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Queensland’s million dollar club booming as home values surge

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Queensland’s million dollar club booming as home values surge

Robert Evans outside his investment property in Hendra that is for sale.Source:News Limited

MORE Queensland homeowners are now millionaires, with new research revealing a near 50 per cent jump in the number of million dollar suburbs in the past decade.

By the end of 2017, the state had 38 suburbs with a median home value of $1 million or higher — 15 more than the year before, according to property research firm, CoreLogic.

While traditional blue-chip pockets such as Ascot, Hamilton and New Farm have stood the test of time — making the million dollar club every year since 2007 — it’s the new kids on the block that may come as a surprise.

The little known Queensland suburbs of Willawong, Mount Samson and Kalinga have all cracked the million-dollar value ceiling in the past year.

And for the first time, Wilston, West End, Paddington, Hendra, Highgate Hill, Ashgrove and Auchenflower have burst through the $1 million median home value barrier.

Median home values in Paddington are now more than $1 million, according to CoreLogic.

Median home values in Paddington are now more than $1 million, according to CoreLogic.Source:News Limited

Median home values in West End and Highgate Hill are now more than $1 million.

Median home values in West End and Highgate Hill are now more than $1 million.Source:News Limited

On the Gold Coast, Surfers Paradise has made the million dollar club nine out of the past 10 years, while Bundall is a newcomer.

Further north on the Sunshine Coast, Shelly Beach in Caloundra made the list for the first time ever in 2017, joining the usual suspects of Noosa Heads and Sunshine Beach.

 

Noosa on the Sunshine Coast has long been a member of the million dollar club.

Noosa on the Sunshine Coast has long been a member of the million dollar club.Source:Getty Images

In the state’s north, Castle Hill in Townsville is the only suburb to achieve million-dollar status, while in central Queensland, the holiday resort town of 1770 has made the list several times over the past decade.

Even the Logan suburb of Park Ridge joined the club briefly for a year in 2010.

The number of suburbs in Queensland with a median home value of $1 million or more grew by 48 per cent in the past ten years.

CoreLogic research analyst Cameron Kusher said he expected that growth to continue in 2018, although perhaps not at the same rate as in the past 12 months.

“What we’re seeing in southeast Queensland at the moment is migration is picking up,” Mr Kusher said.

“I think Queensland might see more million dollar suburbs over the next 12 to 24 months as that level of migration continues to picks up.

“But I wouldn’t be surprised if the jump (in values) is not as substantial in 2018 as it was in 2017.”

Mr Kusher said it would only be a matter of time before home values in more of Brisbane’s inner ring suburbs pushed through the $1 million barrier, as well as more suburbs on the Gold and Sunshine Coasts.

“That inner ring has been quite strong for houses over the past 12 months or so and clearly lack of supply in the detached housing market and strong demand is pushing up values, which is what you’d expect,” he said.

Robert Evans saw the potential in the north Brisbane suburb of Hendra a few years ago when he bought a block of land and built a four-bedroom, two-bathroom house at 18 Harding Street.

This house at 18 Harding Street, Hendra, is for sale. Picture: realestate.com.au.

This house at 18 Harding Street, Hendra, is for sale. Picture: realestate.com.au.Source:Supplied

This house at 18 Harding Street, Hendra, is for sale. Picture: realestate.com.au.

This house at 18 Harding Street, Hendra, is for sale. Picture: realestate.com.au.Source:Supplied

Mr Evans has used the architecturally designed home as an investment property and enjoyed healthy rental returns, but is taking it to auction later this month.

“There’s no other house like it in Hendra,” Mr Evans said.

Hendra is only 6km from Brisbane’s CBD and the median house value in the suburb is now$1.00784 million.

“It’s a good area, it’s quiet, close to the airport and offers good yields,” Mr Evans said.

“That’s why we built there.”

Marketing agent Leigh Kortlang of Ray White Ascot has been selling real estate in Hendra for nearly 15 years and has seen home values rise considerably in that time.

