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Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

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Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Kelly Landry and Anthony Bell recently bought a house in Noosa. Photo: Belinda Rolland.Source:Supplied

WHAT do a sports star, a burger-flipping entrepreneur and a celebrity power couple have in common? A penchant for property in this idyllic, seaside town.

A CASHED-UP sports star splurged $8.4 million on an oceanfront mansion there.

A burger-flipping entrepreneur just paid a record $18 million for a piece of its real estate.

And a power couple at the centre of a high profile marriage split have spent more than $10 million on a waterfront hideaway in the town.

The exclusive seaside village of Noosa, on the Sunshine Coast, has long been a favourite holiday spot for the world’s rich and famous.

But these days, they don’t just go there to relax — they go there to live.

Just ask the likes of ex-Formula One driver Mark Webber, retail billionaire John Van Lieshout, musician Jon Coghill and former car rental boss Bob Ansett, who all call Noosa home.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Former Formula One driver Mark Webber owns a home in Noosa.Source:Supplied

Former professional tennis star Joshua Eagle also owns property in the area, while Greg ‘The Shark’ Norman is reportedly hunting for a home there.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Greg Norman is reportedly looking for property in Noosa. Picture: David Crosling.Source:News Corp Australia

And don’t forget Suits star Gabriel Macht, whose wife is Australian actor Jacinda Barrett, has invited the royal newlyweds Prince Harry and Meghan Markle to honeymoon at their Noosa beach house, which was bought more than a decade ago for just over $750,000.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

The Noosa home Gabriel Macht has invited Meghan Markle and Prince Harry to stay in. Picture: Realestate.com.au.Source:News Corp Australia

The town’s strict population cap and laid-back lifestyle, combined with its beautiful beaches, rainforest and ecological areas, have made it highly sought-after real estate.

Local agents are reporting a resurgence in Noosa’s prestige property market, which is forecast to further gather speed as a result of strong interstate migration and infrastructure investment.

A decade on from the damage caused by the global financial crisis, the super wealthy are returning to the town in droves — and they’re happy to pay top dollar for whatever they can get their hands on.

Just last month, a Little Cove beach house owned by high profile stockbroker David Evans changed hands for $11.2 million to a Melbourne-based buyer linked to the Roger David menswear chain, after selling for only half that just three years ago.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

This house at 5 Allambi Rise, Noosa Heads, has sold for $11.2m.Source:Supplied

In March this year, Noosa’s median house price reached $665,000, compared to the Sunshine Coast median house price of $563,000, according to the latest Real Estate Institute of Queensland figures.

The Noosa unit market also blossomed over the past 12 months, growing a stunning 7.1 per cent to reach an annual median price of $525,000 — the most expensive unit market in Queensland.

In fact, Noosa house prices have grown 38.5 per cent since 2013 — the strongest medium-term growth anywhere in Queensland.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Noosa real estate is in demand from high profile business people, sports stars and celebrities.Source:News Corp Australia

Tom Offermann of Tom Offermann Real Estate, who has had a long career selling beach and riverfront mansions in the Noosa region, said he had noticed a growing trend among high profile buyers looking for holiday homes not to rent out, but to use for bringing family together.

“We’ve had a large number of people in recent months come to us citing that their intention is to purchase a holiday home so they have a place to bring the family together,” he said.

Mr Offermann said it was a “pleasure” dealing with clients at the top end of the market, who were particular about what they liked, time poor and appreciated confidentiality.

“There’s a lot of people under the radar here with hundreds of millions, or even billions, that you don’t even know of,” he said.

Adrian Reed, an agent with Dowling & Neylan Real Estate Noosaville said the Noosa region’s appeal had broadened from “its traditional base of Melbourne elite”.

“There’s significant interest now coming out of Sydney and internationally and that’s changed the profile of not only the popularity of Noosa, but who’s living and working here,” Mr Reed said.

“The ability for people to work remotely now is completely changing the paradigm and allowing people to be remote CEOs.

“The convenience of the commute or a private jet to the Sunshine Coast airport means they can operate at the highest level and live in paradise.”

Mr Reed said he expected the new-found interest in the Noosa region to increase.

