What your home is worth: Every Qld suburb’s median price revealed

Brisbane is still the strongest mainland capital city housing market, hitting a new median house value record. SEARCH FOR YOUR SUBURB.

Brisbane’s median house value continued to rise in the June quarter, according to PropTrack. Image: Darren England.

BRISBANE is still the strongest capital city housing market on the mainland, setting a new median house value record despite mortgage pain and cooling sentiment.

Fresh June quarter data from PropTrack revealing the median value in every Queensland suburb shows home prices rose in nearly 70 per cent of suburbs in the past three months — more than in any other state.

New data reveals the median home value in every Queensland suburb. Image: NewsWire/Sarah Marshall.

The median house value in Brisbane grew just over 1 per cent in the past three months to $865,968, which is a new record on the back of last hitting an all-time high of $856,820 at the end of March.

Brisbane’s median home value (houses and units combined) slipped by a modest 0.1 per cent in the June quarter to $766,462, confirming price growth is slowing.

But over the year to the end of June, the city’s median home value jumped 21 per cent — almost four times that of Sydney and five times that of Melbourne.

And in good news for homeowners who have been watching their equity grow, a quarter of the city’s homes are now worth more than $1m.

Brisbane’s median unit value fell slightly during the June quarter. Image: Sarah Marshall.

A third of the state, or 367 suburbs, recorded falls in house and unit values during the quarter, giving some hope to first homebuyers, particularly when it comes to units in Ipswich, Sandgate and New Farm.

Brisbane’s median unit value lost 0.3 per cent in the last quarter to sit at $568,966, and has grown nearly 15 per cent in the past year.

More than a third of suburbs recorded unit value falls during the quarter, while around 65 per cent recorded a rise.

Cameron Kusher, PropTrack director of economic research.

PropTrack director of economic research Cameron Kusher said that while value growth had slowed in Queensland, most suburbs continued to see values rise.

“Of the 10 suburbs with the greatest value increase over the quarter, none were located in Brisbane or the Gold and Sunshine coasts, with four in the Cairns region, two each in Darling Downs-Maranoa and Wide Bay, and one each in Toowoomba and Central Queensland,” Mr Kusher said.

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The data uses PropTrack’s automated valuation model, which considers all houses and units in a suburb to reach a median value.

It excludes markets with less than 500 observed estimates of property values.

BEST MARKETS FOR BUYERS

Prices fell in 251 suburbs/towns across the state in the June quarter, with unit values in the Ipswich suburb of Booval recording the biggest falls — down nearly 25 per cent.

This unit at 2/19 Clifton St, Booval, sold recently. The Ipswich suburb recorded a slump in its median unit value of 25 per cent in the June quarter.

The median house value in the Darling Downs town of Nobby also dived 25 per cent, while the median unit value in Birkdale in Brisbane’s east decreased 23 per cent.

First homebuyers could also look to units in Ipswich, where the median unit price has fallen 18 per cent, Sandgate (15 per cent) and even the sought-after suburb of New Farm, where the median unit value fell 16 per cent.

The median house value in affluent Sunshine Beach, where prices skyrocketed during the pandemic, has also taken a hit — dropping almost 12 per cent to $2.7m.

This property at 24 Arakoon Cres, Sunshine Beach, sold recently for $28.5m. It was designed by Shaun Lockyer. Image supplied by Shaun Lockyer Architects.

“Higher value suburbs across the state have been more susceptible to value falls over the quarter than lower valued markets,” Mr Kusher said.

“Of the 214 suburbs with a median house or unit value over $1m, 55 per cent have recorded an increase in value over the quarter, compared to 68 per cent of suburbs throughout the whole state.”

GROWTH STARS

Perhaps surprisingly, the small town of Tully, south of Cairns, recorded the largest rise in house values over the June quarter, with the median house price jumping almost 25 per cent.

This property at 12 Briggs St, Tully, sold recently. The median house value in the town, south of Cairns, jumped almost 25 per cent in the June quarter.

The median unit value in Cairns North also climbed 24 per cent to $379,819.

In Brisbane, prices in most suburbs remain elevated, with the PropTrack analysis revealing 128 suburbs have a median home value of more than $1m.

The median house value in Bowen Hills rose more than 16 per cent to $1.6m, while nearby in New Farm, house values gained 12.5 per cent to $2.6m.

Last month, a riverfront property at 76 Oxlade Drive in New Farm sold at auction for $5.52m to local developer Craig Purdy.

This property at 76 Oxlade Dr, New Farm, sold at auction in June for $5.52m.

Incredible gains in home prices were made in the 12 months to the end of June, with the outback towns of Alpha and Quilpie leading the top performers, with median house value growth of 60 per cent.

In Brisbane, the riverside, western suburb of Fig Tree Pocket tops the list for the biggest jump in median house value of 41 per cent in the past 12 months to $1.76m.

Some big money has changed hands in the suburb this year, including the sale of a Shaun Lockyer designed, riverfront property at 31 Needham Street for $9m.

This property at 31 Needham St, Fig Tree Pocket, sold this year for more than $9m.

DEMAND STILL OUTWEIGHS SUPPLY

Cohen Handler Queensland managing director Jordan Navybox, who has represented the buyers of many of the biggest home sales in the state this year, said record low vacancy rates, high rents and a shortage of housing was keeping home prices in the state insulated.

“In other market downturns, vacancy rates have increased and rents decreased, but Queensland has a really big housing shortage right now and that’s only been exacerbated by the building crisis,” Mr Navybox said.

“We just don’t have any stock, so while economic levers are being pulled — and there are definitely less buyers in the market than previously — there’s still not enough stock for those who remain, and that’s why we’re seeing prices stabilise.”

Cohen Handler QLD managing director Jordan Navybox. Photo: Dan Peled.

Mr Navybox said he had a number of clients who could afford to buy a property now, but were waiting to see what happened to prices in the near future.

“They’ve got the money ready to go, but they think it could be cheaper in six months,” he said.

Colliers’ director of residential Jon Rivera said Queensland’s tight rental market and attractive rental yields would continue to attract investor interest, but supply was the issue.

“The forecast for more rate rises this year to combat inflation will keep rental supply tight and

demand high,” Mr Rivera said.

“People are going to wait to see if prices are going to decline, and then they’ll get back into it.

“We actually have a very strong owner-occupier and investor market, but the challenge is we don’t have the product — especially for investors at the right price point.”