QLD SET FOR FIRST EVER $3M SUBURB
SOUTHERN CASH IS FORCING UP PRICES
QUEENSLAND is on the cusp of having its first $3m suburb this year, with exclusive figures revealing the number of million dollar-plus suburbs is set to soar as luxury property sales skyrocket.
Main Beach on the Gold Coast is on track to reach the milestone by the end of 2021, with Realestate.com.au data predicting the suburb’s median house price will reach a staggering $3.8m if it continues at the current impressive annual growth rate of 56 per cent.
Another two Queensland suburbs – St Lucia and Sunshine Beach – are set to this year join the $2m-plus median club for the first time, while Teneriffe is also predicted to hit the benchmark, even though it only recorded yearon-year growth of 6 per cent last year.
More than 30 of the state’s most expensive suburbs recorded double-digit median house price growth in 2020, and are expected to do the same over the next 12 months.
These include the Logan suburb of Carbrook, the semirural Gold Coast suburb of Guanaba and the popular inner Brisbane suburb of New Farm, which is tipped to hover just below the $2m median mark at $1.98m by year end.
The figures come as the
REA Insights Property Outlook Report 2021 reveals Australians have never been wealthier, with online searches for properties priced over $10m jumping 150 per cent at the end of 2020 compared to before the pandemic.
And the increase in median prices in Queensland’s most expensive suburbs confirms the jump in demand is not just
a result of people being stuck at home browsing beautiful properties online.
This week, a Brisbane trophy home at 21 Yabba St, Ascot, quietly settled off-market for a whopping $11.5m to a Melbourne buyer.
Selling agent Ray White New Farm principal Matt Lancashire would not disclose any information about the sale
when contacted by The Courier-Mail, but he said a number of prestige sales north of $10m were transacting – cementing the strength of the Brisbane market.
“Ray White Brisbane as a group had 100 per cent auction success for the first time ever at the weekend,” Mr Lancashire said.
“My sales for the last calendar year are up 60 per cent at $228m.”
Mr Lancashire said he was noticing more locals upgrading to bigger homes, but spending double what they would have a year ago to do so.
“I’m seeing it increasing from $3m (for a property) to $6/$7m.”
Realestate.com.au chief economist Nerida Conisbee
said the growth in Queensland’s most expensive suburbs was evidence of “the amount of money coming from places like Sydney and Melbourne”.
“I think COVID has allowed people to be a bit freer in terms of where they live,” Ms Conisbee said.
“But even before COVID, we were starting to see the Gold Coast down to Byron doing well, and then COVID accelerated that.
“We’ve never seen so many Victorians moving to Queensland and, similarly, from NSW.
“There’s a really storng momentum coming through in 2021, and southeast Queensland will be a beneficiary.”
Ms Conisbee said Brisbane was also experiencing strong growth, with the city’s inner, east and west suburbs likely to be the strongest performers in 2021.
“Greater certainty on interstate borders will help population growth and housing demand,” she said.
St Lucia, in Brisbane’s inner west, was the strongest performing market for house prices in the city in the past year – overtaking the usual blue-chip performers of New Farm and Teneriffe, according to Realestate.com.au.
The suburb’s median house price climbed more than 35 per cent in 2020 to $1.5m, and is set to break through the $2m barrier by year end if it continues at that current strong growth rate.
Selling agent Leo Liu from NGU Real Estate is confident it will.
Mr Liu said he had been achieving record sale prices for the past 12 months as demand for property in the suburb skyrocketed. No longer seen as just a student hub, St Lucia is popular among professionals, developers and high-profile academics, with many locals looking to upgrade and expats returning to the area.
“It has a very good education precinct, good public and private schools, as well as the university, Toowong and Indooroopilly shopping centres and it’s not far from the city,” Mr Liu said.
He has just sold a pre-war house on 1096 sqm at 31 Carmody Rd, St Lucia, after receiving no less than five written offers.
Owners Stephen and Cecilia Hadwen have lived in the home since 2004 and have witnessed the “revamping” of the suburb.
“Lots of old homes are getting demolished and new ones being built, which has obviously contributed (to the impressive price growth),” Mr Hadwen said.
They are now downsizing and moving to Hervey Bay for a seachange.
“One of the surprising things, given the timing with the pandemic, is that everyone expected – including ourselves – a bigger negative impact on housing ... but the amount of activity has just continued.”