“When you look at what you can get for $10 million in comparison to Sydney, Noosa is exceptional value,” he said.

THE RICH AND FAMOUS WHO CALL NOOSA HOME

Adam Scott, champion golfer

Bought an oceanfront house in Sunshine Beach for $8.4 million in April 2017.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Professional golfer Adam Scott recently bought a home in Noosa. Photo: Sam Greenwood/Getty Images.Source:Getty Images

Anthony Bell and Kelly Landry, celebrity accountant and television identity

Paid $10.3 million for a six-bedroom, waterfront home on Noosa Sound in October 2017, which was rated HIA Queensland home of the year.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

This house in Noosaville sold for $10.3 million.Source:Supplied

Richard Branson, Virgin Group founder

Bought Makepeace Island in the Noosa river in the early 2000s for $2.86 million.

The property features a main long house with a giant bar, a four-bedroom guesthouse, several two-bedroom villas, a boat house and a lagoon pool with a lap lane, dive spots and a 15-person spa. It can accommodate up to 22 guests.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Makepeace Island, Queensland. Picture: Supplied.Source:Supplied

Sir Richard Branson at his private resort, Makepeace Island, on the Noosa River.Source:News Limited

Jon Coghill, former drummer of Powderfinger

Bought a house in Marcus Beach for $1.37 million in 2014.

David Hales, Betty’s Burgers founder

Bought Pat Rafter’s property in Sunshine Beach for $15.2 million in January 2018.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

The former house of tennis star Pat Rafter sold for $15.2m.Source:Supplied

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

David Hales, founder of the Betty’s Burgers chain, has bought a house in Noosa. Picture: Eric Blaich.Source:Supplied

David Russell, co-founder of private equity group Equis Energy

Paid $18 million for a house in Sunshine Beach in February 2018 — the highest price ever paid for a home in the entire Sunshine Coast region.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

This Sunshine Beach house sold for a record $18m.Source:Supplied

Mark Webber, former professional racing driver

Owns a house on 1362 sqm of land in Noosa Heads, which he bought for $4.9 million in 2011 from former tennis star Thomas Muster.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

The house owned by Mark Webber in Noosa Heads.Source:Supplied

John van Lieshout, billionaire founder of Super A-Mart furniture store chain

Owns two houses next to each other on the canal in Noosa Heads. He bought one for $3.68 million in 2011 and the other for $430,000 in 1989.

He also owns The Seahaven Resort overlooking Laguna Bay, which he paid just over $40 million for in 2012.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Billionaire John Van Lieshout owns two houses and a resort in Noosa. Picture: Mark Calleja.Source:News Corp Australia

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Noosa’s Seahaven Resort is owned by billionaire John Van Lieshout.Source:Supplied

Jacinda Barrett, Australian actress

Owns a beach house in Sunrise Beach, which was bought for $762,000 in 2006.

The Sunrise Beach home offered by Jacinda Barrett to Prince Harry and Meghan Markle.Source:News Corp Australia

Dawn Fraser, former Olympic swimmer

Lives in a house in Noosaville. It was bought for $1.398 million in 2004.

Bob Ansett, Budget Rent A Car founder

Lives in a house in Sunshine Beach, which he bought for just $260,000 in 1987.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Budget Rent A Car founder Bob Ansett lives in Noosa.Source:News Corp Australia

Carl Hartmann, entrepreneur

Owns a house in Noosaville, which he paid $3.8 million for in November 2017.

Brian White, Ray White Group chairman

Owns a unit at Little Cove, Noosa Heads, which he bought for $4.25 million in 2001.

Graham (Skroo) Turner, Flight Centre CEO

Owns a unit in the same building as Brian White.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Flight Centre chief executive Graham Turner and his wife Jude own a unit in Noosa. Picture: AAP/David Clark.Source:News Corp Australia

Euan Murdoch, Herron Pharmaceuticals founder

Owns a unit in the same building as Brian White and Graham Turner.

Joshua Eagle, former professional tennis player

Owns a three-bedroom house in Sunshine Beach, which he paid $870,000 for in 2006.