“When I moved to Hendra 18 years ago, people said ‘what are you doing crossing the train tracks’,” she said.

“People started moving in to the area because it was a bit cheaper than surrounding suburbs (like Ascot, Hamilton and Clayfield), but now it’s on everyone’s shopping list because they actually want to live in Hendra.”

Ms Kortlang said the suburb was considered “a bit more laid-back”, with quiet, wide streets lined with Poinsiana trees and bigger blocks of land.

Between 2012 and 2017 — when the Sydney and Melbourne housing markets entered an upswing — the number of $1 million suburbs nationally increased by a whopping 243 per cent.

And by the end of last year, almost 1000 suburbs across the country hit the million dollar median value mark.

But Mr Kusher said he did not expect the surge in home values in Sydney and Melbourne to continue this year.

“With the national housing market slowing over the final quarter of 2017, we may actually see fewer suburbs with a million dollar price tag at the end of 2018,” Mr Kusher said.

“In fact, the current data points to the fact that the housing slowdown, particularly in Sydney and Melbourne, is being led by the higher value end of the market.

“As a result, this may lead to a number of $1 million suburbs slipping out of the list in the two largest housing markets over the coming year.”

QUEENSLAND’S NEW MILLION DOLLAR CLUB

Suburb House/unit Median value

Ascot House $1,639,995

Ashgrove House $1,009,882

Auchenflower House $1,106,010

Broadbeach Waters House $1,134,991

Brookfield House $1,022,382

Bulimba House $1,199,385

Bundall House $1,070,066

Burbank House $1,113,467

Castaways Beach House $1,057,405

Castaways Beach Unit $1,241,197

Chandler House $1,336,866

Chelmer House $1,183,319

Clayfield House $1,140,050

Clear Island Waters House $1,151,038

Fig Tree Pocket House $1,028,710

Fortitude Valley House $1,018,262

Hamilton House $1,417,327

Hawthorne House $1,196,229

Hendra House $1,007,840

Highgate Hill House $1,062,097

Kalinga House $1,133,852

Main Beach House $1,674,362

Mermaid Beach House $1,399,733

Minyama House $1,057,460

Mount Samson House $1,038,904

New Farm House $1,407,876

Noosa Heads House $1,004,007

Paddington House $1,077,237

Pullenvale House $1,088,506

Shelly Beach House $1,002,906

St Lucia House $1,197,301

Sunshine Beach House $1,363,637

Surfers Paradise House $1,332,778

Teneriffe House $1,589,892

Tennyson Unit $1,104,751

West End House $1,002,369

Willawong House $1,224,624

Wilston House $1,064,768

(Source: CoreLogic, data current to end of 2017)

Originally published: brisbaneinvestor.com.au

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Top 68 suburbs for growth in Queensland revealed

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Top 68 suburbs for growth in Queensland revealed

Top 68 suburbs for growth in Queensland revealed. New data has shown the top 68 suburbs in Queensland for capital growth over the last 12 months to June, with the number one spot reaching triple digits.

Top 68 suburbs for growth in Queensland revealed

Outlined in the Real Estate Institute of Queensland’s Queensland Market Monitor report, REIQ CEO Antonia Mercorella said despite the ‘doom and gloom’ of the property market, there are still locations that are seeing large gains in profitability.

“A total of 68 suburbs throughout Queensland have delivered double-digit growth over 12 months, which is a really strong result,” Ms Mercorella said.

“And there are many more suburbs delivering strong single-digit growth. It’s a great market to be in at the moment.”

While south-east Queensland saw a lot of attention, there were some high growth suburbs found in central and northern Queensland.

The area with the strongest growth was Blackwater, which saw a rise of 151 per cent growth, which Ms Mercorella attributed to the resurgence of coal prices.

