Qld property: How much your home is worth now

Sixteen suburbs have joined the $1m-plus club in the past three months as Queensland’s property market shows no signs of slowing down. See if your suburb is one of them!

Sixteen suburbs have joined the $1 million-plus club in the past three months as Queensland’s red hot property market shows no signs of slowing down, with the state now home to 299 locales with seven-figure median home values.

PropTrack’s June Quarterly Home Index shows that median house values have now hit seven figures in once affordable suburbs right across Brisbane, Moreton Bay, Logan-Beaudesert, Ipswich, the Gold Coast and Sunshine Coast, and Toowoomba.

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Each one saw their median house value edge over $1 million in the three months to June.

It comes after PropTrack revealed that Brisbane now has a $1 million median price tag (houses and units combined), finishing the month of June at $1.015 million – an increase of $74,800.

And the data shows that there are 10 suburbs with median home values above $2 million, with Chandler leading the pack with $3,149,155.

Tennyson is the most expensive unit market with a median value of $2,104,972.

But experts are predicting that the next big surge will come from regional Queensland, which is already outpacing Brisbane, seeing its home price rise 9.2 per cent in 12 months to $719,000 — a jump of $70,700 in one year.

And the Quarterly Home Index shows that the outer suburbs and regions were the top performers during the last quarter, led by Meadowbrook (+16%) and Deagon (units), Home Hill and Charters Towers (houses) and units in Norman Gardens, all up 12 per cent over the quarter.

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Over the year, the biggest increase in values was for units in Rosslea and Goodna, and houses in Murgon, which were all up by 31 per cent.

Home values increased by 30 per cent in Mount Morgan (houses), Hermit Park (units), Depot Hill (houses), Vincent (houses) and Kingaroy (units).

Ray White Townsville principal and auctioneer Giovanni Spinella said there was a perfect storm of high demand and low supply across the garrison city.

“Desperation has set in,” Spinella said. “If you had asked me whether this would happen 10 years ago, when Townsville was in the doldrums, I would have said, rubbish.”

“In 2016 I was selling houses for $150,000, and now they are selling for north of $550,000.

“But all the metrics are there, lifestyle, support services, and we are seeing corporate investment, and if they are backing us, that’s a great sign for the future.”

Townsville is booming. Picture: Supplied

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Meanwhile, the newest members of the $1 million-plus club in Greater Brisbane include Banksia Beach, Banyo, South Maclean, Delaneys Creek, Runcorn and Karalee.

Two suburbs on the Gold Coast have also joined the illustrious club, Pacific Pines and Southport, as has Tewantin and Forest Glen on the Sunshine Coast.

Outside of the southeast corner, Sunshine Acres in the Wide Bay region has also ticked over to seven figures.

PropTrack senior economist Anne Flaherty said that it was inevitable that more suburbs would enter the $1 million-plus club.

But she singled out one region in particular – Townsville.

“Townsville has been extraordinary,” she said, adding it had been the best performing region for price growth.

40 The Promontory, Banksia Beach, recently sold for $3.3m

“One thing we have seen there is a lot of interest from investors who are hunting for more affordable places to buy that have strong local economies, attractive rental yields and a supporting population.

“Also we are still seeing household budgets getting squeezed at the current interest rate level, plus cost of living has outpaced wages, so what we are seeing is those same people looking to more affordable areas which in turn increases competition and prices.”

And there are plenty more suburbs poised to cross the $1 million threshold in the coming three months, the report shows.

There are currently 54 suburbs with median house values north of $950,000 including Merrimac, which is just $2524 shy of the $1 million mark.

PropTrack economist Anne Flaherty

Other suburbs closing in include Port Douglas, which fell out of the $1 million-plus club over the past three months, North Ward, Craignish, Top Camp, Jamboree Heights, Redland Bay, Oxley, Algester and Sumner.

Kollosche managing director Michael Kollosche said the number of Gold Coast suburbs under $1 million was rapidly diminishing.

“There is still heat in the market and with more and more suburbs coming into the $1 million-plus price range, that just reflects the lack of supply,” Kollosche said.

“Demand is outstripping supply and net migration is exceeding construction supply and I don’t see that changing until after the Olympics (in 2032) because so much of our labour market is being absorbed by infrastructure projects.”

An aerial view of Port Douglas, which fell out of the $1m-plus club. PHOTO: Supplied.

Other Gold Coast suburbs feeling the price squeeze include Oxenford, Beechmont, Ormeau Hills, Upper Coomera and Ormeau.

Meanwhile, Queensland’s most expensive suburb is Chandler, which has a median house value of $3,149,155, up 2 per cent since March and 10 per cent in 12 months.

Homeowners there have pocketed a handsome $48,732 in equity in just three months.

Data from realestate.com.au shows that for every house listing in the tightly-held suburb there are 1367 interested buyers on average.

Of the 821 house suburbs analysed, 18 recorded falls over the past three months ranging between 1 per cent and 6 per cent.

Twenty-one suburbs recorded no gains.

Ms Flaherty said that she expected the more affordable suburbs to continue to outperform in the coming months.

“And there in lies the challenge,” she said, “as they become less affordable.”

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Originally published as Qld property: How much your home is worth now