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Brisbane’s property market continues to fire with almost a dozen suburbs hitting double digit price growth

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Brisbane’s property market continues to fire with almost a dozen suburbs hitting double digit price growth

Paul Lomas at the house he is selling at 36 Kennedy Tce, Paddington. Picture: AAP image, John Gass.Source:News Limited

BRISBANE’S property market continues to fire with almost a dozen suburbs hitting double digit price growth in the past 12 months.

The median house price in the Brisbane local government area rose to a record $670,000 in the March quarter, up 3.1 per cent on the previous year.

But there were plenty of suburbs – 68 – which far exceeded that level of growth.

The best performer in the past 12 months according to the Real Estate Institute of Queensland’s latest Market Monitor was Indooroopilly where the median house price increased by 24.1 per cent to $1.01 million.

The best performer in the March quarter was Paddington where the median house price rose 19.8 per cent to $1,269,500.

Judi O’Dea of Space Property Agents, said the suburb had really come into its own in the past couple of years and she predicted continued strong price growth.

She said a lot of money had been spent on renovating homes in the suburb in the past two years and that was now paying dividends.

Many parts of Paddington had city views and contemporary houses, but a lot of the attraction was the community feel and closeness to the city.

Paul Lomas and his family moved to Paddington 11 years ago and bought their current house at 36 Kennedy Tce, three years ago.

They have listed the house for sale, but Mr Lomas said they would definitely stay in the area.

“We moved to Australia 11 years ago and we came straight to Paddington because it was close to the city and we have been here ever since,’’ he said.

Brisbane’s property market continues to fire with almost a dozen suburbs hitting double digit price growth

36 Kennedy Tce, Paddington. Picture: realestate.com.auSource:Supplied

“It is safe, I think the most important thing for us is it safe, considering it is so close to the city, you don’t really have any problems here at all.

“It is a really great family, friendly area that is so close to the city you could actually walk to town if you wanted to.’’

Mr Lomas said he had noticed that properties were selling well in the suburb lately.

“This is a booming market everybody wants to be here,’’ he said.

The figures showed that Brisbane now had 18 suburbs with a median house price of $1m or more, with Teneriffe the highest at $2.325 million.

With few houses in that inner city suburbs, it has recorded a number of significant sales including a five-bedroom house at 32 Teneriffe Drive, which sold at auction last weekend for $4,405,000.

Brisbane’s property market continues to fire with almost a dozen suburbs hitting double digit price growth

32 Teneriffe Drive, Teneriffe.Source:Supplied

Outside of Brisbane coastal markets continued their strong run with the Sunshine Coast in particularly continuing to fire.

Minyama chalked up the highest median house price rise in Queensland for the year, with the median up 43.9 per cent to $1.275 million

On the Gold Coast, Tallebudgera Valley was the best performer in the past year with its median house price up 27.3 per cent to $1.050 million

For the remainder of the state, Boonah in the Scenic Rim was the best performer with its median house price up 20.8 per cent to $314,000.

BRISBANE SUBURBS WITH DOUBLE DIGIT GROWTH

INDOOROOPILLY: $1,010,000 – 24.1%

SEVEN HILLS: $920,000 – 18%

ASHGROVE: $1,026,500 – 16.6%

BULIMBA: $1,297,500 – 14.3%

SUNNYBANK: $820,000 – 14.2%

WOOLOOWIN: $849,500 – 13.3%

KALINGA: $1,127,000 – 12.7%

LUTWYCHE: $850,000 – 12.4%

TENERIFFE: $2,325,000 – 10.7%

SHORNCLIFFE: $807,500 – 10.5%

ROCKLEA: $425,000 – 10.4%

Source: REIQ Market Monitor (year to March)

Source: www.news.com.au

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Brisbane’s most expensive suburbs

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Inner city favourite New Farm is officially Brisbane’s most expensive suburb, with a median house price of $1.7 million.

New figures from the Domain Group have revealed the top 20 most expensive suburbs, ranked according to median house price — and, with Brisbane’s property market now in the ascent as the best performing capital city in Australia, it paints a strong picture of where the city’s wealthiest residents are willing to park their cash.

Acreage hot spot Chandler, in Brisbane’s eastern suburbs, took out third place with a median house price of $1.585 million.

