What your home will be worth in 2029: Every Qld suburb

Home prices in parts of Queensland are on track to double in as little as five years, with $1m unit prices and $1.25m house prices set to be the new norm. SEARCH FOR YOUR SUBURB.

Home prices in parts of Queensland are on track to double in as little as five years, with $1m unit prices and $1.25m house prices set to be the new norm, exclusive modelling reveals.

PropTrack analysis of Queensland home values shows the median house value could climb by almost $300,000 by 2029 if prices continued to grow at the same average annual pace as the past five years.

Outside of Greater Brisbane, it could be cheaper to buy a typical house than a unit in five years’ time, with the median unit price set to jump from $588,400 to $865,536, whereas the median house price is predicted to increase to $822,528.

Many of the biggest rises could be in coastal lifestyle areas and central Queensland mining towns, such as Mount Morgan, near Rockhampton, which tops the nation for projected home (units and houses combined) price growth.

This three-bedroom house at 44 Dee St, Mount Morgan, is on the market for offers over $249,000.

The town’s current median home price of $210,000 could increase by a staggering $328,000 to $538,000 by 2029 — a gain of 156 per cent, the PropTrack modelling suggests.

Warana on the Sunshine Coast is not far behind, with its $1.3m home price predicted to jump to $2.9m in the next five years.

This four-bedroom house at 11 Bullando St, Warana, is for sale for $1.8m.

Home values are also expected to double in the mining town of Dysart, the Gold Coast suburb of Worongary, and the beachside Sunshine Coast haven of Moffat Beach.

Woodford is forecast to have the highest home value gains in Greater Brisbane by 2029, with its median home price tipped to increase from $740,000 to $1.5m.

This four-bedroom house at 1 Voyager Court, Worongary, is on the market for between $1,049,000 and $1,129,000.

In already pricey pockets like Sunshine Beach, the median home price could increase by a whopping $2m.

In the inner Brisbane suburb of Seven Hills, homebuyers could expect to fork out an extra $1.4m on average for a home there in 2029.

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And on the Gold Coast, the cost of an average home in Broadbeach Waters is forecast to become $1.8m more expensive.

PropTrack economist Paul Ryan. Pic: supplied.

PropTrack senior economist Paul Ryan said the data showed the “huge lift” in property values during a tumultuous time in the world (Covid) and interest rates at “emergency low” levels.

“We’ve looked at current median prices across all suburbs and then extrapolated forward what prices would look like if we saw the same experience over the past five years,” Mr Ryan said. “These are not forecasts, but it’s a good thought exercise in understanding why what we’ve seen over the past five years was so exceptional.”

This four-bedroom house at 27 Murphy St, Dysart, is on the market for $159,000.

Mr Ryan said the suburbs that experienced the most price growth were either in affordable areas, or possessed the lifestyle factor.

“If you look across the suburbs that have done the best (over the past five years), they really hit those changes in preferences we’ve seen since the pandemic — one, towards lifestyle areas, and two, bigger blocks and houses,” he said.

“People are really valuing space in homes, and that hasn’t changed.

“This dataset shows just how much equity people have gained over the past five years and how it has enabled an enormous amount of upgrade activity. We’re seeing more people buying with larger deposits, which tells you people who are able to upgrade have seen those equity uplifts.”

This five-bedroom house at 63 Cochran St, Woodford, is for sale for offers over $1.67m.

But Mr Ryan said it was unlikely the same pace of price growth would continue over the next five years.

“Although prices have been growing this year, we’ve seen a slow down in price growth to a more predictable level unlike what we saw in 2021 and 2022,” he said.

“We’ll still see prices increasing over the next 12 months to two years because of the demand versus supply story and expectations that interest rates will fall maybe early to mid next year. “Rates are still relatively high though, so we’re likely to see slightly below average growth over the next couple of years.”

Matthew Garth of Ray White Rural – Woodford has seen prices double since the pandemic.

“Even entry level homes are in the $850,000 range now,” Mr Garth said. “It’s incredible.

“It’s about escaping from CBD, but still being in relative proximity to it and the Sunshine Coast.”

This couple recently bought a house in Woodford, where prices have grown the most out of any Greater Brisbane suburb in the past five years. Image supplied.

Mr Ryan said the rise in prices in central Queensland towns and mining regions was a combination of increased mining investment and affordability.

“We saw prices fall significantly after the mining boom,” he said. “It took 10 years for demand to catch up to all the supply built during the boom, but now we’ve seen an increase in mining investment and demand.”

The Gold and Sunshine coasts also saw huge price rises in the past five years.

“I don’t think there’s a region that encapsulates the shift to lifestyle during the pandemic than the Sunny Coast and Gold Coast,” he said.

“Not only have they got the lifestyle, but also proximity to the city, so if you need to commute one or two days a week, it’s still possible.”

Ray White Group chief economist Nerida Conisbee said Brisbane house prices had grown more than 14 per cent in the past 12 months, while unit values were up 15.6 per cent.

“Price growth trends are likely to be similar in coming months,” Ms Conisbee said.

“Inflation data … shows that it’s not coming down quickly and the expected timing of a rate cut remains for early next year. Properties coming to market remain elevated but are being driven by different factors.”

Originally published as What your home will be worth in 2029: Every Qld suburb