Brisbane suburbs back on top for house price growth

Queensland’s strongest housing markets of the past six months have been revealed, with Brisbane claiming half the spots among the top 10 growth suburbs.

Latest PropTrack data shows seven suburbs across the state recorded house price growth of 10 per cent or more from January to June 2023.

The tiny Wide Bay town of Biggenden came out on top, with prices there up 13 per cent to a still modest median of $309,000.

Next ranked, the well-heeled suburb of Benowa on the Gold Coast recorded a jump of 11.7 per cent to $1.554m, representing a more significant increase for buyers in dollar terms.

Five Brisbane suburbs were ranked in the top 10, including inner-city Albion, up 11.3 per cent to $1.411m, then Nundah (+10.2 pc), Sunnybank Hills (+9.8 pc), South Brisbane (+9.5 pc) and Runcorn (+9.2).

Rounding out the list were: Forest Hill (Ipswich), Tully (Cairns) and Booie (Wide Bay).

PropTrack economist Paul Ryan said the figures confirmed the sustained recovery of Queensland’s housing markets following last year’s softer conditions in the wake of rising interest rates.

“The smattering of suburbs here shows that continued strong demand, particularly in southeast Queensland, but really all across the state,” Mr Ryan said.

“We are seeing some strong growth in inner-city areas and the coastal regions, but that demand is also spreading out to some previously undiscovered gems.”

He said sustained low listing levels, along with a continued flow of migration and tight rental markets, were among factors underpinning the “surprising” rate of market recovery in the first half of the year.

“The market has recovered quite quickly in 2023 and it has really been quite surprising,” Mr Ryan said.

“That recovery has been gaining pace with some strong momentum, but what we are seeing is more sustainable growth which has allowed both buyers and sellers to adjust to a market that has become more stabilised.”

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This four-bedroom, two-bathroom house at 46 Lambros Dr, Benowa is for sale for offers above $1.125m.

Place — Ascot agent Patrick McKinnon said the level of sales transacted across Brisbane suburbs in recent months was “insane”.

“We have never experienced anything like it, where the number of inquiries received per listing could be down but sales are just flying,” Mr McKinnon said.

“It’s like Covid all over again, there’s more than enough activity and people are really seeking finished product and bigger homes where they can move straight in.”

He said Albion had experienced uplift on the back of ongoing gentrification, with money poured into developing previous industrial areas and rebuilding flood-damaged properties in the suburb to a high standard.

For units, Palm Cove in Cairns was the strongest performer, up 12.5 per cent to a median of $558,000, followed by Brisbane City, up 11 per cent to $596,000.

>>>>>QLD TOP GROWTH SUBURBS – JAN-JUNE 23<<<<<

HOUSES

Biggenden

Benowa

Albion

Forest Hill

Nundah

Tully

Booie

Sunnybank Hills

South Brisbane

Runcorn

UNITS

Palm Cove

Brisbane City

Dalby

Warwick

Park Ridge

Kingaroy

Slacks Creek

Bardon

Corinda

Rochedale South

* source: PropTrack

Article source: Queensland Property Investor