Old money favourites Ascot ($1.5 million median price) and Hamilton ($1.421 million median price) were closely followed by the inner eastern riverfront precinct of Bulimba, which had a median of $1,307,500.

expensive suburbs
These houses sit in Brisbane’s most expensive suburb: New Farm.

Other suburbs that made the top 20 most expensive list included Hawthorne, where Gina Rinehart’s $18 million estate fronts the Brisbane River; Clayfield (median price $1.125 million) and Kangaroo Point (median $1.03 million) – home to the  most expensive house ever sold in Brisbane: a clifftop mansion worth $18.48 million.

As well as taking out the title of Brisbane’s most expensive suburb, New Farm was also recently revealed as Brisbane’s best performing suburb for capital growth, with prices having soared nearly 90 per cent in the past five years.

New Farm’s remarkable success came as no surprise to local Ray White agent Matt Lancashire, who described it as the “Brisbane suburb for everyone”.

“There’s just so much in New Farm amenity-wise. New Farm is always the first place to boom and the last to cool off,” he said.

“My open numbers at the moment are huge. There’s such a strong desire to be in this suburb and I see that only continuing in the future years as Brisbane gets incredible new amenities like Howard Smith Wharves.”

brisbane suburbs
Ascot is up near the top of Brisbane’s most expensive suburbs – 27 Sutherland Avenue sold for $11 million in 2018.

In Ascot, long-term resident Jenny Richardson has listed her house at 7 Bale Street for sale but she’s not moving far — she’s already bought a new property only a couple of streets away.

Ms Richardson has lived in Ascot since 2000 and said she wanted to stay because of the lifestyle it offered.

“Ascot has just got that lovely family feel about it, it really is such a wonderful community,” she said.

“It’s so quiet it’s got that suburban feel but with the proximity to the city and everything else — the Gasworks, Portside and James Street — and that means it’s the best of both worlds.”

expensive suburbs
Jenny Richardson at her home at Ascot, one of Brisbane’s most expensive suburbs.

Fourteen kilometres southeast of the CBD, the acreage suburb of Chandler consistently rates as one of Brisbane’s most expensive suburbs. Home to enviable land sizes ranging from a hectare to four hectares, it’s sought after for its proximity to Manly, as well as its peaceful treed surroundings.

Local Remax agent  Deborah Evans explained the “acreage precinct” of Chandler, Gumdale and Belmont was in high demand, although Chandler’s higher median house price of $1.585 million was partly due to its status as an acreage-only suburb.

“Every property in Chandler is an acreage property so naturally that will keep the median price high,” she said.

“Neighbouring Gumdale actually has more demand but its median is brought down by the non-acreage houses that sit on regular-sized residential blocks of land.”

She said demand always outstripped supply in the area and prices were rising — she recently sold a one-hectare acre block on Formosa Road for $1.6 million for land value only.

brisbane suburbs
Made up entirely of acreage estates, like this property at 11 Tyberry Street, Chandler is one of Brisbane’s most expensive suburbs.

Ms Richardson’s Bale Street home is a four-bedroom, three-bathroom contemporary residence set on one of Ascot’s most sought-after streets and — even more importantly — in the Ascot State School catchment.

“I’ve loved living here; I’ve got wonderful views out to the hills and the house is functional and quite timeless,” she said.

“I think Ascot is one of those suburbs people are always going to want to live in. It’s got such a wonderful feel.”

Brisbane’s top 20 most expensive suburbs:

SuburbMedianSuburbMedian
1. New Farm$1.7 million11. St Lucia$1,122,500
2. Teneriffe$1.65 million12. Auchenflower$1.11 million
3. Chandler$1.585 million13. Paddington$1.11 million
4. Ascot$1.5 million14. Brookfield$1.1 million
5. Hamilton$1.421 million15. Kalinga$1.049 million
6. Bulimba$1,307,50016. Kangaroo Point$1.03 million
7. Fig Tree Pocket$1,202,50017. South Brisbane$1,026,250
8. Hawthorne$1.2 million18. Hendra$1.025 million
9. Pullenvale$1.2 million19. West End$1.02 million
10. Clayfield$1.125 million20. Highgate Hill$1 million

Source: domain.com.au

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Highgate Hill:Brisbane’s most tightly held suburbs

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When people move to Highgate Hill, they fall so in love with the suburb they don’t want to leave.

