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Brisbane’s median house price tipped to hit $2.24m by 2043

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Brisbane’s median house price tipped to hit $2.24m by 2043

BRISBANE’S median house price is tipped to hit $2.24 million by 2043 after growing more than 300 per cent in the past 25 years.

Paul Leaver and his sister, Narelle Rodenbush, at their family home, which they are selling for the first time since 1948. Image: AAP/John Gass.Source:News Limited

BRISBANE’S median house price is tipped to hit $2.24 million by 2043, if property values continue to rise at the same rate as they have in the past 25 years.

New research by CoreLogic and Aussie Home Loans reveals the Queensland capital’s median house value has increased by $16,290 per annum or more than 300 per cent overall in the past quarter of a century to sit at $535,292.

It’s hard to believe, but in 1993, the average price of a house in Brisbane was just $128,000.

Brisbane’s median house price tipped to hit $2.24m by 2043

A new report reveals Brisbane’s median house value has risen more than 300 per cent in 25 years.Source:istock

The report also reveals the best performing suburbs for price growth over the past

25 years, based on the change in median prices between 1993 and 2018.

The Brisbane riverside suburb of Bulimba has experienced the greatest capital gains growth in the past 25 years, with house values rising a whopping 876 per cent between 1993 and 2018.

A quarter of a century ago, you could buy a house in the now exclusive, riverside suburb for an average price of just $133,000, but now it has a median house price of $1.3 million.

New Farm has seen the next biggest gains, recording an 852 per cent jump in house values in 25 years followed by Hawthorne, which experienced an increase in its median house price of 672 per cent to $1.15 million during that period.

Brisbane’s median house price tipped to hit $2.24m by 2043

This house at 38 Mark St, New Farm, is for sale for the first time since 1981.Source:Supplied

On the Sunshine Coast, Mudjimba’s median house value has increased the most in 25 years, rising 656 per cent to $724,500.

Dicky Beach and Sunshine Beach have experienced similar gains in house prices.

On the Gold Coast, Mermaid Beach topped the list, with a 700 per cent rise in house values in the past quarter of a century.

The median house value in the suburb has risen from $195,000 in 1993 to $1.56 million today.

Paradise Point, Coolangatta and Burleigh Heads have also experienced strong capital gains in that period.

Brisbane’s median house price tipped to hit $2.24m by 2043

House values in Mermaid Beach have risen 700 per cent in the past 25 years.Source:Supplied

CoreLogic pointed out the extrapolations did not take into account how economic and demographic conditions might play out over the next 25 years or how housing demand and supply may evolve.

Aussie Home Loans chief executive James Symond said he expected Brisbane to perform well over the long term, given house values grew more than 10 per cent per annum between 2001 and 2004.

“Perhaps the greatest change we are seeing is Brisbane’s growth in higher density housing, with the share of apartment sales to all residential property sales growing from 19.4 per cent to 30.2 per cent over the past 25 years,” Mr Symond said.

“I expect this trend to continue as apartment living grows in popularity across Brisbane, where a larger proportion of the population will choose to live closer to the CBD and transport corridors.”

Brisbane’s median house price tipped to hit $2.24m by 2043

Paul Leaver and his sister, Narelle Rodenbush, at their family home, which they are selling for the first time since 1948. Image: AAP/John Gass.Source:News Limited

But affordability remains a problem, with buyers in Brisbane now needing to dedicate 119.5 per cent of their annual gross income to raise a 20 per cent deposit.

Brisbane’s Paul Leaver is selling his family home in Paddington for the first time in 70 years.

The four-bedroom house at 96 Beck Street was bought by his grandparents in 1948 for just 575 pounds, which is equivalent in value to $34,750 today, and paid it off in just three years.

“How good would it be to pay off a house in three years now?!” Mr Leaver said.

The house next door at 94 Beck Street recently sold for 15 times what it was bought for 30 years ago.

He remembers growing up in the home with his three brothers and sisters and wishing he lived further out of town because it wasn’t regarded as a desirable area more than 25 years ago.

“We always wished we had a bigger yard,” he said.

Brisbane’s median house price tipped to hit $2.24m by 2043

This house at 96 Beck St, Paddington, is for sale for the first time since the 1930s.Source:Supplied

Selling agent Daniel Argent of Urban Property Agents said he was not surprised the median house value in Paddington had jumped more than 500 per cent in the past quarter of a century.

“It’s a big number but I’m not surprised given the shift in people’s behaviour,” Mr Argent said.

