HOT PROP­ERTY

WHAT YOUR HOME IS WORTH NOW SUB­URB BY SUB­URB GUIDE

The Courier-Mail - - FRONT PAGE - EL­IZ­A­BETH TIL­LEY REAL ES­TATE RE­PORTER

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.

Pic­ture: Lachie Mil­lard

Pic­ture: Lachie Mil­lard

SEA CHANGE: Kai Cali­gari, 12, leaps into the fam­ily pool. Vic­to­ri­ans An­thony and Sal­lyAnn Cali­gari love their life in Noosa.

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