Domain Group data from 2017 showed the suburb was the most tightly held within five kilometres of the Brisbane CBD, with property owners loath to move outside its borders.

Domain senior research analyst Dr Nicola Powell says tightly held areas tend to be those where people are on their second home, in the throes of raising a family, and are looking for proximity to schools, transport infrastructure, shops and entertainment options.

Highgate Hill, where the dominant demographic is families, ticks those boxes. Two kilometres south of the Brisbane CBD on the Brisbane River, the suburb is in the sought-after Brisbane State High School catchment and has great connectivity via buses and trains.

It’s also 12th most walkable suburb in Brisbane, according to Resolution Research.

brisbane
Sierra Nuvo apartments start at $785,000. Image: Supplied

“To leave an area that meets all that criteria requires a really good reason,” says Dr Powell.

Despite being close to major activity hubs, the hilly suburb still holds onto its more relaxed, suburban vibe, which is a huge part of its appeal, says Cam Milne, co-owner of Vvaldmeer cafe and a local resident.

“I think with West End now having been very much swamped with cafes, bars and trendy shops, it’s only natural that Highgate Hill would follow.”

Matt Pendragon, Shed 41 Café & Galleria owner, decided Highgate Hill was a perfect area to open a “relaxing, dog friendly, phone-charging, ‘sit down and have a brew’ space”.

He lives in the area too, and is often surprised to learn how many locals have been in Highgate Hill their whole lives, some even living in the houses they grew up in.

“The suburb, although being only a stone’s throw from the CBD, is so peaceful and tranquil, the houses are well kept, and the sense of community is stronger here than in any other place I’ve lived.”

Being tightly held puts pressure on prices, and the result has been 26.8 per cent growth over the past five years, according to Domain data.

brisbane high gate hills
Highgate Hill. Photo: Tammy Law

The median house price broke through the $1 million barrier last year after rising steadily, but since then there has been a slight pullback, says Dr Powell. It’s now sitting at $950,000 and the median unit price is just over $440,000.

“If you take away last year’s performance, the suburb has overall been outperforming Brisbane as a whole,” she says.

“In terms of house prices it was growing at a healthy rate between 2013 and 2017 and there were periods of time [where] there was double-digit growth.”

After children have flown their Highgate Hill coop, their parents don’t want to leave but they do want to downsize, while still staying within the boundaries of the suburb. That’s where apartment developments tailored for owner-occupiers, such as Sierra Nuvo, come in, making up part of the suburb’s diverse housing stock.

The 44-apartment luxury development launched in August, and has been popular with downsizers from the 4101 postcode, including Highgate Hill, South Brisbane and West End.

It offers two, three and four-bedroom apartments, plus four premium penthouses, with prices ranging from $785,000 to $2.835 million. Each apartment includes two car parks, while penthouses come with three car parks as well as a storage cage.

highgate hills
Sierra Nuvo has been popular with downsizers. Image: Supplied

Stephen Browne, principal of Skyring Real Estate, working with the developer behind Sierra Nuvo, says the development at 18 Jones Street is just 900 metres’ walk from Brisbane State High School, two kilometres from the Brisbane CBD, close to bus stops and is in one of the “super quiet” spots in Highgate Hill.

It’s in an elevated position with city views that can never be built out, he adds.

“You can almost hear the crickets when you drive into the street,” he says.

“From the sky garden on the rooftop, which has a 15-metre infinity edge lap pool, wading pool and spa, barbecues and entertaining pods, there are unencumbered 300-degree views that will be there for the rest of time.”

He says buyers have been particularly drawn to the level of finish of the luxury apartments in the building, with designer kitchens featuring granite stone benchtops, the latest Smeg and Pitt appliances, integrated fridge/freezer, integrated dishwasher,  Vintec drinks fridges, and a separate custom laundry for each residence.

Source: domain.com.au

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Will the new Brisbane State High School catchment affect property prices?

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Changes made to Brisbane State High School’s catchment zone are already affecting properties for sale in the area, according to local real estate agents.

The state government released new catchment maps last week which revealed Brisbane State High School’s catchment zone could be cut by 25 per cent to manage pressure on its rising enrolments.