“Twenty-five years ago, the inner city wasn’t a sought-after place to live — it was a real working class area and the richer people lived further out.

“There’s definitely been a major shift towards people living closer to the city.”

Mr Argent said he expected the suburb to continue to experience house price growth due to strong interstate demand.

BRISBANE SUBURBS WITH THE STRONGEST CAPITAL GAINS IN 25 YEARS

Suburb Median price 1993 Median price 2018 Change in median price in 25 years

Bulimba $133,000 $1.2975m 876%

New Farm $181,125 $1.725m 852%

Hawthorne $149,000 $1.15m 672%

Seven Hills $130,000 $920,000 608%

Grange $135,000 $942,500 598%

Camp Hill $130,000 $899,000 592%

Paddington $160,000 $1.1055m 591%

Hamilton $189,000 $1.3m 588%

West End $153,025 $1.048m 585%

Norman Park $135,000 $915,000 578%

(Source: CoreLogic, Aussie Home Loans)

Source: www.news.com.au

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Top 68 suburbs for growth in Queensland revealed

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Top 68 suburbs for growth in Queensland revealed

Top 68 suburbs for growth in Queensland revealed. New data has shown the top 68 suburbs in Queensland for capital growth over the last 12 months to June, with the number one spot reaching triple digits.

Top 68 suburbs for growth in Queensland revealed

Outlined in the Real Estate Institute of Queensland’s Queensland Market Monitor report, REIQ CEO Antonia Mercorella said despite the ‘doom and gloom’ of the property market, there are still locations that are seeing large gains in profitability.

“A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result,” Ms Mercorella said.

“And there are many more suburbs delivering strong single-digit growth. It’s a great market to be in at the moment.”

While south-east Queensland saw a lot of attention, there were some high growth suburbs found in central and northern Queensland.

The area with the strongest growth was Blackwater, which saw a rise of 151 per cent growth, which Ms Mercorella attributed to the resurgence of coal prices.

Aside from Blackwater, 10 other suburbs saw growth over 20 percent. These included:

  • Spring Mountain with growth of 103.6 per cent;
  • Collinsville with growth of 46.2 per cent;
  • Minyama with growth of 45.8 per cent;
  • Hamilton with growth of 32.9 per cent;
  • Hollywell with growth of 30.5 per cent;
  • Miles with growth of 23.5 per cent;
  • Mount Coolum with growth of 21.9 per cent;
  • Dundowran beach with growth of 21.5 per cent;
  • Boonah with growth of 21.3 per cent; and
  • Idalia with growth of 21.3 per cent.

Ms Mercorella said the top 11 suburbs were indicative of steady growth across the state, but warned against calling it a ‘boom’.

“While we’re definitely seeing prices come back in western Queensland mining towns, such as Blackwater, these prices are still below their peak,” she said.

It’s unlikely we’ll see a return to pre-2013 prices in those areas anytime soon.”

South-east Queensland

While the top 11 suburbs show a spread of high growth suburbs through the state, 41 suburbs out of the 68 are located in the ever-popular south east corner of Queensland.

Of these, 15 suburbs were located in the Sunshine Coast region, with the highest growing being Minyama, which ranked fourth overall.

The Brisbane region also saw a large number of high performing suburbs at 13. Hamilton was the region’s best performer and fifth overall.

Next was Ipswich with six suburbs, then the Gold Coast with four, Moreton Bay with three, while Redland and Logan suburbs did not rank.

Regional Queensland

Outside of south east Queensland, 27 regional suburbs ranked on the list, with the Townsville region recording four suburbs. Its highest performer was Idalia, which ranked 11th overall.

Next were the Cairns and Gympie regions, both recording three suburbs each. Cairns’ top performer was Palm Cove, which ranked 26th overall, while Cooloola Cove was Gympie’s top performer, which ranked 42nd overall.

While only recording one suburb, the Whitsunday region’s Collinsville ranked third overall.

