‘It’s been crazy’: Shock Qld suburb where prices quadrupled in a year
A once underrated suburb has seen an insane quadrupling of home prices in just one year, with medians in three others in SEQ either doubling or tripling.
A once underrated suburb has seen an insane quadrupling of home prices in just one year, with medians in three others in SEQ either doubling or tripling.
Four suburbs in South East Queensland have set an insane pace of growth in the past 12 months, in an area stretching from Moreton Bay in the north of the Greater Brisbane region through to the Gold Coast border with New South Wales.
MORE: ‘Survival mode’: 20k-plus Qld families forced to sell homes
$7k richer every day: Homeowners making millions in their sleep
Home price surges to push more families two hours out of town
Latest PropTrack Market Trends data shows Queensland’s fastest growing suburb has seen prices more than quadruple in the past year alone – with units in Beachmere in Moreton Bay now the state’s growth star. The median cost of an apartment there has rocketed a shocking 381.1 per cent in 12 months to $890,000.
In a strange quirk, the median unit price in the suburb is higher than that of houses which came in at $693,000. The unit lift seems to have occurred due to a rise in new builds in retirement communities attracting top dollar now.
Units generally includes apartments, special attached dwelling communities like retirement living and townhouses.
Among attached dwellings sold recently was a two bedder at 166/194 Bishop Road, Beachmere, which is in Eastport by Palm Lake Resort. No price has been released for that one but another like it at 224/194 Bishop Road sold for $$1.3m in March this year.
With many houses occupying prime waterfront position, the median house price in Beachmere could soon begin to rise too with the most expensive publicly available figure listed at offers over $1.3m.
Running a hot second and third are two heavy hitters in Logan-Beaudesert on the southern edge of the Greater Brisbane region. The suburb of Carbrook has seen house prices surge 174.8 per cent in 12 months to hit $1.745m now, while in Crestmead units rose 172.7 per cent, more than doubling in price to become a million-dollar proposition at $1.05m now.
Bilinga on the Gold Coast which has also more than doubled in price for houses, rising 169.8 per cent to $4.06m in latest data.
The beachside suburb is now also Queensland’s second most expensive suburb, behind Teneriffe which is just $45,000 ahead of it in median price.
Real estate agent Paul Glazby of Black & White Estate Agents said “it’s been crazy”.
In these suburbs, prices are rising so fast, he said “it’s hard to give buyers any accurate price guidance as things seem to change by the week”.
Mr Glazby said in places like Bilinga, houses were rapidly being replaced by units. “It does seem like it’s moving that way, but there’s still some houses around, they’re just tightly held; maybe that says something about the suburb.”
“We’re seeing a lot of younger families looking to move to Bilinga for the more laid-back beach lifestyle on offer. I’ve also had clients that are in their later years downsize and take advantage of the new high rises going up along the Bilinga coastline.”
He said the typical walk-up units don’t lend themselves to the older population, “but now the high rises with lifts have shifted that dynamic”.
Toni and Werner Greber – in their 70s and 80s respectively – bought a top floor beachfront apartment in Bilinga 17 years ago and are amazed at the suburb’s price surge.
“We are reluctantly selling this apartment because we now need a lift. Our apartment is on the top floor of a three level walk up block.”
Their property at 8/287 Golden Four Drive, Bilinga, will go to auction at 11am on July 27 via their real estate agent Paul Glazby. It has 180 degree views – from Snapper Rocks to Surfers Paradise, in a boutique block of only eight units.
Mrs Gerber said “back in 2007, when we bought, it was not that difficult to break into the market as Bilinga’s uniqueness had not then been fully realised”.
“We also chose to buy in Bilinga because of the height restriction on buildings (due to the proximity to the airport) which means it will retain its gentle character and not become another high density Surfers or Coolangatta with towering high-rises dominating the beach and views.”
With so much property available along the coastline almost two decades ago, homes next to the airport in Bilinga were not as highly sought after – a situation that has now completely flipped with record prices achieved.
See the latest PropTrack Home Price Index
“This is a double edged sword as it means that this gem of an area has been discovered, so there will be an inevitable increase in the population,” Mrs Greber said.
The height restriction will be the saving grace for the suburb, they believe, meaning “Bilinga should maintain its unique uncluttered character”.
The couple count themselves “very fortunate to have an absolute beachfront apartment” and plan to stay in the area once their home is sold.
“The daily sight, sound and smell of the surf is calming and uplifting (as well as refreshing in summer) and we love it here.”
QLD GROWTH STARS:
Beachmere Moreton Bay – North U $890,000 381.1%
Carbrook Logan – Beaudesert H $1,745,000 174.8%
Crestmead Logan – Beaudesert U $1,050,000 172.7%
Bilinga Gold Coast H $4,060,000 169.8%
(Source: PropTrack)
Originally published as ‘It’s been crazy’: Shock Qld suburb where prices quadrupled in a year