Queensland Property: How much is your home worth now

Sixteen suburbs have joined more than $1 million clubs over the past three months as Queensland’s Red Hot Property Market shows no signs of slowing down, the state now has 299 areas with seven-figure home values.

Proptrack’s June quarterly home index shows that the median home value now has reached seven figures for Brisbane, Moreton Bay, Logan Bairdest, Ipswich, Gold Coast and Sunshine Coast and Toowoomba’s once affordable suburbs.

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In the three months ended June, each person’s home valued at over $1 million was over $1 million.

This is after Proptrack revealed that Brisbane’s median price is now $1 million (home and unit merger), completed in June at $1.015 million, an increase of $74,800.

Data shows that 10 suburbs have median homes worth more than $2 million, with Chandler leading the way at $3,149,155.

Tennyson is the most expensive unit market with a median value of $2,104,972.

But experts predict the next big surge will come from the Queensland region, which has surpassed Brisbane, with home prices rising 9.2% in 12 months to $719,000 and up $70,700 in a year.

And, the quarterly home index shows that the outer suburbs and territories were the best performers last quarter, led by units at Meadowbrook (+16%) and Degan (+16%) and Dean (unit), Home Hill and Charters Towers (House Hill) and Norman Gardens, all rising 12%.

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The most valuable units in the past year are Rosslea and Goodna, as well as houses in Mogon, which have all risen by 31%.

House value is 30% higher in Morgan Hill (Houses), Hermit Park (Units), Warehouse Hill (Houses), Vincent (Houses), and Kingaroy (Units).

Giovanni Spinela, principal and auctioneer at Ray White Townsville, said the entire garrison city had the perfect storm of high demand and low supply.

“Despair has begun,” Spineella said. “If you ask me if this would happen 10 years ago, when Townsville was in a downturn, I would say, trash.”

“In 2016, I sold my home for $150,000 and now they are selling for $550,000.

“But all the metrics are there, lifestyle, support services, we’re seeing companies investing, and if they support us, that’s a good sign for the future.”

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Meanwhile, the latest additions to the $1 million-plus club in Greater Brisbane include Banksia Beach, Banyo, South McLean, Delaney Creek, Dancoen and Caralli.

The two Gold Coast suburbs also join the outstanding clubs, Pacific Pine and Southport, as do the Sunshine Coast Tewantin and Forest Glen.

Outside the southeast corner, the Broad Bay area’s Sunshine Acres also outlined seven numbers.

Anne Flaherty, senior economist at Proptrack, said it is inevitable that more suburbs will enter clubs over $1 million.

But she specifically picked out one area – Townsville.

“Townsville has been extraordinary,” she said. It is the best performance area for price increases.

“One thing we’re seeing is that investors are raising a lot of interest, they are looking for more affordable places to buy with strong local economies, attractive rents and support their population.

“In addition, we are still seeing family budgets squeezed at current interest rate levels, plus the cost of living has exceeded wages, so what we are seeing is those who want to have cheaper areas, which increases competition and prices.”

The report shows that in the next three months, more suburbs are preparing to cross the $1 million threshold.

There are currently 54 suburbs with median home value of $950,000 north of the north, including Merrimac, which is just $2,524 for $1 million.

Other suburban closures include Port Douglas, which has withdrawn from over $1 million clubs from the past three months, North Side, Cranesh, Top Camps, James Bore Heights, Redland Bay, Redland Bay, Oxley, Olgest, Algest and Sumner.

Michael Kollosche, managing director of Kollosche, said the number of Gold Coast suburbs below $1 million is rapidly declining.

“There is still a heat in the market, and more suburbs are entering the $1 million price range, reflecting a shortage of supply,” Kollosche said.

“Demand exceeded supply, net migration exceeded construction supply, and I didn’t see this change until after the Olympics (2032), as much of our labor market is absorbed by infrastructure projects.”

Other price tightening in Gold Coast suburbs include Oxenford, Beechmont, Ormeau Hills, Upper Coomera and Ormeau.

Meanwhile, the most expensive suburb in Queensland is Chandler, with a median home value of $3,149,155, up 2% since March and 10% in 12 months.

The homeowners there brought a selling price for the $48,732 stock in just three months.

Data from Realestate.com.au shows that for each home listing in a tightly suburb, there are an average of 1,367 interested buyers.

Of the 821 suburbs analyzed, 18 recorded a decline between 1% and 6% in the past three months.

Twenty-one suburbs have no records.

Ms Flaherty said she hopes that more affordable suburbs will continue to outperform the market in the coming months.

“In the challenge, the challenge becomes lowered,” she said.

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