The Bundaberg and Toowoomba regions both recorded two top suburbs, while the Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rocky, Scenic Rim, Somerset and Western Downs regions all had one top suburb each

Top 68 suburbs for growth in Queensland revealed

Top 68 suburbs for growth in Queensland revealed

The top 68 suburbs which experienced double digit growth over the last year to June 2018, according to the REIQ, are:

RankSuburbMedian priceCapital growth over 12 months (as a percentage)
1Blackwater$94,250151.3%
2Spring Mountain$450,000103.6%
3Collinsville$95,00046.2%
4Minyama$1,310,00045.8%
5Hamilton$1,442,00032.9%
6Hollywell$810,00030.5%
7Miles$148,25023.5%
8Mount Coolum$670,00021.9%
9Dundowran Beach$607,00021.5%
10Boonah$324,50021.3%
11Idalia$485,00021.3%
12Rasmussen$347,50019.9%
13Yaroomba$749,00019.7%
14Biloela$272,75018.6%
15Burnett Heads$317,00018.1%
16Tivoli$295,00018.0%
17Cashmere$690,00018.0%
18Walloon$370,00016.7%
19Sunshine Beach$1,400,00016.7%
20Noosa Heads$1,070,00016.0%
21Hope Island$739,75015.7%
22Ripley$374,00015.4%
23Sandgate$705,00015.2%
24North Ward$575,00015.0%
25Paddington$1,150,00014.7%
26Palm Cove$606,00014.3%
27Charters Towers City$142,50014.0%
28Pelican Waters$761,00013.9%
29Cooee Bay$313,00013.8%
30Mount Ommaney$944,00013.7%
31Fernvale$357,50013.5%
32The Range$380,00013.4%
33Landsborough$432,50013.4%
34Sunnybank$832,50013.3%
35North Mackay$270,00013.2%
36Whitfield$540,00013.1%
37Graceville$932,50013.0%
38Hendra$1,100,00012.7%
39Shorncliffe$840,00012.4%
40Moranbah$185,00012.1%
41Coes Creek$442,50012.0%
42Cooloola Cove$317,50012.0%
43Battery Hill$578,00012.0%
44Seven Hills$940,00011.9%
45Nundah$755,00011.9%
46Monkland$240,00011.6%
47Bongaree$470,00011.6%
48Clifton Beach$557,50011.5%
49Maroochydore$639,00011.2%
50Twin Waters$823,00011.2%
51Cambooya$322,50011.2%
52Tewantin$572,50011.2%
53Coolum Beach$675,25011.2%
54Kedron$744,50011.1%
55Sunrise Beach$820,00011.0%
56Oakey$241,50011.0%
57D’aguilar$416,00010.9%
58Mountain Creek$610,00010.9%
59Flinders View$371,50010.9%
60Highland Park$570,00010.7%
61Rosewood$291,00010.7%
62Bulimba$1,300,00010.6%
63Kirkwood$353,50010.5%
64Woodgate$402,50010.3%
65Railway Estate$309,50010.1%
66Auchenflower$1,070,00010.0%
67Rainbow Beach$489,50010.0%
68Ormeau Hills$530,00010.0%

Top 68 suburbs for growth in Queensland revealed.

Source: smartpropertyinvestment.com.au

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Brisbane’s median home price deceptively low

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Brisbane’s median home price deceptively low

Brisbane’s median home price deceptively low

Brisbane’s median home price deceptively low. LATEST analysis shows Brisbane’s significantly more affordable median home price is deceptively low, given only three areas sit below the citywide median.

At $491,925, Brisbane’s median was over 40 per cent cheaper than Sydney ($833,876) and just over 25 per cent less than Melbourne ($655,044).

But when CoreLogic research analyst Cameron Kusher broke it down in zones around the capital, the data told a different story.

“While that ($491,925 is substantially lower than Sydney and Melbourne you can see that all of the regions relatively close to the city have current median values which are higher than that,” he said.

“The most expensive region of the city is the West ($659,554) while the most affordable is Ipswich ($350,511).

“Only three SA4 regions of the city actually have a median value which is lower than the citywide median.”

Brisbane’s median home price deceptively low

The cafe lifestyle in inner-city New Farm is part of the reason that median prices there are definitely above the citywide average. Picture: Annette Dew.Source:News Corp Australia

Those three SA4 regions of Greater Brisbane were Ipswich with a median property value of $350,511, Logan-Beaudesert on $387,401 and Moreton Bay — North on $413,962.

All the rest had medians that were above the official median Brisbane dwelling led by Brisbane West where the median of $659,554 was higher than that of Melbourne.

Brisbane South’s median was $639,457, followed by Brisbane Inner City $584,539), North ($549,231), East ($548,746) and Moreton Bay — South $501,509.

The closer you are to desirable attributes such as the river, the higher prices tended to go, according to the analysis.

“Desirable areas close to the city centre typically have much more expensive housing costs than the broad capital city median,” Mr Kusher said.

“Although it is clichéd, location, location, location holds true and purchasers still pay a significant premium for well-located properties.”

