Defying the odds: 12 Brisbane suburbs still rising while others fall

The number of suburbs classed as rising markets has hit a record low in Greater Brisbane, with only 12 on the increase at a time when others are plateauing or falling.

The Price Predictor Index Winter 2023 report by Hotspotting found the past two years worth of quarterly sales surveys saw rising suburbs plunge from 163, to 168, 159, 130, 97, 74, 41 and now just 12.

At the same time, the number of declining suburbs – which held steady at zero for five quarters – then began to rise to nine, then 24 and now 71.

“This indicates that the Brisbane market peaked in the September 2021 quarter and has been trending steadily downwards since then,” the report said. “And that means the decline in the Brisbane market was not caused by rising interest rates – it started six months before the Reserve Bank started to lift interest rates.”

The Hotspotting report found “anaemic sales activity” evident right across Greater Brisbane, including the inner, middle and outer ring areas.

“Previously buoyant affordable locations like Logan City and Ipswich City now have few suburbs with positive rankings. There is only one rising suburb among the 32 Logan suburbs in our analysis, but 26 classified as plateau or declining,” the report said.

“The upper end of the Greater Brisbane market is equally weak: of the 23 Brisbane-inner suburbs, 19 are plateau or declining markets.”

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The report saw “anaemic sales activity” right across the inner, middle and outer ring areas of Brisbane. Picture: Jodie Richter

Among suburbs where house sales activity is on the decline are Auchenflower, Albany Creek, Everton Park, Balmoral, Birkdale, Browns Plains, Redbank Plains and Caboolture.

“But many suburbs have managed to deliver strong prices despite the downward trend in sales,” the report found, including Forest Lake, Deception Bay, New Farm, Hawthorne and Hillcrest.

The 12 Greater Brisbane suburbs that are defying the downward trend in sales activity – and are classed as rising markets – include Bray Park (with quarterly sales of 51, 60, 67), Kedron (57, 60, 67), Milton units (29, 33, 46, 36, 47), Margate (50, 53, 64, 61) and Wellington Point (53, 64, 67, 70).

Rising sales levels are said to be a precursor to a rise in prices, according to the PPI.

BRISBANE’S 12 SUBURBS THAT ARE RISING:

Acacia Ridge (Houses)

Located in Brisbane-south: Median house price $645,000.

Aspley (Houses & Units)

Located in Brisbane-north: Median house price $950,000; Median unit price $575,000.

Bray Park (Houses)

Located in Moreton Bay: Median house price $670,000.

Chapel Hill (Houses)

Located in Brisbane-west: Median house price $1.31m.

Kedron (Houses & Units)

Located in Brisbane-north, the median house price is $1.095m and units at $460,000 with sales rising for both.

Lutwyche (Houses & Units)

Located in Inner Brisbane: Median house price $1.065m; Median unit price $495,000.

Margate (Houses)

Located in Moreton Bay: Median house price $735,000.

Milton (Units)

Located in Inner Brisbane: Median unit price $480,000.

Rochedale (Houses)

Located in Brisbane south: Median house price $1.545m.

Shailer Park (Houses)

Located in Logan: Median house price $845,000.

Sherwood (Houses & Units)

Located in Brisbane west: Median house price $1.405m; Median unit price $495,000.

Wellington Point (Houses)

Located in Redland: Median house price $960,000.

(Source: Price Predictor Index Winter 2023)

Article source: Queensland Property Investor