Biggest home price gains by suburb revealed

A new suburb-by-suburb breakdown has revealed the Brisbane and regional Queensland markets where prices have jumped most.

The Queensland property market has outpaced the national average growth by more than double, with home prices across the Sunshine State up about 14 per cent compared to just under 7 per cent Australia-wide.

Latest quarterly home values data shows Brisbane’s outer suburbs once again recorded the city’s biggest gains, as the ongoing affordability crisis drives heated competition for entry-level homes.

Priced-out buyers maximised savings by opting for units over houses, with the apartment sector recording the largest increases in these areas since January.

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This four-bedroom house at 61 Hardy Dr, Laidley North, recently sold for $640,000.

PropTrack’s report shows Queensland’s average annual growth of 13.56 per cent far eclipsed the national average of 6.77 per cent – though a suburb-by-suburb breakdown revealed far higher price hikes in a slew of areas.

The data shows 761 of the state’s house or unit markets saw annual growth of at least 10 per cent, with 226 where prices were up by 20 per cent or more.

Ipswich emerged as Greater Brisbane’s growth star, led by the unit market in Redbank, where prices surged 32.5 per cent year-on-year, climbing from $325,672 to $431,445.

Prices in other Ipswich areas, such as Goodna and North Booval, also saw strong increases, with unit values up by just under 30 per cent, reaching a median of $487,280 and $508,129 respectively in March.

SEARCH EVERY SUBURB’S HOUSE AND UNIT PRICES HERE

This three-bedroom house at 22 Tregaskis St, Vincent, recently sold for $485,000.

PropTrack’s figures showed Moreton Bay suburbs also outperformed, with Brendale houses recording a 27.7 per cent year-on-year increase, rising from $498,555 to $636,555. It was one of only two house markets, alongside Laidley North, featured among Greater Brisbane’s top 20 growth spots.

Property insiders say the results reflect a shift in buyer preferences as families and first-home buyers seek better value for their money further from the city centre.

But the year’s biggest gains were in the regions.

South Gladstone in Central Queensland claimed the title of Queensland’s strongest performer, with unit prices there up a remarkable 46.6 per cent, climbing from $191,152 to $280,192.

Townsville continued its bull run, with seven suburbs in the northern Queensland city ranking among the state’s top 10 growth markets for the quarter.

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This 5-bedroom home in South Gladstone sold for $1.64 million in November 2024.

Hotspots were a mix of house and unit markets. Houses in Vincent notched up 37.8 per cent annual growth, from $329,615 to $454,125, while for units, Railway Estate was up 37.4 per cent to $324,671.

PropTrack economist Angus Moore said southeast and regional Queensland markets had consistently outperformed since the pandemic boom in 2020, though prices had moderated in some areas over the past three to six months.

“The very challenging affordability conditions we are facing at the moment has seen some buyers look in more affordable areas,” Mr Moore said.

“With that being said, we expect affordability to improve with one interest rate already, and at least one more forecast this year, which is going to reduce mortgage repayments and provide some support for homeowners.”

The Reserve Bank kept rates on hold at 4.1 per cent at its April meeting, as widely expected by the majority of economists, following a 0.25 per cent cut in February.

PropTrack economist Angus Moore

Ipswich agent Roger Eveans, of RE Realty, said high rental yields and affordability relative to Brisbane, the Gold or Sunshine Coasts had driven demand in the area.

His recent sales included a house at 7 Yarra Ct, Karalee, snapped up for $1m in one weekend. It last sold for $650,000 less than two years ago.

“First-home buyers are still looking at homes and even house-and-land packages that can just fit under the $700,000 mark, which allows them to avoid stamp duty and lenders mortgage insurance,” Mr Eveans said.

“We have flood-free blocks of land available in Bundamba at $310,000 that can make it a possibility for first-home buyers to build.”

Ipswich agent Roger Eveans

Units in Redbank, Goodna and North Booval had been increasing in prices due to their affordability in comparison to homes in the same area.

“We have a lot of people trying to get out of the rental cycle and into home ownership and this is a good, safe way to start,” Mr Eveans.

The Ipswich rental market had also played a significant role in boosting demand.

“Rental prices are high, and the lack of rental supply is driving investors to the area,” he said. “This is also helping to push up sale prices.”

This three-bedroom house at 7 Currajon St, Brendale, recently sold for $973,000.

Ray White Townsville managing director Giovanni Spinella highlighted affordable homes and ample employment opportunities as key factors attracting young families and investors to the regional centre.

“Population growth in Townsville is driven by infrastructure and job opportunities,” Mr Spinella said.

“The cost of living and affordability have also been major factors, while many older homeowners are also taking advantage of the market to upgrade to their forever homes.

“Investment stock is another pillar, with Townsville in a fairly unique position where high rents and affordable property prices allow investors to enter a positively geared market.”

Giovanni Spinella, principal and auctioneer at Ray White Townsville

Mr Spinella said local growth wasn’t always tied to specific suburbs, but rather affordability. Areas like Rasmussen and Kelso had been strong performers among first-home buyers focused on price.

“Anything within 5km of the CBD is performing strongly, but outer suburbs are also thriving,” Spinella added.

Looking ahead, he was confident about the market’s continued growth. “With ongoing building and development, plenty of people moving here, and strong defence force presence, I don’t see any changes. There are still plenty of employment opportunities and projects underway.”

Originally published as Biggest home price gains by suburb revealed