Almost half of the houses in South East Queensland have surpassed the $1 million median price mark, with over 310 suburbs in the state reaching this milestone. This surge in prices has led to 325 suburbs in Queensland having house, unit, or both medians higher than $1 million. Among these suburbs, Daisy Hill in Brisbane, Wynnum West, Beerburrum, and Palmwoods on the Sunshine Coast have all reached the $1 million median through significant annual growth.
The median house value in Brisbane is currently at a record $977,000, and REA Group senior economist Eleanor Creagh predicts that half of the houses in the region will cross the million-dollar line this year. She expects Brisbane houses to reach a $1 million median within the next six to eight months. The overall median dwelling value in Brisbane is $870,000, with the highest median values found on the Sunshine Coast and the Gold Coast.
Queensland has a total of 138 suburbs in Brisbane, 67 on the Sunshine Coast, 57 on the Gold Coast, and several others in different regions that have achieved millionaire status. The strong growth in Brisbane’s property market, fueled by interstate migration and demand from investors, makes it inevitable for the city to reach a million-dollar median.
According to a Propertybuyers/Hotspotting report, Queensland features prominently in the top 10 suburbs on the verge of million-dollar median prices. Factors such as amenities, attractiveness, proximity to shops, schools, and transportation contribute to the speed at which suburbs reach this milestone.
Real estate agent Wade Trask highlights the increasing prices in Redlands, where four-bedroom properties now start at a million dollars. However, he notes that these prices are still more affordable compared to areas closer to the CBD, where similar houses can exceed $2 million. Propertybuyer CEO Rich Harvey believes that Brisbane’s growth rate of 8 to 10 percent this year will lead to a million-dollar median very soon.
Queensland currently has 1,194 suburbs or towns with a median house or unit price of $1 million or more. The Sunshine Coast, Gold Coast, Brisbane, Ipswich, and Toowoomba have experienced significant annual growth in dwelling medians. Townsville and Central Queensland have seen the highest growth rates at 24.21% and 20.39%, respectively.
(Source: PropTrack Home Price Index)
1 Comment
Wow, it’s incredible to see how the property market in South East Qld is booming! With over 50% of homes surpassing the $1 million mark, it really highlights the demand for housing in the area. I wonder how this surge will affect first-time buyers and the affordability of homes in the region?
It’s great to see the property market thriving in South East Qld, but I hope this surge doesn’t lead to an affordability crisis for potential homeowners. While it’s a sign of a healthy economy, it’s crucial for policymakers to ensure that housing remains accessible for all income levels.
As someone who has been saving to buy a home in South East Qld, this news definitely puts the pressure on me. I wonder if there are any areas in the region where prices haven’t skyrocketed yet, or any tips for negotiating a good deal in this competitive market?
I completely agree that the property market in South East Qld is surging, but I’m not sure if this trend is sustainable in the long run. Are there any factors that could potentially cool down this market or create a more balanced housing market in the future?
This surge in the property market could have a ripple effect on other sectors, such as rental prices and businesses catering to homeowners. I wonder if there are any strategies or programs in place to support renters or small businesses who are indirectly impacted by this surge in property prices?
As a real estate agent in South East Qld, I can confirm that the demand for high-value properties has been skyrocketing. It’s crucial for buyers to be well-informed and have a clear understanding of the market to make informed decisions. Are there any specific suburbs or neighborhoods that have seen the highest increase in property values?