“Just ridiculous”; behind the shocking price spike for a five-bedroom home

One couple worries their dream family home would have been out of the question if they tried to get into the housing market today.

When one family bought a five-bedroom home in Wavell Heights four years ago, they were surprised it was so affordable. Now, they’re shocked at just how much it might be worth today.

Vendor Christian Seymour said he felt his family was lucky to buy the home when they did, just before housing prices spiked following the Covid-19 pandemic.

“When we bought [27] Zeehan St, we were quite shocked at the price,” he said. “The price for a five-bedroom home on a large block in Wavell Heights now is just ridiculous.”

Christian and Lucy Seymour bought their five-bedroom home in 2020, just before a price spike that could have pushed them out of the neighbourhood. Picture: Richard Walker

The cost of five-bedroom homes across Brisbane has risen by $700,000 over the past five years, according to new research.

Exclusive data from PRD has shown the median price of a five-bedroom house in Brisbane was $1.72 million in 2024, compared to $944,000 in 2019.

This number is nearly half a million dollars more than the median house price for a four-bedroom home, which sits at $1.251 million.

27 Zeehan St, for sale in Wavell Heights.

Many five-bedroom homes in the suburb sell for $2-3 million.

Mr Seymour had been in the housing market since 2001, buying his first house for $155,000. From the equity he accrued over the following 20 years, he was able to buy 27 Zeehan St in 2020 for $1.61 million.

Now selling his Wavell Heights home, Mr Seymour said circumstances would be much different if his family did not have that equity.

“I would reconsider my options,” he said. “I can’t fathom how a family of five would afford that.”

Since 2019, the price for a five-bedroom home has risen by $700,000.

It costs nearly half a million dollars more to afford a five-bedroom house than a four-bedroom one.

Mr Seymour said in today’s market, both parents would likely have to sacrifice a lot of family time to come close to making the money needed for such a house.

“We both work full-time, so we miss out on a little bit of that stuff – and we didn’t have a huge mortgage,” he said.

The median House Price in Wavell Heights is $1,267,500 – but Place Newmarket agent Ross Armstrong said he often saw five-bedroom homes in the area sell for $2-3 million.

“Obviously, there’s not enough houses to accommodate all these people,” he said. “You can still have a big five-bedroom home, but you’re getting pushed out a couple of suburbs.”

Mr Seymour said a public transportation push across Brisbane should be considered to help reduce stress on the housing market. Picture: Richard Walker

Mr Armstrong said many families looking for homes were waiting for a decrease in interest rates, with those buying homes moving further out into the suburbs to keep prices reasonable.

Mr Seymour said he felt Brisbane’s government would be wise to invest in public transport, to raise accessibility for people moving to more distant areas.

“The time is right now to put that infrastructure in, and that should ease housing prices,” he said. “It’s going to make the outer suburbs a little more accessible.”

He added that if he was getting into the market today, he would be looking for a much more modest home: holding onto it until he felt comfortable stepping up to a larger residence.

Originally published as “Just ridiculous”; behind the shocking price spike for a five-bedroom home