Noosa boom: Why the once sleepy holiday town has become home to the rich and famous

Lisa Curry and Dawn Fraser both own homes on the Sunshine Coast. Picture: Nigel Hallett.Source:News Corp Australia

Lisa Curry, former Olympic swimmer

Bought a house in Crohamhurst with her Elvis impersonator husband, Mark Tabone, in July 2017 for $1.125 million.

She also owns a unit in Alexandra Headland and a house in Minyama, which she bought with her former husband Grant Kenny.

source: www.news.com.au

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Market Place

Why Noosa is now the strongest property market in Queensland

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noosa property

Noosa is on track to take out the title of Queensland’s best performing property market for 2018, as new figures reveal it has delivered the strongest growth in the state over the past 12 months.

Noosa’s growth eclipsed that of both the Gold Coast and Brisbane, according to data from the Real Estate Institute of Queensland, making it Queensland’s most prestigious property market.

noosa property

46 Seaview Terrace, Sunshine Beach, was listed for offers over $18 million. Photo: 1404051471/92FLTLT WILKINSSON

But in the 12 months leading up to June, demand in the area reached new heights – the median house price grew 6.9 per cent to $695,000 and units by an impressive 10.2 per cent to $540,000.

It has been a heady year for the Noosa region – earlier this year a $22 million Sunshine Beach trophy home made headlines when it set a new record for the Sunshine Coast.

By rights, as one the biggest real estate deals in Queensland in recent years, the house at 21-23 Webb Road — a seven-bedroom, eight- bathroom beachfront estate — should have been a jaw-dropping, albeit rare, headline-stealer.

noosa property

312 Teewah Beach Road, Noosa North Shore, could be the most unique beachfront property in Australia. Photo: Supplied

But Noosa was already up in lights. Less than two weeks earlier, Pat Rafter’s $18 million beachfront mansion had gone under contract.

REIQ chief executive Antonia Mercorella said Noosa had all the ingredients for price growth.

“This is a highly desirable part of the world, with stunning natural features, world-class beaches, beautiful climate year-round, outstanding shopping and dining precincts, and, crucially, exclusivity,” she said.

noosa property

The views stretch from Double Island Point to all five bays of the national park. Photo: Supplied

“There is limited housing supply being added to Noosa and competition is obviously driving price growth.

“Looking forward, once the Bruce Highway upgrades are completed and commuting to Brisbane becomes more feasible, it’s likely we’ll see added demand for Sunshine Coast living.

“This area would benefit from greater supply levels, undoubtedly.”

noosa property

Where Noosa River meets the ocean: 2 Frying Pan Track, Noosa North Shore sits on nearly four acres of land and is already attracting buyers from across the globe, agent Adrian Reed says.

Local prestige agent Adrian Reed of Reed & Co Estate Agents said Noosa’s success was not simply the result of cashed-up Sydney buyers.

Instead, he said, the region’s infrastructure boom was driving a shift in demographic of Sunshine Coast buyers.

“Billions of dollars have been invested, including transport, tourism and medical sector … the stimulus for growth on the back of these projects is reshaping the traditional buyer profiles,” he said.

49 The Peninsula, Noosa Waters, will go to auction on Sunday, October 7.

Mr Reed brokered a record-breaking deal for a Noosa North Shore house last year that made headlines around the country for being Australia’s most unique beachfront estate.

The house was snapped up by a mystery buyer in a deal worth more than $10 million and Mr Reed said the momentum of the market had shown no signs of slowing down since then.

“I’ve just listed another incredible Noosa North Shore property at 2 Frying Pan Track and the interest has been very positive with buyers from interstate and internationally,” he said.

noosa property

Webb Road, Sunshine Beach, Queensland, broke records when it sold earlier this year. Photo: Supplied

“Access to international travel and upgrades to digital infrastructure is enabling younger wealthy industry leaders and expats to buy in Noosa with confidence.

“This has already had a positive knock on effect to the luxury property market in Noosa.

“When you couple this with traditional upward pressure from baby boomers capitalised from southern markets making a lifestyle transition, it’s creating great selling conditions for Spring.”

The rest of the Sunshine Coast region delivered similarly strong results for the year to June 2018.

Overall, the Sunshine Coast local government area grew 6.5 per cent to a median house price of $575,000.

Previous frontrunner the Gold Coast continued its trajectory of strong growth, with the median house price increasing 4.5 per cent to $622,031.

