$7k richer every day: Homeowners making millions in their sleep
Homeowners are getting richer in their sleep, as values surge as much as $7k a day, with 570 Queensland suburbs seeing homes earn more than $100,000 last year alone. SEE LIST
Homeowners are getting richer in their sleep, as values surge as much as $7k a day, with 570 Queensland suburbs seeing homes earn more than $100,000 last year alone.
Bilinga on the Gold Coast and Teneriffe in Brisbane were the extreme market trend examples, with 170 per cent and 33.5 per cent rises since July 2023 off a lower number of properties sold – amounting to annual jumps of $2.55m ($7k a day) and $1.03m ($2.8k a day) respectively.
This as the latest PropTrack Quarterly Home Values report showed homeowners becoming $20-30,000 richer every month in more than 30 Queensland suburbs, with 62 more seeing their wealth rise by $15-19,000 every 30 to 31 days.
A massive 26 suburbs were seeing monthly wealth gains in the $14,000s, 29 were racking up in the $13,000 level – which makes them $460 to $500 richer every day. This as prices jumped between 10 and 43.2 per cent in the past year across more than 900 suburbs across the state – more than 500 of which were in Brisbane.
PropTrack economist Anne Flaherty said the surges came despite high interest rates thanks to a massive supply-demand imbalance across South East Queensland.
“Brisbane has performed incredibly well over the past 12 months. If you think about the fact that we’re seeing double digit price growth at a time when interest rates are incredibly high, inflation is higher, the cost of living is growing, it really shows the strength of demand to purchase homes in Brisbane and Queensland. That really is a symptom of the fact that there just isn’t enough supply to meet that strong demand.”
The top median prices across the past year in Queensland were houses in Teneriffe $4.105m and Bilinga $4.06m – though those were low confidence valuations given they were off lower number of properties sold. The Quarterly report had more confident valuations around houses in Mermaid Beach that rose 13.3 per cent to $2.93m, Sunshine Beach was up 2.6 per cent to $2.92m and New Farm was fifth, rising 7.4 per cent to $2.76m.
MORE: Chanel? ‘I bought houses instead’
‘We bought sight unseen’ in Brisbane: Here’s what happened
Two hour commutes looming for cheap housing
Mermaid Beach and Sunshine topped the regions top medians, followed by Surfers Paradise where prices grew 17 per cent to $2.59m, Tallebudgera Valley was also up double digits, rising 18.8 per cent to $2.24m, and Broadbeach Waters rose 12.2 per cent to $2.16m.
The fastest pace of growth in the state was Bilinga’s 170 per cent rise, followed by four of the most affordable places to buy in Greater Brisbane region – with units in Slacks Creek up 43.2 per cent to $430,447, Woodridge up 39.8 per cent to $360,131, Waterford West up 38.4 per cent to $402,627 and Goodna rising 37.9 per cent to $427,388.
Across country Queensland, the biggest growth annually was Molendinar unit on the Gold Coast, up 26.5 per cent to $647,574, Chinchilla houses rising 26.1 per cent to $381,630, followed by houses in Murgon +26 per cent to $292,295 and Kelso +25 per cent to $413,006.
Also seeing solid growth were units in Parkwood on the Gold Coast +24.7 per cent to $718,933 and Manoora in Cairns +24.7 per cent to $276,204.
More Coverage
Originally published as $7k richer every day: Homeowners making millions in their sleep
Family friend not guilty of child assault, cites innocent ‘horseplay’
A jury has found a Brisbane man did not sexually assault a nine-year-old boy, following a two-day trial in Kingaroy where the man insisted his interactions were innocent.
Inside colourful billionaire’s wild and weird empire
He’s the colourful billionaire leaving quite the legacy – one way or another. These are the good, bad and bizarre tales of Clive Palmer’s business empire.