WHAT YOUR HOME IS WORTH NOW SUBURB BY SUBURB GUIDE
INSIDE YOUR REAL ESTATE MAGAZINE BRISBANE’S NEW PRICE RECORD
BRISBANE’S median house price has hit an all-time high, recording slow and steady growth over the past year despite the downturn gripping the national housing market.
The latest Real Estate Institute of Queensland Market Monitor, to be released today, reveals the city’s median house price has increased 2.3 per cent in the past year to hit a record-breaking $675,000.
Dubbed Australia’s quiet achiever, Brisbane house prices have risen almost 30 per cent in five years thanks to steady, sustainable growth, making it one of the most stable capital city markets in 2018.
Among the top suburbs for house price growth in Brisbane’s northwest were Bardon, Brighton, Ashgrove, Wavell Heights, Bald Hills and Bridgeman Downs.
Wynnum, Tarragindi, Eight Mile Plains, Mount Gravatt East and Manly West were in the top growth suburbs in Brisbane’s southeast.
REIQ chief executive Antonia Mercorella said Brisbane’s affordability, climate, infrastructure and liveability would continue to help its housing market grow.
“The city is undergoing dramatic change as more than $17 billion in spending on 10 major projects propels us into world-city status,” she said.
“Much-needed transport projects such as the Cross River Rail and Brisbane Metro will bring suburbs closer to the city and boost property prices on both sides of the river.”
Waterfront suburbs on the city’s north side have had strong price growth over the past 12 months, with Sandgate’s median house price jumping 12.5 per cent, Shorncliffe up 7.2 per cent and Brighton increasing more than 11 per cent to $590,000.
“Areas such as Brighton, which is affordably priced, and Sandgate, are becoming increasingly appealing,” Ms Mercorella said.
“Houses are being renovated and achieving higher prices.
“Brighton, in particular, is suffering from low stock levels and with growing demand from interstate investors – who have a bit of extra cash compared with locals – this is … pushing up prices slightly.”
Agent Carl Calio, of Calio & Scott Real Estate Brighton, said he believed the bayside suburb had “always been underrated”.
“We’re the last Brisbane City Council suburb before you go over the bridge to Redcliffe,” he said.
“Improvements to the Shorncliffe pier have helped and transport access to the city and airport is good.
“Being an older area, the older folk are going to aged care or, unfortunately, passing and the young people are coming in and renovating.”
The news of strong house price growth in Brighton in the past quarter has been welcomed by first home buyers Tom and Emma Rivers, who have just bought into the suburb.
The couple paid $520,000 for a four-bedroom, two-bathroom timber home with a pool and back deck.
“The community feel, the fact it’s an established area, the lovely sea breeze and being close to the city was what did it for us,” Mr Rivers said.
“We looked at Sandgate, but it was $150,000 to $200,000 too expensive for us, so we looked further north to Brighton.”
On the city’s outskirts, house prices grew the most in the Redlands and Moreton Bay – both up 3.3 per cent in 12 months – while Ipswich was the most affordable with a median house price of $345,000.
The most popular price range for houses in the Brisbane council area is $500,000-$750,000, with sales in this range representing nearly half of all house sales over the past year.
Brisbane has 15 suburbs in the $1 million-plus club but is yet to break through the $2 million median barrier.
Teneriffe tops the list with a median house price of $1.79 million, followed closely by New Farm, where the median is $1.61 million.
And at the lower end of the market, some of Brisbane’s most affordable suburbs have had notable gains.
Deagon’s median house price
rose by 5.7 per cent to $487,500, while Zillmere has grown 4.9 per cent to $484,750.
The city’s apartment market is still suffering from an oversupply hangover, with the median unit price falling 3.4 per cent over the past quarter to $425,000.
Over the past year, the annual median unit price fell 2.2 per cent or $10,000, to $440,000. But it wasn’t all bad news. Seven suburbs in Brisbane council area – Rochedale, Gordon Park, Northgate, Yeronga, Toowong, Newmarket and Red Hill – reported double-digit annual growth in median unit price in the range of 10-64 per cent.
And compared to five years ago, the median unit price is now 5.5 per cent higher than it was in September 2013.
SEA CHANGE: Kai Caligari, 12, leaps into the family pool. Victorians Anthony and SallyAnn Caligari love their life in Noosa.