Mr Kusher said the data gave “a more granular insight into how median values in each city compare to smaller regions across each city”.

Buyers were well advised to look at markets closer “as housing costs or the housing market performance can be vastly different when you look at different areas of a city”.

Source: news.com.au

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Regional suburbs record double digit capital growth

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Regional suburbs record double digit capital growth

Regional suburbs record double digit capital growth

Regional suburbs record double digit capital growth. TOWNSVILLE has emerged as a star performer in regional Queensland, with four suburbs recording double digit growth.

REIQ has revealed the 68 suburbs that recorded double digit growth in the 12 months to June.

Twenty-seven of those 68 top performing suburbs were outside of the southeast, with Townsville dominating the regional listings.

REIQ CEO Antonia Mercorella said Idalia (+21.3% to $485,00 as of June) was a rapidly expanding suburb, located just 10 minutes from the Townsville CBD, and offering access to shopping centres, restaurants, beautiful landscaping around parks, lakes and the Ross River.

It is dominated by older houses and luxury new homes, with properties ranging from the “low to mid $300,000s” to over $1 million.

 

Regional suburbs record double digit capital growth

REIQ CEO Antonia Mercorella

 

“Idalia in Townsville ranks 11th on the state list and first on the Townsville LGA list,” she said.

The other Townsville suburbs to make the top 68 were Rasmussen (+19.9), North Ward (+15%) and Railway Estate (+10.1%).

Keyes and Co Property agent, and former Townsville City councillor, Tony Parsons, said there were suburbs doing well, and others that were still struggling, but there were positive signs in the local property market.

Regional suburbs record double digit capital growth

Regional suburbs record double digit capital growth

This four bedroom house at 47 Springside Terrace in Idalia is on the market for $868,000 and is listed with Keyes & Co

He said Idalia ticked a lot of boxes for families, but he was not surprised by the city’s other top suburbs with two of them “fringe suburbs” of the new stadium under construction.

Regional suburbs record double digit capital growth

North Queensland Stadium under construction in September 2018 Townsville

“North Ward and its proximity to The Strand speaks for itself, and Railway Estate has some of that character housing stock that many couples are keen on, those reno jobs.”

As for Rasmussen, the suburb has benefited from a number of new housing estates including a Defence Housing Australia development, and the duplication of Riverway Drive.

Mr Parsons said buyers could still get a bargain.

Regional suburbs record double digit capital growth

Australian hydrofoil championships off The Strand, Townsville.

Meanwhile, Cairns and Gympie had three suburbs on the list of top performers.

Palm Cove was the best performer in Cairns, ranking 26th overall.

Cooloola Cove in Gympie ranked 42nd, with house prices up 12 per cent to $317,500 in June 2018.

In the Whitsundays region, only Collinsville, a coal town southwest of Bowen, made the list, taking out third spot overall.

Ms Mercorella said Collinsville recorded an annual capital growth for houses of 46.2 per cent, taking the median sales price to $95,000 in June.

Other regions reporting at least one suburb on the list were Bundaberg, Toowoomba, Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rocky, Scenic Rim, Somerset and Western Downs.

“This spread of suburbs is a good indication that Queensland real estate is delivering steady sustainable growth across the board. We’re seeing growth outside the southeast corner,” Ms Mercorella said.

In terms of price, the REIQ analysis found that two very different brackets dominated the list — below $350,000 and above $500,000 but below $750,000.

“Eighteen top performing suburbs reported a median house price range below $350,000,” Ms Mercorella said.

“Most of these suburbs are located in regional Queensland.”

Similarly, 18 top performers reported an annual median house price range between $500,000 and $749,999 … 13 of these suburbs are located in the southeast corner.

“Only 8 top performing suburbs reported an annual median price range above $1 million. All these suburbs are located in Brisbane, Noosa or the Sunshine Coast LGA.”

Regional suburbs record double digit capital growth

TOP 10 PERFORMING REGIONAL QUEENSLAND SUBURBS, RANKING/1 YR CAPITAL GROWTH

Blackwater (1st) +151.3%

Collinsville (3rd) + 46.2%

Miles (7th) +23.5%

Dundowran Beach (9th) +21.5%

Idalia (11th) +21.3%

Rasmussen (12th) +19.9%

Biloela (14th) +18.6%

Burnett Heads (15th) +18.1%

North Ward (24th) +15%

Palm Cove (26th) +14.3%

(Source: REIQ QMM report June 2018. )

Source: sunshinecoastdaily.com.au

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