The school’s current catchment stretches through West End and out to Dutton Park but, under the new draft catchment, students from more than 500 households in Dutton Park, Woolloongabba and Highgate Hill would no longer be eligible for direct entry to State High once the neighbouring high-rise school in Dutton Park opens in 2021.

brisbane state highschool

19A Gloucester Street, Highgate Hill, recently went under contract with four offers in one weekend because it will still fall in the catchment.

It’s been a devastating revelation for homeowners who bought in the area specifically to be in the catchment of Queensland’s top performing state high school, said Sam Peterffy, of Harcourts Homeside.

Not only are they upset at being kicked out of the catchment, they’re worried the value of their property will fall because if it, she said.

“Of course the people who are already living here are worried — many of them bought here for the school,” she said.

brisbane state highschool

7 Grantham Street, Dutton Park, is a six-bedroom family home that would fall outside of the Brisbane State High School catchment.

“I feel sorry for these people. They might have young children, aged five and under, and bought here planning for their children’s future. Now that’s up in the air. It’s not a great situation for them.”

Ms Peterffy said the local property market had already been affected.

“From a buyer perspective, I have people who were looking in these areas and have straight up said they’re no longer looking at Dutton Park or anywhere that’s out of the catchment,” she said.

brisbane state highschool

7 Grantham Street, Dutton Park: Marketing agent Ben Salm said being outside the BSHS catchment zone could potentially affect property prices of those homes who are currently in the catchment zone.

Brisbane State High School is a 3200-student strong, selective GPS school, sought-after for its top academic results and extensive extra curricular program.

Demand for places is so high, the school employed an investigator this year to uncover families rorting the catchment system.

Ben Salm of Place Estate Agents is selling a beautiful six-bedroom family home at Grantham Street, Dutton Park, that is currently in the State High catchment, but would be bumped out under the new plan.

He said it had already affected the property’s desirability for some buyers.

“It’s something we’ve seen a fair bit of with feedback from the buyers coming through,” he said.

“They’re unsure about the new school because it’s all so unknown at this stage; that creates a hesitancy and then you get less competition, which potentially means lower prices.

“Because this house is now looking like it’ll be out of the State High catchment, the feedback we’re getting suggests the price could be $50,000 less than what it might have been worth three to six months ago.

“There is a grace period though, so you never know what will happen.”

It’s important to note the effect on current and future families will not be immediate. Brisbane State High School students living in the proposed catchment zone for the new school will be allowed to remain enrolled at State High for the duration of their studies, while their siblings will still be able to enrol under transitional arrangements.

The government also said that families with primary school children living in a street which appears on both catchment maps can choose to enrol their child at either school.

But the changes are causing a lot of uncertainty. Ms Peterffy recently sold a house at Gloucester Street, Highgate Hill, a street where some houses will still fall in the catchment and others won’t.

This particular house will still be in the catchment, so the competition to secure it was strong, with four offers in one weekend, Ms Peterffy said.

“I had a couple who argued about it. The husband was saying that the new school was likely to be great but the wife was really worried about it,” she said.

“She just kept saying, ‘But it’s not going to be Brisbane State High, it won’t be the same’. So for them, the fact this house would still be in the catchment in a few years’ time was very important to them.

“That said, there will always be people who will want to buy in Dutton Park anyway. It’s the best suburb in Brisbane in my view.”

And Ms Peterffy said the silver lining would be in the new school, Inner City South State Secondary College, which had the potential to bring new buyers to the area long term.

“Some buyers who may not previously had Dutton Park and surrounding areas on their radar may come here because there is going to be a shiny new school with the best of everything and a connection to the University of Queensland,” she said.

“I know everyone wants to be in the State High catchment right now but my prediction is this new school will be in the top 10 state high schools in Queensland very quickly.”

Mr Salm said the property market could pick up again in these areas once the plans for the school are finalised and released to the public.

“It could actually create quite a bit of excitment in the area once there’s a lot more detail released and prices could go up again,” he said.

“I think in the long term this school will be competition for State High but at the moment it’s making buyers unsure about being in the area, and will only make competition for property staying in the State High catchment even tougher.”

The maps and the enrolment management plan are out for public consultation until September 30.

Source: www.domain.com.au

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