Qld’s newest $2 million-plus suburb revealed

Queensland now has seven $2 million-plus suburbs as continued price growth continues to push house values to new highs, with a leading property expert revealing where to buy in 2024.

The PropTrack Home Price Index shows that Broadbeach Waters has joined the exclusive club after the median house price in the sought-after suburb increased 3.68 per cent in the past quarter, rising from $1,946,751 just three months ago to reach $2,018,383 now.

It is now Queensland seventh most expensive suburb for real estate, behind Sunshine Beach, Mermaid Beach, New Farm, Surfers Paradise, Ascot and Hamilton.

Sunshine Beach boasts Queensland’s most expensive homes with a median house price of $2,849,736, but that is down from $2,892,736 in the previous quarter and $2,922,205 just 12 months ago.

That’s a drop of 1.49 per cent ($43,198) and 2.48 per cent ($72,469) respectively.

But unlike Sunshine Beach, all three Gold Coast suburbs recorded further price growth over the last quarter.

Mermaid Beach (2nd) now has a median house price of $2,662,543 after posting 3.59 per cent growth in the past three months and 6.06 per cent in the past year.

Surfers Paradise (4th) now has a median house price of $2,335,046 after growth of 3.92 per cent and 7.54 per cent respectively.

In Brisbane, New Farm is its most expensive suburb with a median house price of $2,507,054, down slightly from $2,538,777 just three months ago.

Ascot ($2,2200,652) and Hamilton ($2,204,818 are close behind after quarterly price growth of 3.2 per cent and 2.01 per cent respectively.

And two more suburbs could spill over into the $2 million-plus club by early next year.

The median house price in Tallebudgera Valley is now $1,982,387, up 6.3 per cent in three months.

Houses in Bundall are also close to the mark, with median house values increasing 2.32 per cent over the quarter and 5.68 per cent over the year to hit $1,913,652.

Rounding out Queensland’s top 10 most expensive suburbs was Bulimba with a median of $1,890,787.

Meanwhile, there are now 185 suburbs across Queensland with an average sale price above $1 million.

[TAG0]

870 Brunswick Street, New Farm, sold for $2.05m.

They include previously affordable suburbs such as Moorooka, New Beith, Sandgate and Mount Crosby.

By early next year, houses in suburbs such as Dundowran Beach, Park Ridge South, Murrarie, Mitchelton and Carseldine could be seven-figure suburbs.

PropTrack economist Eleanor Creagh said limited supply had created heightened competition and was leading to prices hitting fresh peaks in September.

“Home prices in Brisbane have already regained 2022’s price falls and are rising at a fast pace, jumping 0.39 per cent in September to hit a new price peak,” she said.

“Prices are now 5.82 per cent higher than a year ago and up 6.46 per cent year-to-date.

Looking ahead, real estate expert John McGrath has tipped blue skies for both investors and homeowners in Queensland.

“It’s been a rollercoaster ride for Brisbane’s property market over the past year or so, with

prices hitting a record high before cooling off and then beginning a recovery,” he said in the latest McGrath Report 2024.

“But with strong population growth and an infrastructure boom in the lead-up to the Brisbane 2032 Olympic and Paralympic Games, the long term outlook is positive.”

He noted that Brisbane had seen the biggest population increase of any capital city, with Sydneysiders and Melburnians “heading north in droves” in search of a better lifestyle.

“The city’s population is forecast to grow by a further 16 per cent over the next decade, surpassing three million before the Olympic cauldron is lit,” he said.

Mr McGrath’s top five suburb picks for price growth in 2024 were Hamilton, Albion, Clontarf, Southport and Coolum Beach.

Article source: Queensland Property Investor