“This is not a completely unexpected result in the post-Games period as we see normal activity resume,” Ms Mercorella said.

The Gold Coast is the biggest apartment market in Queensland, selling more than 10,000 units in the 12 months to June 2018.

It was also one of the few unit markets in Queensland to deliver positive growth, adding a slender 0.9 per cent to values to a median of $429,000.

Source: www.domain.com.au

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The Coast area where it’s almost impossible to get a rental

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The Coast area where it's almost impossible to get a rental
Shelley Beach at Caloundra. The area had rental vacancy rates of just 0.5 per cent at the end of March. John McCutcheon

THE Caloundra coastal area is the tightest rental market in Queensland, latest data has revealed.

The Caloundra coast shared the mantle with Gympie for the tightest vacancy rates across Queensland in March, with just 0.5 per cent of rental properties vacant in both areas.

Noosa was the third tightest market in Queensland, with 0.8 per cent vacancy.

The Sunshine Coast hinterland was the easiest place in the region to find a rental property, with 2.2 per cent of rental properties available.

But the figures reflected a slight easing from the Sunshine Coast’s strangled rental market conditions at the end of December, when both Caloundra and Maroochydore sat at 0.4 per cent vacancy.

While the figures are bad news for those trying to secure a lease, Real Estate Industry Queensland CEO Antonia Mercorella said the results were positive for investors after several years of “bleak” market conditions.

Ms Mercorella said the Australian Prudential Regulation Authority should ease restrictions on lending to allow more property investment and increase the number of rental properties available.

“Some of our markets, such as the Gold and Sunshine Coasts, remain uncomfortably tight and we would like to see more investors enter those markets, however APRA’s tightened lending criteria is not encouraging investors to consider property,” she said.

Data from SQM Research up to April 20 revealed rental prices had jumped since the end of last year, with rents for homes up 3.2 per cent and units up 3.7 per cent.

Larger homes in particular have seen significant price growth, with rent prices for three bedroom houses increased 12.3 per cent since April 20, 2015.

QUEENSLAND’S TIGHTEST MARKETS

Caloundra: 0.5%

Gympie: 0.5%

Noosa: 0.8%

Sunshine Coast: 1%

Gold Coast: 1.1%

Source: www.ipswichadvertiser.com.au

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10 QLD suburbs that smashed records in 2017/18

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10 QLD suburbs that smashed records in 2017/18

Andrew Stone and Naomi Freney with their kids Remy Freney 6, Chelsea Stone 7 and Easton Freney 10 at the house they recently bought in Bundall, where the median house price recently burst through the $1m barrier.Source:News Limited

THEY are the state’s high achievers.

The suburbs that have outperformed their peers in the residential property stakes; breaking records for sale price, number of sales, days on market or for smashing through the million-dollar median price ceiling.

Benchmarks have been beaten in blue-chip areas like Ascot, Sunshine Beach and Surfers Paradise, as well as suburbs on the rise, including Kalinga and Underwood.

Records were smashed in at least 10 suburbs across the state in the past 12 months— an indicator of a shortage of stock and increase in demand in a number of competitive markets.

Here are some of Queensland’s benchmark busters of 2017/18:

ASCOT

The standout record-breaker in Brisbane was the sale of the trophy home of Domino’s Pizza boss Don Meij in Ascot.

The $11 million sale price of 27 Sutherland Avenue in March set a new record for the inner-city, blue-chip suburb.

It was also Brisbane’s highest sale of the past financial year.

10 QLD suburbs that smashed records in 2017/18

This home at 27 Sutherland Ave, Ascot, sold for $11m.Source:Supplied

Patrick McKinnon of Place Ascot, formerly of Coronis Hamilton, brokered the deal and said Mr Meij sold after receiving an off-market offer from a buyer who had fallen in love with the property.

Set on a sprawling 2024 sqm, the lavish home has six bedrooms, six marble ensuites and a jaw-dropping outdoor entertaining space with resort-style gardens, infinity-edge pool, pool house with outdoor kitchen and verandas.

