Inside the surprise hub worth $2.4 billion in unencumbered property value

This family has watched their suburb’s homes grow to billions of dollars in value since they moved in.

Amy Bean has seen home values explode since moving to Newport in 2017, as the area transformed from a sleepy backwater into one of Brisbane’s wealthiest hotspots.

She and her husband feel lucky to have found a home in the suburb they could afford, as Newport was a cheaper alternative to more expensive beachside areas at the time.

“We really liked the Redcliffe peninsula as a whole, and we were really excited when a new estate with close proximity to the water became available,” she said. “We’ve got a child who’s now five, and she was born as a Newport resident, and we just love it.”

Amy and David Bean with their child in Newport. Newport has seen a huge rise in unencumbered property value, reaching a total of $2.4 billion. – Picture: Richard Walker

Since the boom in housing prices, the adjacent suburbs of Newport and Scarborough now have an unencumbered property value of $2.4 billion.

This number represents the amount of money in housing value that’s not tied up in a person’s mortgage.

The two suburbs combined are among the top 10 wealthiest areas of Brisbane, and in the top 20 in the entire state.

The Beans have seen that rising value on their own property journey, and are selling their latest home at 141 Lakeview Prom.

Ms Bean and her family have moved several times during this boom, with their latest home at 141 Lakeview Prom now for sale.

“I’m not surprised by its growth and the equity held,” she said. “People that have bought into the area have certainly seen a noticeable rise in their property values in a relatively short period of time, and that’s certainly reflective of our journey as well.”

While Newport homes have a large amount of unencumbered wealth, the median suburb house price is $1.35 million — a little more than $300,000 over Brisbane’s overall median.

With the median house price of Newport being only $300,000 over Greater Brisbane’s median, Ms Bean said the suburb would likely continue to grow. Picture: Richard Walker

Place Redcliffe agent Leanne Ollerenshaw said Newport’s homeowners often had a strong sense of pride in their neighbourhood, keeping the location a tight market with few homeowners wanting to leave.

“The suburb balances modern luxury with an established, welcoming community,” she said. “Its location between Redcliffe and Brisbane City adds to its appeal for professionals, retirees and families.”

Newport homes have seen rising demand due to their proximity to the city and to the water.

Ms Bean added that she felt the area still has the potential to rise in value, pointing to the more expensive beach locations and the demand for accessible seaside homes.

“Psychologically, proximity to water can be really great for our well being,” she said. “I think there’s still a huge amount of growth locked in the suburb … with our proximity to Brisbane City and with a waterfront lifestyle, it makes a lot of sense.”

Originally published as Inside the surprise hub worth $2.4 billion in unencumbered property value