New figures from Queensland’s peak housing industry body reveal the city’s median house price climbed 1.4 per cent to $720,000 in the three months to September 30, while house prices in every single local government area in the state held their value during the quarter.
SCROLL DOWN TO SEE OUR INTERACTIVE MAP DETAILING HOW MUCH YOUR HOUSE IS WORTH NOW
Despite a global pandemic and the worst recession since the Great Depression, the latest data from the Real Estate Institute of Queensland (REIQ) shows Brisbane’s median house price slipped slightly to $695,000 in the June quarter only to surge ahead in the following quarter.
The Brisbane LGA house price rose an impressive 4.4 per cent over the year to the end of September to an annual median of $710,000, despite early predictions house prices could plummet up to 30 per cent across most of the country.
REIQ property map Sept 2020
REIQ CEO Antonia Mercorella said Brisbane’s median house price was still far lower than Sydney and Melbourne’s and rental returns were rising, meaning it was well-positioned to attract interstate buyers looking to relocate, as well as long-term investors.“Considering the challenging conditions Brisbane’s property market has faced over the last 12 months, it’s defied countless predictions reported throughout the year to achieve new highs,” Ms Mercorella said.
“While Brisbane property prices are still considerably more affordable than other states, Corelogic forecasts that one in ten houses sold in Brisbane will fetch more than $1 million within the next two years, offering some of the best prospects of long term capital growth.” The suburbs that recorded the highest house price growth in Brisbane LGA in the past quarter are Ashgrove, with a 6.9 per cent increase in its median house price to $1.175 million, followed by neighbouring Mitchelton and Tarragindi on the southside.Mount Gravatt East was the best performing suburb for units in the September quarter, with the median unit price rising 6.1 per cent to $443,000.
Annually, Yeronga, St Lucia and Fig Tree Pocket all recorded double digit growth in their median house prices of between 31 per cent and 38.5 per cent.Bardon was a standout for units, recording a near 32 per cent jump in the annual median unit price to $790,000, followed by Enoggera and Annerley.Ms Mercorella Brisbane’s lifestyle had also made it more attractive since COVID-19. “Queensland’s local affordability and lifestyle advantages have resulted in some of the strongest interstate migration rates the state’s ever experienced,” she said.“In fact, the impact of COVID-19 and the associated migration restrictions have had the smallest impact on Queensland’s population growth to date, with strong interstate migration into Queensland set to continue.”
Universal Buyers Agents director Darren Piper said he had never seen buying conditions this busy in Queensland.“We’re seeing properties get snapped up sight unseen and within days of reaching the market,” Mr Piper said.“As much as 40 per cent of properties are being bought off-market before they even reach a public listing. Demand is absolutely booming.”Mr Piper said coastal properties and larger homes were most in demand, particularly from interstate and international buyers.Real Estate Institute of Queensland Brisbane West zone chair Phil Bloom said a lack of stock coupled with strong buyer demand was helping to prop up home values.“First homebuyers are back in force, especially those who’ve manages to suitableemployment levels through COVID, and they’re buying up using as much of theavailable government grants as possible,” Mr Bloom said.And he believes conditions are ripe for further price increases in the year ahead.“It’s highly likely we’ll see a strong start to 2021 that will continue through the rest ofthe year,” Mr Bloom said.“The fundamentals have been right for a number of years now and people have got confidence about moving here (from out of town).”Mr Bloom said he had also noticed an increase in upgraders looking for more space. “There’s a flight towards large suburban houses, which makes logical sense,” he said. “We’re working from home, so we all want a nice house to work from. With interest rates solow, homebuyers are taking advantage of their borrowing power.”The coming years will see extensive major infrastructure works in Brisbane, with projects such as Queens Wharf and Cross River Rail set to boost employment and lifestyle.Brisbane unit and townhouse prices remained flat over the September quarter to record a median of $420,000.
Over the past year, the annual median unit price rose 0.7 per cent to $418,000.Mr Bloom said the rental market had been strong, particularly for property beyondthe inner-city.“If you’ve got an investment property outside of that one-to-two-kilometre ring of theCBD, it’s renting with multiple applications,” he said. “I spoke to a property manager the other day who said they’d had 18 applications for one property, and no inspections – we’ve never seen that before.”The Greater Brisbane region recorded a 0.7 per cent rise in median house prices for the September quarter and a 1.9 per cent increase in its annual median price to $535,000.The best performing suburbs in the region were Ormiston, where the median house price rose 9.2 per cent in the quarter to $850,000, and Scarborough with an 8.1 per cent rise in the median unit price to $515,000.
