Wealth index: The Qld suburbs with the most mortgage-free homeowners

Queensland’s wealthiest suburbs have been revealed, with hundreds of thousands of mortgage-free homeowners sitting on gold mines in some surprise locations. SEE THE LIST.

Queensland’s wealthiest suburbs have been revealed, with hundreds of thousands of mortgage-free homeowners sitting on gold mines in some surprise locations.

The analysis by SuburbTrends, derived from Census and current market data, found Buderim on the Sunshine Coast tops the list with more than 4,400 homes owned outright, with an estimated unencumbered property wealth of $4.8bn.

The results also reveal a striking concentration of wealth in the Gold Coast suburbs of Robina, Surfers Paradise, Broadbeach, Ormeau, Burleigh, Coolangatta and Southport.

In Brisbane, Carindale has the largest number of homes owned outright and estimated property wealth of $3.8bn, followed by Kenmore, Brookfield, and Mount Gravatt.

This property at 513 Brookfield Road, Kenmore Hills, is for sale.

This property at 20 Horseshoe Bend, Buderim, last sold for $3.75m.

SuburbTrends founder Kent Lardner said the data underscored the immense potential wealth in Queensland’s property market.

“For future heirs, these suburbs represent not just significant financial assets, but also the legacy of their families’ prosperity, underpinned by stable and highly valued real estate markets,” Mr Lardner said.

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This property at 2 Rigel Court, Robina, recently sold for $1.65m.

“As the property market evolves, these areas are set to remain bastions of wealth, heritage, and financial security for generations to come.”

Mr Lardner said Buderim was a standout, with around 4,483 properties owned outright and a rapidly rising median house price of $1.2m.

This property at 479 Gold Creek Road, Brookfield, for offers over $2.15m.

“It will remain one of Australia’s standout suburbs for decades when it comes to property wealth,” he said.

The Gold Coast features eight out of the top 10 suburbs in Queensland, making it the standout region for unencumbered property wealth.

“Considering the level of demand from southern buyers and ongoing price growth, the Gold Coast is likely to push past many Sydney and Melbourne suburbs in the coming years,” he said.

This property at 2/159 Stanhill Dr, Surfers Paradise, is scheduled for auction.

Gold Coast real estate agent Ben Ada, of Amir Prestige, said rapid growth in once-affordable neighbourhoods since the pandemic had turned many families into asset-rich homeowners.

“We’ve seen a huge spike in migration to the Gold Coast, with a lot of interstate buyers flocking here, and that has been a big factor in pushing up prices,” Mr Ada said.

“The coastal suburbs like Surfers Paradise, Broadbeach, and Burleigh have been very popular as a lifestyle choice for people wanting to be near the beach, but on the other hand, areas such as Robina and Southport, which are close to the hospitals, have also been performing very well.”

This home at 16 Crest View Key, Broadbeach Waters, recently sold for $2.6m.

Mr Ada said older homeowners were increasingly helping the next generation to purchase property, either by gifting a deposit from equity in their family home, or by acting as a guarantor.

“Parents are putting their hands in their pockets now to help their children enter the market, given how property prices have skyrocketed over the last few years,” he said.

Mr Lardner said intergenerational wealth transfer via property was crucial to help younger generations in gaining financial stability and enter “a very tough housing market”.

“Grandchildren, currently locked out of the housing market, stand to benefit most from future wealth transfers,” he said.

SuburbTrends founder Kent Lardner.

“Ideally, the third generation would gain a foothold in the housing market in the coming years through this transfer, however, given the mismatch between new supply and high population growth rates, the reality may be an even wider wealth gap — depending on your family’s postcode.

“It’s vital to acknowledge those without access to this wealth, highlighting the need for ongoing broader economic and housing reforms, including social housing.”

Mr Lardner said seeing so many suburbs with thousands of homes without a mortgage was “impressive”.

“Growth rates in many of the regional suburbs since 2020 have been astronomical, especially throughout Queensland,” he said.

“Many of these locations before 2020 offered houses well under the $500,000 mark, making it much easier for buyers to purchase with cash. Others with smaller mortgages carried over from purchases made 20 or more years ago could also leverage the low interest rates between 2010 through to 2020 to pay off mortgages.”

New research from private credit fund, Capspace, reveals around two-thirds of household wealth is now held in residential property.

National household net wealth sat at a record $16.2 trillion in the March 2024 quarter, boosted by a record level of property assets worth $11 trillion, with nearly 68 per cent of that wealth made up of residential property.

“With such a large proportion of individual wealth tied up in property, it makes sense for investors to diversify into other asset classes, to lessen their risk of their wealth falling should residential property prices pull back on higher interest rates and any slowing in the economy,” Capspace managing director Tim Keith said.

Originally published as Wealth index: The Qld suburbs with the most mortgage-free homeowners