Affordable QLD locations dominate national ‘best buys’ for 2022

An affordable seaside region in Brisbane’s north is tipped to boom this year – one of four Queensland locations named among Australia’s top 10 ‘best buys’ for 2022.

An affordable seaside region in Brisbane’s north is tipped to boom this year – one of four Queensland locations named among Australia’s top 10 ‘best buys’ for 2022.

But the secret is already out, with the once laid-back family daytrip destination becoming a magnet for buyers.

Previously enjoyed almost exclusively by locals, the Redcliffe Peninsula is fast becoming a hotbed of activity for young buyers looking for affordable older houses and cashed-up interstate buyers seeking luxurious seaside million-dollar apartments with spectacular bay views.

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The Redcliffe Peninsula is set to boom this year, as buyer flock to its relatively affordable seaside location. Picture: Renae Droop

Terry Ryder of Hotspotting has pegged the area, which is located about 30km north of the CBD, as one of 10 locations across the country that are expected to see price growth “above the norm”.

Three other Queensland locations also make the national list – Toowoomba, Ipswich City and an area identified as Brisbane’s ‘Olympic Precinct’.

Premier Annastacia Palaszczuk speaks at a press conference at the Tokyo 2020 Olympics after it was announced Brisbane, and Queensland, would host the 2032 Olympics. Pics Adam Head

“In the past 12 months, property sales (on the Redcliffe Peninsula) have increased dramatically, accompanied by double-digit price growth in most suburbs across the peninsula,” Mr Ryder said in his latest report, National Top 10 Best Buys 2022.

He pointed to the opening of the train line in 2016, the extensive gentrification in recent years, the relative affordability of the area and its sought-after seaside location as key factors for growth, with the laid-back locale rapidly becoming a lifestyle lure.

The opening of the Redcliffe train line and the Kippa Ring train station was a gamechanger. Pic David Ivor Palmer

“Affordability remains the key driver of the Redcliffe Peninsula market – four suburbs have median house prices below $580,000,” Mr Ryder said.

“This is around $180,000 below the overall median for Greater Brisbane.”

But the median house price for Redcliffe soared almost 30 per cent over the past 12 months, while other suburbs also saw double-digit growth, according to the report.

90 Longland St Redcliffe was set to go to auction but is already under offer

Data from REA Group shows that the median house price at Redcliffe has almost doubled in a decade, rising from $335,000 in 2012 to $600,000.

Values rose 26.3 per cent in the last 12 months alone, the data showed.

Newport, a peninsula suburb which has seen huge developer investment, now boasts a median house price of $1 million, with prices soaring a staggering 41.8 per cent in just 12 months.

10 Nautilus Ct, Newport, recently sold for $1.3m

Recently, two buyers from NSW and Victoria battled it out in a virtual bidding war for a three-bedroom penthouse at Newport, which sold for $1.58 million.

A bidding war erupted over a penthouse in this Newport development, selling for $1.58m

But a similar beachside suburb roughly the same distance from the Sydney CBD would drain the wallet of much more, with the median house price at Newport in Sydney’s Northern Beaches, which is roughly 37km from the CBD, hitting $3.242 million.

The median house price in Scarborough now comes in at $740,000, up 25.4 per cent in 12 months on the back of 193 sales, while Rothwell, the cheapest peninsula suburb with a median house price of $534,900, has also seen values soar 22.1 per cent in a year.

Scarborough Marina – Photo Steve Pohlner

Ray White Woody Point principal Damien Misso said the value for money on the peninsula was being noticed by cashed up interstate buyers, but there was still some affordable options for first home househunters.

59 Ernest St, Margate, recently sold for $1.5m

He added that the stigma once attached to the region was now a distant memory.

“My family moved here about 50 years ago and dad would tell people he lived north of Brighton,” he said.

“But every year, something gets improved and what $1 million gets you here is significant compared to a similar suburb in Sydney, Melbourne, or the Gold Coast.

“The train line opening (in 2016) made the peninsula more accessible, putting it on the map.

“The Redcliffe peninsula, it is not just a place to retire anymore – there is generational change occurring.”

Originally published as Affordable QLD locations dominate national ‘best buys’ for 2022