 per cent – $1.63m
Surfers Paradise – 107 per cent – $2.90m
Glenwood – 103 per cent – $450,000
Buddina – 102 per cent – $1.65m
Clear Island Waters – 102 per cent – $2.16m
Eumundi – 100 per cent – $1.21m
UNITS:
Noosaville – 108 per cent growth – median price $935,000
Sunshine Beach – 102 per cent – $1.42m
Coolum Beach – 99 per cent – $785,000
Marcoola – 90 per cent – $695,000
Mount Coolum – 78 per cent – $743,000
Buddina – 78 per cent – $783,000
Peregian Beach – 78 per cent – $1,09m
Mermaid Waters – 73 per cent – $668,000
Tewantin – 73 per cent – $630,000
Golden Beach – 72 per cent – $721,000
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