18 Jun 2018

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

BRISBANE’S property market continues to fire with almost a dozen suburbs hitting double digit price growth in the past 12 months. Was your suburb one of them?

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.

“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.

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)

Originally published as Suburbs with double digit growth

SOURCE ; https://www.news.com.au/finance/real-estate/brisbanes-property-market-continues-to-fire-with-almost-a-dozen-suburbs-hitting-double-digit-price-growth/news-story/65af20bfe49d990b67cb80d9a6b23683

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