QLD real estate: Suburbs set to join $1m property club named
Dozens of Queensland postcodes are set to join the lucrative million-dollar club, sitting on a median average of $900,000 with experts saying there is more growth in the property market. These are the 36 suburbs expected to hit seven figures.
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From quiet leafy properties to seaside streets, there are more than 30 Queensland suburbs set to break into the state’s million-dollar club as property prices climb.
According to CoreLogic data on Queensland suburbs quarterly growth, there are 36 locations that had a median value of more than $900,000 and are continuing to grow.
Of those suburbs, 18 were located in Greater Brisbane, one in Moreton Bay, four on the Gold Coast and 13 on the Sunshine Coast.
Greater Brisbane’s south alone had seven suburbs set to crack into the seven-figure market, with six in the western suburbs, three in the east and two in the region’s north.
REIQ chief executive Antonia Mercorella said that the property price growth being experienced in Queensland was a result of a number of factors driving “insatiable” demand from buyers.
“Queensland hasn’t experienced this level of demand and accelerated growth before, but after years of modest growth, prices here are playing catch up right across the board in our lifestyle suburbs, regional areas, and city centres,” Ms Mercorella said.
She said contributing factors to the state’s growth included Queensland’s enviable lifestyle, excitement ahead of the 2032 Brisbane Olympic and Paralympic Games and interstate interest.
“Low levels of stock, record low interest rates, high levels of consumer confidence and household savings, more flexible remote workplace arrangements than ever, and the fear of missing out, are all additional factors spurring on the rapid property price growth,” she said.
Ms Mercorella said the market was “showing no signs of slowing down” with borders only just reopening meaning there could be an uptick in demand well into the new year.
“If quarterly growth continues at its current pace, the Queensland suburbs that could soon join the $1 million median house price list in Greater Brisbane include: Kenmore, Enoggera, Shorncliffe, The Gap, Holland Park West, and Wishart,” she said.
“There are also a number of suburbs on the Sunshine and Gold Coasts currently trending towards a $1 million median house price including: Battery Hill, Biggera Waters, Wurtulla, Lake Macdonald, and for units – Sunrise Beach and Hollywell.”
CoreLogic data showed Brisbane’s Holland Park West had a median house value of $981,010 while The Gap was $975,598.
On the Sunshine Coast, houses in Black Mountain had a median value of $940,935 and $943,527 in Golden Beach.
LJ Hooker Mooloolaba principal Yasna Hawthorne said the Sunshine Coast was in a “huge growth phase”.
“My belief is there is a massive under supply and for a very long time, the Sunshine Coast property prices have been some of the lowest on the eastern seaboard,” Ms Hawthorne said.
“I don’t believe it is a boom, just a correction as the area has been undervalued in my opinion.”
Ray White chief economist Nerida Conisbee said strong price growth has been seen across Brisbane as a result of low interest rates and high savings rates.
“Brisbane has benefited from the highest level of interstate migration seen in Australia, as well as money flowing from more expensive cities such as Sydney and Melbourne,” Ms Conisbee said.
She said Cannon Hill, Newport, Alderley, Fairfield, Greenslopes, Kedron, Enoggera, Tarragindi, Annerley, Cashmere, Corinda and Windsor were the most likely Brisbane suburbs to hit $1 million.
According to CoreLogic data, units on the Gold Coast’s Hollywell had a median value of $991,993, while Main Beach units were at $909,479.
Moreton Bay’s Newport had a median house value of $949,056, a 5.9 per cent change in home value index in three months.
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