Revealed: Qld’s 109 best suburbs for home buyers

House hunters hoping to find a bargain as the market starts to cool can rejoice, with new data revealing 109 Queensland suburbs where buyer demand has fallen and listings are on the rise.

Tyler Carroll is a young investor who was couch surfing at 17. Now at 24, he has an impressive property portfolio built up during the pandemic. Picture: Nigel Hallett.

House hunters hoping to find a bargain as parts of the market start to cool can take heart, with new data revealing 109 Queensland suburbs where buyer demand has fallen and listings are on the rise.

The best buyer’s markets for houses are in the more desirable, inner Brisbane suburbs of Kangaroo Point, Graceville and Holland Park West, according to the research from PropTrack, which identifies the suburbs with the biggest rise in listings and the largest drop in demand.

This property at 32 Pearson St, Kangaroo Point, is for sale.

Buyer demand has dropped 38 per cent in Kangaroo Point in the past 12 months, while the houses for sale has risen 7 per cent.

For units in Greater Brisbane, the data shows the Ipswich suburbs of Bellbird Park and Woodend are where buyers have the best chance, thanks to a near 30 per cent drop in demand.

In Woodend, unit listings have jumped a whopping 50 per cent.

This house at 93 Verny Rd, West, Graceville, is for sale.

On the Gold Coast, househunters should put Varsity Lakes, Tamborine, Palm Beach and Burleigh Heads on their radars as these suburbs have seen a drop in demand and a rise in new stock for sale.

Listings are also up in the suburb of Elanora by a healthy 29 per cent.

With FOMO — or fear of missing out — fading into memory, Harcourts Coastal agent Guy Powell said homes in the area were typically taking up to eight weeks to sell.

This property at 136 Jefferson Lane, Palm Beach, is for sale.

“Prices are still holding and are quite strong for what’s actually transacting, but days on market are pushing out as buyers now have more stock to choose from,” Mr Powell said.

“Back late last year, buyers had to make a decision on the spot or they’d miss out.

“Now, they are coming back two or three times and I just see buyers are a bit more cautious at the moment.”

Current conditions were most favourable for homeowners buying and selling in the same market, or those investing for lifestyle rather than quick capital gains.

This property at 24 Vantage Point Dr, Burleigh Heads, is on the market.

“People who are buying for their family and for the lifestyle and focusing on a five or ten-year turnaround will be fine,” Mr Powell said.

“People who are looking for a 12-month turnaround may need to consider their options.”

PropTrack economic research director Cameron Kusher said the data showed overall in Queensland that supply was increasing, the rate of sales was slowing and buyers were being presented with more choice.

“As a result, there’s not that sense of urgency,” Mr Kusher said.

“The higher priced areas seem to be seeing the biggest drops in demand, so there may be some benefit in upgrading if you need to buy and sell in the same market.”

Cameron Kusher, PropTrack Director of Economic Research.

But Mr Kusher said those buyers who could afford to wait, would likely benefit more from a drop in prices.

“If you’re trying to get into some of these areas, remember it’s still very early in the slowdown and the situation is probably going to get more favourable for buyers the longer you hold out — particularly on the Gold Coast and in more affluent areas,” he said.

“I think be aware there’s not as much demand out there and you might be able to negotiate a better deal.

“The other point to make is the longer you wait, your borrowing capacity is going to reduce because of interest rates rising.”

“I think, ultimately, it comes down to price and affordability. There’s a smaller potential pool of buyers in some of these areas that saw huge price growth during the pandemic.

“These markets don’t look affordable like they used to because of how strong price growth has been.

“And the demand for coastal lifestyle markets is nowhere near as strong as it was.”

The data shows Castaways Beach and Coolum Beach are best for buyers looking for a house on the Sunshine Coast.

But the Townsville suburbs of Heatley and Wulguru top the list of buyer’s markets for units across regional Queensland.

Property Investment Professionals of Australia boss Nicola McDougall. Picture: John Gass.

Buyer demand for apartments in Heatley has plummeted almost 60 per cent, while listings are up 18 per cent.

Property Investment Professionals of Australia (PIPA) chair Nicola McDougall said affordability constraints, as well as changing monetary policy, had taken some of the heat out of the market — especially in more expensive locations.

“However, with more listings available and fewer buyers, it’s clear that the current

changing market conditions are presenting a plethora of opportunities for long-term

homebuyers and investors,” Ms McDougall said.