The Heavy hitters: Qld suburbs where prices surged 50 per cent in one year

Fourteen Queensland towns and suburbs recorded eye-watering price growth above 50 per cent in the past year, with one small but mighty locale leading the charge. See the top performers.

14 Queensland towns and suburbs recorded eye-watering price growth above 50 per cent in the past 12 months, with one small but mighty locale leading the charge.

Gooburrum near Bundaberg in the Wide Bay region is the strongest house market in Queensland with values soaring by 57.3 per cent in a year.

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Ray White Bundaberg principal Warren Hitzke said he was not surprised by the result, adding that vacancy rates were a tight 0.4 per cent.

“There have been some recent land sales in that area, small acreage blocks and people are building new homes,” he said.

“And on the re-sell, that’s probably where the growth is compared to some of the older suburbs in the region.”

Mr Hitzke said the region had recorded a “wave of people from out of town” moving in, with many cashing out of places such as NSW and Victoria, buying land, building a home, reducing work days, and investing money into their superannuation.

“It is still very affordable here compared to other markets,” he said.

The PropTrack Spring Markt Report shows 12 house suburbs in regional Queensland posted profits north of 50 per cent, while in Greater Brisbane there were just two suburbs, Thorneside (52.6%) and Newport (51.6%).

PropTrack economist Angus Moore said South East Queensland in particular had experienced extraordinary growth in the past two years.

“We also saw some very good growth outside of the South East, mostly in coastal areas,” he said.

Other top performers in regional Queensland include Alexandra Headland, Agnes Water, Jandowae, Warana, The Palms, Bokarina, Twin Waters, Charleville, Noosa Heads, Cooroibah and Paradise Point, each recording growth above 50 per cent.

Ingham, Mundubberra, River Heads and Tamaree were also among the surprise locations for house price growth above 40 per cent.

Felix Reitano of Felix Reitano Real Estate in Ingham said the relative affordability of Ingham was a major drawcard, particularly for retirees who needed a base for travelling.

“We have been in Ingham for almost 99 years, and selling real estate in the region for 106 years,” Mr Reitano said. “I have never seen the market like this, and my son (Peter) is fourth generation (selling real estate in the district).

“The demand is outstripping supply, for sure.”

In the regional unit market, 20 suburbs or towns saw strong growth of between 33.1 per cent and 51.2 per cent, with Jubilee Pocket in the Mackay-Whitsunday region leading the state.

Cairns units in Yorkeys Knob, Edmonton and Holloways Beach also made the top 20 list for price growth, while on the Gold Coast, it was Hollywell, Oxenford, Coomera, Burleigh Waters and Elanora that saw the highest unit price growth.

The Sunshine Coast had eight locations in the top 20, including Caloundra, Battery Hill, Sunrise Beach, and Peregian Beach while Gladstone Central and Maryborough in the Wide Bay region also made the list.

In Greater Brisbane, the top-performing house suburbs could be found right across the region, from Ipswich (Tivoli, Darra, Leichhardt, Riverview, Barellan Point) to Logan-Beaudesert (Eagleby, Woodhill, Kooralbyn, Slacks Creek), Moreton Bay (Burpengary East) and Brisbane (Gordon Park, Hamilton, Windsor, Kenmore Hills, Brookfield, Eight Mile Plains, Nundah, Seventeen Mile Rocks).

Ipswich dominated the unit market for Greater Brisbane with almost half of the top 20 suburbs coming from the Ipswich region in Brisbane’s west.

Collingwood Park led the list on 47.7 per cent, followed by Brassall on 38 per cent and Booval on 35.1 per cent.

Of the top 20 unit suburbs across Brisbane, all recorded growth north of 25.7 per cent.

Universal Buyers Agents director Darren Piper said the first two rate rises “put the handbrake on” but buyers were now “just getting on with it”.

But he added that it came down to the “risk profile” of the buyer, with first-home buyers and investors more likely to be cautious.

“Rate rises don’t really affect the prestige market,” he said.

This property at 78 Jilba St, Indooroopilly, sold for $12m late last year

Mr Piper said the number of people relocating from interstate had dropped off, but interstate investment had picked up.

He also said the number of expats seeking to relocate to Queensland had increased in the past three months.

“Hong Kong and the UK are the main ones, and it is a bit of a mixed bag after that,” Mr Piper said.

“But overall the quantity of buyers is not where it was, but the quality of buyer is solid.

“Properties are still moving relatively quickly.”

Looking ahead, Mr Moore said he expected Queensland would continue to outperform other states but added that prices were easing, even declining, in some areas, just like in other states.

“It has cooled but demand is still strong and above what it was pre-pandemic,” he said.

“There is also limited stock, more than there was but not as much as before the pandemic.

“However, many vendors are sitting on substantial capital growth so I think more might be motivated to sell.

“For buyers, we have seen a tempering in demand and it is taking a bit longer for properties to sell, but there also isn’t that urgency there once was. But the number of buyers out there is still higher than it was in 2019.”

***Pick up the complete PropTrack Spring Market Report in the Courier Mail and Sunday Mail this weekend.