Qld’s 20 surprise top suburbs of 2023: You won’t believe No. 1

Queensland’s top property spots of 2023 have been revealed and an unassuming suburb has emerged as a price growth star. SEE THE LIST

AN UNASSUMING Queensland suburb has blitzed the competition to record the highest price growth in the state in the past 12 months.

Home prices in the once shunned Ipswich suburb of Riverview have jumped 24 per cent so far in 2023, according to new data from PropTrack revealing the state’s top property performers of the year. But its median home price remains an affordable $424,000.

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This three-bedroom house at 77 Brisbane Rd, Riverview, sold in October for $548,888.

The neighbouring Ipswich suburbs of Leichhardt, Silkstone, Regency Downs, and Laidley Heights were also price growth stars, boasting annual increases in home prices of about 20 per cent.

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These areas are now achieving prices for houses homeowners would have once dreamed of, with a Regency Downs property selling earlier this year for $1 million, and one in Laidley Heights fetching more than $900,000, as more residents choose to make the switch.

This four-bedroom house on 6000 sqm at 76 Gehrke Rd, Regency Downs, sold earlier this year for $1m.

Regionally, Chinchilla in the Darling Downs region also recorded strong home price growth of 20 per cent, followed by Main Beach on the Gold Coast with 17 per cent growth and a median home price of $1.28 million.

PropTrack economist Anne Flaherty said affordability and first homebuyers were the main drivers of growth in these suburbs over the past year.

This three-bedroom house at 41B Macquarie St, Silkstone, sold last month for $700,000.

“These are areas where the median property price is still sitting below the overall median Brisbane price,” Ms Flaherty said.

“I think first homebuyers are a real, key driver of the growth we’re seeing in these outer areas. If we think about what’s happened with property prices in Greater Brisbane — they’re at the highest level they’ve ever been... but at the same time, average borrowing capacities have decreased by 30 per cent since interest rates started rsiing last year.

PropTrack economist Anne Flaherty.

“First homebuyers have been hit harder by these price rises and interest rate rises than any other buyer type because unlike people who already owned property and have seen equity gains, it’s taking first homebuyers longer than ever to save a deposit and, in addition to higher property prices, they’re having to deal with the higher cost of living and also rapidly rising rents.”

Ms Flaherty said those factors were forcing first-time buyers to move to less desirable suburbs, which would continue to drive up prices in those areas.

A unit in this apartment project at Lot 13/3519 Main Beach Parade, Main Beach, sold off-the-plan last month for $9.5m.

“I think it’s good news for these suburbs,” she said. “That population growth is going to support local economies and will help to add vibrancy to these areas.

“Often the reputation of a suburb evolves with the people who move in to that suburb, so we’re going to see more of these affordable areas continue to increase in value and gentrify.”

Ray White Ipswich sales agent Zoe Wales said the Ipswich region had always been undervalued because of its distance to Brisbane’s CBD, and its previous reputation for being a low socio-economic area — but that was changing.

This property called 'Lone Pine' in Chinchilla recently sold.

“The gap is closing, with more and more growth,” Ms Wales said. “People are pretty happy to commute or work from home, and there is still so much affordability out here.”

Ms Wales said projects like the Nicholas Street dining precinct would also help to gentrify the area.

“As we head into 2024, I really want people to see value out here; I don’t think people see it for what it could be,” she said.

“I am forever trying to tell people to come out here and see what you can get for your money.”

This four-bedroom house at 48 Heron St, Laidley Heights, recently sold for $$913,500.

Real Estate Buyers Agents Association QLD representative Joanna Boyd said limited housing stock and strong demand had propelled the state’s property prices to “unprecedented highs” in 2023.

“The landscape has been defined by a scenario where buyers — driven by a fear of missing out — are compelled to swiftly make purchase decisions, often necessitating increased budgets to secure homes,” Ms Boyd said.

“Renovated properties in particular experienced soaring prices due to their market scarcity, plus the heightened demand, especially for these upgraded homes, created a competitive environment that favoured sellers, with prices reaching remarkable levels.”

This five-bedroom house at 49 Jane St, Leichhardt, recently sold for $665,000.

Ms Boyd said the October pause in interest rate hikes reinstated confidence among investors and non-owner occupier first-home buyers.

“Queensland’s allure as a popular and affordable destination has persisted, further bolstered by the promise of infrastructural developments in preparation for the 2032 Olympics,” she said.

“This continued appeal contributes significantly to the state’s housing market, attracting both local and interstate migration.”

Ms Boyd said Brisbane also experienced a significant decrease in new listings — nearly 18 per cent lower than the previous five-year average and almost 20 per cent lower than the preceding year.

“Population growth in Queensland also remains robust, driven primarily by net interstate migration,” she said.

“Rental markets in Brisbane have historically maintained tight vacancy rates, with the

current rate hovering around 1.2 per cent, with asking rents continuing to rise.”

Originally published as Qld’s 20 surprise top suburbs of 2023: You won’t believe No. 1