10 QLD suburbs that smashed records in 2017/18

Inside the home at 27 Sutherland Ave, Ascot.Source:Supplied

BRENDALE

The fastest selling suburb in Queensland is Brendale in the Moreton Bay region, where the median house price is still an affordable $461,000.

It takes, on average, just 11 days to find a buyer, according to CoreLogic.

According to the latest Census data only 14.5 per cent of properties in the suburb are houses. With so few houses available, demand can be strong when something new is listed.

BUDERIM

The Sunshine Coast hinterland suburb had the highest number of houses change hands in 2017/18, with 573 houses selling in the 12 months to May, according to CoreLogic.

The owners of a majestic property at 10 Orme Rd, Buderim, that once hosted royalty have embarked on a new push to sell it.

10 QLD suburbs that smashed records in 2017/18

Buderim House at 10 Orme Rd, Buderim, is for sale.Source:Supplied

With all the focus on the royal newlyweds of late, it’s only fitting this heritage-listed Queenslander now holds extra appeal, given it was the residence of choice for the Duke of Gloucester during a royal visit in 1934.

The grand residence on 6315 sqm was built circa 1913 on the highest point of the northern slope of Mt Buderim, overlooking the Maroochy coast and river valley.

10 QLD suburbs that smashed records in 2017/18

Inside Buderim House at 10 Orme Rd, Buderim, which is for sale.Source:Supplied

BUNDALL

This Gold Coast suburb made the million dollar club for the first time in 2017/18, with its median house price now $1.05 million.

The sale of a waterfront mansion at 8-10 Marseilles Court this year for $9 million also broke the suburb’s sale price record — trumping the $8 million sale achieved in 2009 for a house in the same street.

The resort-style home has five bedrooms and seven bathrooms and is on a huge, 2703 sqm riverfront block.

REIQ Gold Coast Zone chairman Andrew Henderson said the new record was not surprising given the Coast’s strong market and he was confident property values would continue to soar.

Andrew Stone and his partner, Naomi Freney, recently bought a five-bedroom house, which they renovated, in Bundall for $620,000.

Mr Stone said he considered it a bargain given how tightly-held the suburb had become and the increase in house prices.

“I think we probably hit pot luck with that place,” Mr Stone said.

“People had been saying that area was going to go up 20 years ago and all of a sudden, it’s growing and there’s not a lot of turnover anymore.”

Ben Latimer of LJ Hooker Southport said Bundall’s transformation into a record-breaking suburb had happened gradually.

“It’s desirable because it’s so close to everything and there’s a good mixture of waterfront and dry blocks,” he said.

Paul Nikolas agrees.

He’s been buying, renovating and selling homes in Bundall for the past six years.

The last house he sold there earned him a profit of around $700,000.

He’s now selling his latest project at 19 Donegal Crescent for a cool $3.995 million.

“I’ve found a niche market here — nice, older properties on the water,” Mr Nikolas said.

10 QLD suburbs that smashed records in 2017/18

This house at 19 Donegal Cres, Bundall, is for sale.Source:Supplied

10 QLD suburbs that smashed records in 2017/18

The view from the house at 19 Donegal Cres, Bundall.Source:Supplied

COORPAROO

The inner Brisbane suburb achieved a new sale price record when a landmark house sold for $5.025 million just last month.

Designed by architect Eric Trewern, the English-inspired home known as Thongabel at 4 Welwyn Crescent captures views of the entire Brisbane City skyline.

10 QLD suburbs that smashed records in 2017/18

This house at 4 Welwyn Cres, Coorparoo, sold for a record price for the suburb.Source:Supplied

The five-bedroom, three storey house had been renovated with architectural features including Tulip Oak timber floors, Italian tiles and travertine.

Other highlights included a library, gym, climate controlled wine cellar, formal office, heated lap pool, heated horizon spa and outdoor space for kids to play.

Just 4km from the CBD and with a number of good Catholic and private schools on offer, Coorparoo has become one of Brisbane’s most sought-after suburbs.

The median house price sits at $875,000, according to CoreLogic.

10 QLD suburbs that smashed records in 2017/18

Inside 4 Welwyn Cres, Coorparoo, which sold for $5.025m in 2018.Source:Supplied

KALINGA

The tiny, up-and-coming suburb in Brisbane’s inner north made it into the million dollar club for the first time in 2017/18.