REIQ Southern/Logan Zone chair Rebecca Herbst said houses were also in strong demand in the outer suburbs, as buyers looked further afar for space and affordability.“Detached houses with a bit of yard for the kids and a bit more space are popular, and buyers are willing to travel out just a little bit further to get them,” Ms Herbst.The state’s regional markets are really starting to improve, thanks to an increased appetite for lifestyle, space and affordability since COVID-19. Noosa was again the strongest performer in the state for both houses and units, with the median house price increasing another 3.6 per cent during the quarter to $895,000 and 11 per cent annually to hit $860,000. And while most other locations around the state have had sluggish unit markets, the median unit price in Noosa gained another five per cent in the September quarter, 19.5 per cent annually and has risen a staggering 67 per cent over the past five years.
REIQ Sunshine Coast zone chair Matt Diesel said enquiry from southern buyers for property in Noosa and the broader region was strong, particularly heading into the holiday period.Mr Diesel said lifestyle properties were in hot demand post-pandemic, but all housing types were attracting potential buyers.“Houses that are priced correctly are not lasting long on the market, with buyers prepared to pay a premium to secure their slice of coast real estate,” he said.Townsville was the second biggest growth region for housing — recording a 3.1 per cent quarterly uptick, while Gladstone land prices jumped a whopping 20 per cent during the quarter.
BRISBANE LGA BEST PERFORMING SUBURBS FOR HOUSES SEPT QTR 2020
Suburb Median house price Quarterly change
1. Ashgrove $1.175m 6.9% 2. Tarragindi $880,000 5.4%3. Mitchelton $720,000 5.3%4. Kenmore $750,000 4.4%5. McDowall $729,250 4.4%6. Banyo $605,000 4.2%7. Clayfield $1.1m 3.4%8. Carina Heights $753,500 3.1%9. Parkinson $730,000 3%10. Manly West $642,500 3%(Source: REIQ)
BRISBANE LGA BEST PERFORMING SUBURBS UNITS SEPT QTR 2020
Suburb Median unit price Quarterly change
Mount Gravatt East $443,000 6.1%New Farm $610,000 2.8%Newstead $650,000 2.8%Taringa $428,750 2.3%Kangaroo Point $557,500 2.1%(Source: REIQ)
BRISBANE LGA BEST PERFORMING SUBURBS HOUSES YEAR TO SEPT 2020
Suburb Median house price 1 year change
1. Yeronga $1.04m 38.5%2. St Lucia $1.5m 34%3. Fig Tree Pocket $1.16m 31%4. Virginia $726,225 24.1%5. Highgate Hill $1.24m 23.8%6. Manly $965,000 22.9%7. New Farm $1.78m 22.4%8. Sherwood $1.08m 20.7% 9. Nundah $820,000 17.3%10. Sandgate $811,000 15.9%11. West End $1.1m 15.4%12. Coorparoo $965,000 14.2%13. Chermside $650,500 14.1%14. Hawthorne $1.2m 13.7%15. Stretton $896,500 12.5%16. Ashgrove $1.09m 12.1%17. Banyo $604,500 11.4%18. Coopers Plains $598,000 11%19. Holland Park $795,000 10.8%20. Pullenvale $1.2m 10.5% (Source: REIQ)
BRISBANE LGA BEST PERFORMING SUBURBS UNITS YEAR TO SEPT 2020
Suburb Median unit price 1 year change
Bardon $790,000 31.7%Enoggera $421,000 25.9%Annerley $419,000 19.9%Fairfield $442.500 17.3%Murarrie $577,500 14.2%Alderley $425,000 12.6%(Source: REIQ)
GREATER BRISBANE BEST PERFORMING SUBURBS HOUSES SEPT QTR 2020
Suburb Median house price Quarterly change
Ormiston $850,000 9.2%Beachmere $395,000 7.3%Augustine Heights $529,500 6%Loganholme $450,000 4.5%Margate $470,000 4.1%(Source: REIQ)
GREATER BRISBANE BEST PERFORMING SUBURBS FOR UNITS SEPT QTR 2020
Suburb Median unit price Quarterly change
Scarborough $515,000 8.1% Bongaree $365,000 4.5%Redcliffe $395,000 4%Cleveland $439,250 2.1%Redland $380,000 1.6%(Source: REIQ)
STRONGEST QLD PERFORMERS FOR SEPT QTR 2020
HOUSES (
Source link