Property analyst CoreLogic’s annual ‘Best of the Best’ report shows more than $231 million was spent buying houses in the inner southeast Brisbane suburb this year — nearly $20 million more than last year.
The outer northern suburbs of North Lakes, Narangba and Caboolture were also big hits with buyers, followed by Redland Bay, Cleveland and Thornlands.
But when it comes to units, more money was splashed in Surfers Paradise in 2017 than anywhere else in the country, except for Melbourne, which saw more than $817 million worth of apartments change hands.
Buyers splurged more than $696 million on apartments in Surfers Paradise, followed by Hope Island.
The end-of-year report reveals Queensland’s best performing suburbs across 10 categories.
When it comes to capital growth in the past 12 months, the top gong for houses goes to Yeronga, which saw houses grow in value by more than 25 per cent.
CoreLogic head of Australian research Cameron Kusher said it was interesting to see other riverside suburbs such as Yeerongpilly, Indooroopilly and Fig Tree Pocket also recorded strong growth during the year, despite being impacted by the 2011 floods.
“People do tend to have a short memory and this data’s showing that they do,” Mr Kusher said.
Looking at values in suburbs with at least 10 sales in the 12 months to September 2017, the report shows Brisbane’s inner north remains home to the most valuable suburbs in Queensland for houses.
Teneriffe had the highest median house value at more than $1.7 million, ahead of Ascot with a median value of more than $1.5 million and New Farm at $1.485 million.
Tennyson tops the list when it comes to the most valuable suburb for units, with a median apartment value of nearly $1.1 million.
The central Queensland town of Dysart, hit hard by the mining downturn, was the least valuable for houses, with a median value of $98,187.
Mr Kusher said Camp Hill was not a suburb you’d expect to see among the highest number of sales, but it had experienced a high turnover of stock this year.
“It’s not the kind of suburb you’d typically think would be at the top of the list because it’s not an area where you’ve seen a lot of new housing,” he said.
“But it’s quite close to the city and has been relatively affordable.”
Josue Lopez, and his wife Krystal, are not surprised home buyers have poured so much money into property in Camp Hill this year.
They saw the potential in the suburb eight years ago when they bought their Queenslander at 49 Boundary Road, which has just gone under contract after receiving six offers.
“We were encouraged by Camp Hill at the time because of its proximity to the city, cafe culture and character homes,” Mr Lopez said.
“The schools are also fantastic.
“I think we made a savvy decision to buy here when we did.”
They spent more than $100,000 restoring the house to its former glory, while keeping original features such as ornate ceilings and picture rails.
“I think the results speak for themselves,” Mr Lopez said.
“We contemplated doing a more modest renovation, but you just don’t get the same finish.”
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Place Coorparoo agent Robyn Tait, who marketed the Lopez’s house, said Camp Hill had enjoyed a strong 12 months of sales.
“The suburb has gone from strength to strength,” she said.
“People are investing a great deal more in renovations than ever before.
“Five years ago, we used to see $50,000 renovations. Now it’s not uncommon to see $500,000 renovations.”
Ms Tait said character homes were in “enormous demand” because of their timeless appeal and renovation potential.
She said street and suburb records were regularly broken in the past year, including a home she just sold for $1.029 million at 3 Halland Terrace, which set a new record for a three-bedroom Queenslander on a block size under 800 sqm in Camp Hill.
TOP 10 SUBURBS FOR HIGHEST VALUE OF HOUSE SALES IN BRISBANE 2017
Suburb Median value Total value of sales
Camp Hill $844,015 $231,322,801
North Lakes $483,504 $223,910,630
Narangba $467,084 $214,444,127
Redland Bay $533,506 $212,195,253
Ashgrove $948,559 $201,893,350
Cleveland $564,096 $196,666,558
Carindale $829,798 $196,631,200
Forest Lake $441,361 $194,014,771
Thornlands $565,138 $193,995,197
Caboolture $331,278 $179,426,674
TOP 10 SUBURBS FOR HIGHEST MEDIAN VALUE IN BRISBANE IN 2017
Suburb Median value
New Farm $1.486m
St Lucia $1.184m