Median house prices are predicted to rise this year as population increases push up demand
Median house prices are predicted to be on the rise this year as an increasing population and demand for housing pushes up the dollars.
Real Estate
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WHICH would you choose? A five-year-old four-bedroom home in Drewvale, an older three-bedroom home in Salisbury with a pool or a new three-bedroom apartment in Mount Gravatt East?
In the outer southern suburbs you can buy a lot of house for the CoreLogic RP Data local median house price of $585,000.
But if you’re looking in sought-after suburbs in Brisbane’s south, you’d better start saving your pennies.
Median house prices are predicted to be on the rise this year as an increasing population and demand for housing pushes up the dollars.
Real Estate Institute of Queensland CEO Antonia Mercorella said median house prices in suburbs such as Sunnybank and Macgregor had enjoyed significant growth in recent years.
“We expect the median house price will continue its trajectory of steady, sustainable growth throughout 2016,” she said.
“Sunnybank has enjoyed significant growth to the median house price, with the September quarter median house price at $680,000.
“Similarly, Macgregor’s median house price of $695,000 is up 12.6 per cent on the annual median house price in the September quarter of 2014.”
Ms Mercorella said suburbs such as Runcorn had more modest growth, with a median house price of $505,000, an increase of seven per cent on the 2014 September quarter.
A recent realestate.com.au search of local properties listed for around the median price revealed 137 homes were on the market between $550,000 and $600,000.
These ranged from a five-year-old, four-bedroom home at 8 Leigh St, Drewvale, priced at $585,000+, to an older, highset-three bedroom house at 24 Tuckett Rd, Salisbury, with an in-ground pool for $595,000.
Options also included a four-bedroom, two-bathroom Parkinson house opposite the nature reserve.
There were also a number of options available for local buyers seeking a new house with The Rochedale Estates selling house-and-land packages from $585,000.
The new terrace homes will include four-bedrooms; two bathrooms; open-plan kitchen, family and dining; formal living and an alfresco area.
New three-bedroom townhouses in Mount Gravatt, with no body corporate fees, are available through @Realty for $595,000.
Features include airconditioning, high ceilings and rear patio.
While the median unit price in the area is $371,000, buyers willing to spend up to the median house price for an apartment also have several choices with unit developments under way in the Mount Gravatt area.
Options include boutique apartments at Allure Residences on Hicks St, Mount Gravatt East for $588,000.
A little cheaper, Ivory Residential Apartments on Sanders St, Upper Mount Gravatt, is marketing a two-bedroom, two-bathroom 75sq m apartment for $568,000.
Homeowners Suzanne Cox and son Will Gale, who are selling a property at 86 Somerfield St Upper Mount Gravatt for $590,000+, said the size of the block, location and privacy were important factors when they purchased.
“Being able to go outside into the courtyard is a big plus, and we are right up among the trees so it’s very private,” Ms Cox said.
“We have lived here 10 years and it’s developed really quickly, particularly in the last couple of years.
“When you start looking around and comparing, the size of the block and still having space to do things like extensions are important.”
Jeff Jones Real Estate sales agent Stephen Salmon, who has lived in the area for around nine years, said there was strong buyer demand in the area.
“There are a lot of buyers interested in properties around that particular price point in the $500,000s,” he said.
“Certainly the location along that corridor between Garden City and the M1, and the suburb will continue to grow.
“My advice is to do your research and set your budget – be open minded to houses that need renovating.”
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