What property downturn? Brisbane’s top growth suburbs revealed
BRISBANE is defying the downturn gripping the nation’s biggest housing market, with new figures revealing more than 25 suburbs achieved double-digit property price growth in the past year.
BRISBANE is continuing to defy the downturn gripping the nation’s biggest housing markets, with new figures revealing more than 25 suburbs achieved double-digit property price growth in the past year.
While home prices in Sydney and Melbourne have hit the skids, Brisbane’s are marching north, with new research finding the top 10 growth suburbs in the Queensland capital all achieved price increases of more than 15 per cent over the past 12 months.
A total of 26 mainland Brisbane suburbs achieved growth of more than 10 per cent in that period, according to data from CoreLogic analysed by realestate.com.au.
Five of the top 10 growth suburbs are on the city’s northside, including Sandgate (+22.4%), Hamilton (+20.9%) and Nundah (16.2%).
The top 10 growth suburbs in Brisbane achieved home price increases of more than 15 per cent in the past year, according to CoreLogic. Image: AAP/Darren England.Source:AAP
But while prices are on the rise, property is still relatively affordable, with the median house price in all of those suburbs still under $1 million.
Realestate.com.au chief economist Nerida Conisbee said the suburbs that achieved the highest growth in Brisbane in the past year were in the middle to high price brackets, compared to Sydney where only the really cheap or really expensive suburbs were recording growth.
“The $800,000-plus suburbs seem to be doing the best, which is quite unusual,” Ms Conisbee said.
“If you look at Kangaroo Point (Brisbane’s top growth suburb), which is so close to the city, the fact you can still get something there for under $1 million — that’s pretty impressive.”
Kangaroo Point achieved the highest property price growth in the past year, according to CoreLogic.Source:Supplied
Brisbane’s median house price is creeping higher though; increasing 2.6 per cent to $522,000 in the 12 months to the end of August.
Ms Conisbee said there was a lot of investor activity coming out of Melbourne and Sydney, with people realising now was a good time to buy in Brisbane.
“Brisbane has been fairly flat over the last few years and we know the economy is doing better and there has been a return in mining and engineering roles, so it’s quite different to what we’re seeing in Sydney and Melbourne where it makes sense for people to hold out until things calm down,” Ms Conisbee said.
“Brisbane is now looking more positive than last year, so if you are looking to get into the market, I think now is a good time.”
Some Brisbane suburbs achieved double digit price growth in the past 12 months. Image: AAP/Darren England.Source:AAP
It comes as the latest ABS residential property price index recorded its first annual fall in six years, led by the country’s two biggest cities.
Home prices fell 1.2 per cent in Sydney and 0.8 per cent in Melbourne during the June quarter, while prices rose 0.7 per cent in Brisbane.
Marion Sheerman is selling her three-bedroom, two-bathroom home in Hamilton — one of the top growth suburbs — for offers over $1.149 million.
This property at 605/12 Parkside Circuit, Hamilton, is for sale.Source:Supplied
Mrs Sheerman said the only reason she and her husband were selling was to upgrade to a bigger property to accommodate their children, who were relocating to Brisbane.
“We’ll stay in the same area,” she said.
“We absolutely love it here.”
The median house price in Hamilton is now $1.3 million — more than 20 per cent higher than the same time a year ago.
“We’ve had good (price) growth in that house,” Mrs Sheerman said.
“We’ve always wanted it as a ‘lockup and leave’ because of the kids being overseas, and it’s perfect for that.”
This property at 605/12 Parkside Circuit, Hamilton, is for sale.Source:Supplied
Hamish Bowman of Ray White New Farm, who is marketing the property, said Hamilton and the inner and middle northern suburbs along the airport corridor were particularly popular with buyers.
“A lot of people make the commute north of Brisbane, not just south, so that’s a big drawcard,” Mr Bowman said.
“There are lots of good quality private and public schools in Hamilton and a lot of people pay more to be within a good school catchment.
“We also get people who work at the airport and people who want to jump on the ferry to get to work, so it ticks a lot of boxes.”
TOP 10 GROWTH SUBURBS IN BRISBANE
Suburb – Median house price – % change in 12 months
1. Lamb Island – $220,000 – 37.5%
2. Kangaroo Point – $983,500 – 26.1%
3. Dunwich – $442,500 – 24.4%
4. Sandgate – $758,750 – 22.4%
5. Hamilton – $1,300,000 – 20.9%
6. Chandler – $1,605,000 – 19.8%
7. Paddington – $1,150,000 – 17.3%
8. Coochiemudlo Island – $322,500 – 17.3%
9. Corinda – $840,000 – 16.6%
10. Nundah – $755,000 – 16.2%
11. Alderley – $840,000 – 15.9%
12. Sunnybank – $850,000 – 15.6%
13. Point Lookout – $970,000 – 15.5%
14. Gaythorne – $720,000 – 15.2%
15. Shorncliffe – $868,500 – 15%
16. Norman Park – $967,500 – 14.9%
17. Brookfield – $1,125,000 – 14.2%
18. Gordon Park – $880,000 – 12.8%
19. Graceville – $950,000 – 12.3%
20. Chelmer – $1,150,000 – 12.2%
21. Ascot – $1,602,500 – 12.1%
22. Greenslopes – $820,000 – 11.6%
23. Ashgrove – $1,000,000 – 11.1%
24. Yeerongpilly – $810,000 – 11%
25. Thorneside – $535,750 – 10.7%
26. Carina Heights – $725,000 – 10.7%
27. New Farm – $1,545,500 – 10.4%
28. Hemmant – $535,000 – 10.3%
29. Fortitude Valley – $970,000 – 10.2%
30. Cleveland – $625,000 – 10.1%