Its median house price broke through the $1 million barrier in late 2017 and currently sits at $1.04 million.

In November, 2017, records show the offmarket sale of a house at 119 Nelson Street for $4 million set a new price record for the suburb.

MANLY

Brisbane’s bayside is a sleeping giant only held back by lack of stock, according to one of Manly’s leading agents.

The suburb set a new sale price record for both houses and units in the past financial year.

Marc Sorrentino of Place Manly recently sold a unit in the seaside suburb for a whopping $1.2 million — smashing the previous record price paid for an apartment there by $345,000.

10 QLD suburbs that smashed records in 2017/18

This apartment at 301/177 Melville Tce, Manly, has sold for $1.2m.Source:Supplied

A couple from Sydney snapped up the luxurious three-bedroom, two-bathroom pad at 301/177 Melville Terrace, which had been advertised for offers over $1.1 million.

The median unit price in Manly, just 15km from Brisbane’s CBD, is $485,000, according to property research firm CoreLogic.

Late last year, Mr Sorrentino sold a family home on a huge, waterfront block at 497 Royal Esplanade for $3.9 million — smashing the suburb record for the sale price of a house.

10 QLD suburbs that smashed records in 2017/18

The sale of this house at 497 Royal Esp, Manly, set a new record for the suburb.Source:Supplied

“I keep saying it’s Australia’s best kept secret, but you watch. The prices are just going to keep going up and up and up,” he said.

“There’s just been a lack of good stock.”

SUNSHINE BEACH

The sale of a beach house in Sunshine Beach for $18 million in March set a new price record for the entire Sunshine Coast region.

10 QLD suburbs that smashed records in 2017/18

This mansion at 21-23 Webb Rd, Sunshine Beach, QLDSource:Supplied

The seven-bedroom, eight-bathroom property at 21-23 Webb Road was bought by David Russell, the owner of private equity group Equis Energy.

Just streets away, former tennis star Pat Rafter’s beachfront home sold for $15.2 million to Betty’s Burger founder David Hales, within weeks of the Webb Road sale.

10 QLD suburbs that smashed records in 2017/18

The former home of tennis star Pat Rafter at 46 Seaview Tce, Sunshine Beach.Source:Supplied

SURFERS PARADISE

A whopping 1398 units were sold in the Gold Coast’s glitziest suburb in the past financial year — more than any other property type in any other suburb.

It seems only fitting then that the most expensive penthouse Queensland has ever seen is under construction in Surfers Paradise.

10 QLD suburbs that smashed records in 2017/18

An artist’s impression of one of the apartments inside the Spirit 89 tower at Surfers Paradise.Source:Supplied

Priced at a whopping $41m and spread across two full floor levels, the highest home in the $1.2 billion Spirit 89 building easily tops the list of Queensland’s most expensive penthouses.

The 1899sq m sky home will also be one of the largest in the country, almost twice as large as Hong Kong billionaire Tony Fung’s $7.95 shell of a penthouse in the Soul building, and just a fifth smaller than the hyper-exclusive Boyd Residence above ANZ Tower in Sydney — which at $66m is Australia’s most expensive penthouse.

“Without the spire on Q1, it is the tallest residential building in Queensland,” agent Julian Sutherland of Ray White Projects told The Courier-Mail.

10 QLD suburbs that smashed records in 2017/18

An artist’s impressions of the Spirit 89 tower at Surfers Paradise.Source:Supplied

UNDERWOOD

The working class suburb in Brisbane’s south experienced the highest capital growth in Queensland in the past 12 months.

The Logan suburb’s median house price climbed nearly 25 per cent to $601,345 in the past financial year.

Underwood’s median house price also jumped a massive 65.6 per cent between May 2008 and May this year — the highest growth of any Brisbane suburb in the past decade.

CoreLogic senior research analyst Cameron Kusher told The Courier-Mail it was “a bit surprising” given the suburb’s location, 17km from Brisbane’s CBD, but its affordability and access to the highway and Gold Coast made it attractive.

“But its median (house) price is now up over $600,000, so it’s not really that cheap anymore,” Mr Kusher said.

Source: brisbaneinvestor.com.au

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