Aside from Blackwater, 10 other suburbs saw growth over 20 percent. These included:

  • Spring Mountain with growth of 103.6 per cent;
  • Collinsville with growth of 46.2 per cent;
  • Minyama with growth of 45.8 per cent;
  • Hamilton with growth of 32.9 per cent;
  • Hollywell with growth of 30.5 per cent;
  • Miles with growth of 23.5 per cent;
  • Mount Coolum with growth of 21.9 per cent;
  • Dundowran beach with growth of 21.5 per cent;
  • Boonah with growth of 21.3 per cent; and
  • Idalia with growth of 21.3 per cent.

Ms Mercorella said the top 11 suburbs were indicative of steady growth across the state, but warned against calling it a ‘boom’.

“While we’re definitely seeing prices come back in western Queensland mining towns, such as Blackwater, these prices are still below their peak,” she said.

It’s unlikely we’ll see a return to pre-2013 prices in those areas anytime soon.”

South-east Queensland

While the top 11 suburbs show a spread of high growth suburbs through the state, 41 suburbs out of the 68 are located in the ever-popular south east corner of Queensland.

Of these, 15 suburbs were located in the Sunshine Coast region, with the highest growing being Minyama, which ranked fourth overall.

The Brisbane region also saw a large number of high performing suburbs at 13. Hamilton was the region’s best performer and fifth overall.

Next was Ipswich with six suburbs, then the Gold Coast with four, Moreton Bay with three, while Redland and Logan suburbs did not rank.

Regional Queensland

Outside of south east Queensland, 27 regional suburbs ranked on the list, with the Townsville region recording four suburbs. Its highest performer was Idalia, which ranked 11th overall.

Next were the Cairns and Gympie regions, both recording three suburbs each. Cairns’ top performer was Palm Cove, which ranked 26th overall, while Cooloola Cove was Gympie’s top performer, which ranked 42nd overall.

While only recording one suburb, the Whitsunday region’s Collinsville ranked third overall.

The Bundaberg and Toowoomba regions both recorded two top suburbs, while the Banana, Charters Towers, Fraser Coast, Gladstone, Isaac, Livingstone, Mackay, Rocky, Scenic Rim, Somerset and Western Downs regions all had one top suburb each

The top 68 suburbs which experienced double digit growth over the last year to June 2018, according to the REIQ, are:

RankSuburbMedian priceCapital growth over 12 months (as a percentage)
1Blackwater$94,250151.3%
2Spring Mountain$450,000103.6%
3Collinsville$95,00046.2%
4Minyama$1,310,00045.8%
5Hamilton$1,442,00032.9%
6Hollywell$810,00030.5%
7Miles$148,25023.5%
8Mount Coolum$670,00021.9%
9Dundowran Beach$607,00021.5%
10Boonah$324,50021.3%
11Idalia$485,00021.3%
12Rasmussen$347,50019.9%
13Yaroomba$749,00019.7%
14Biloela$272,75018.6%
15Burnett Heads$317,00018.1%
16Tivoli$295,00018.0%
17Cashmere$690,00018.0%
18Walloon$370,00016.7%
19Sunshine Beach$1,400,00016.7%
20Noosa Heads$1,070,00016.0%
21Hope Island$739,75015.7%
22Ripley$374,00015.4%
23Sandgate$705,00015.2%
24North Ward$575,00015.0%
25Paddington$1,150,00014.7%
26Palm Cove$606,00014.3%
27Charters Towers City$142,50014.0%
28Pelican Waters$761,00013.9%
29Cooee Bay$313,00013.8%
30Mount Ommaney$944,00013.7%
31Fernvale$357,50013.5%
32The Range$380,00013.4%
33Landsborough$432,50013.4%
34Sunnybank$832,50013.3%
35North Mackay$270,00013.2%
36Whitfield$540,00013.1%
37Graceville$932,50013.0%
38Hendra$1,100,00012.7%
39Shorncliffe$840,00012.4%
40Moranbah$185,00012.1%
41Coes Creek$442,50012.0%
42Cooloola Cove$317,50012.0%
43Battery Hill$578,00012.0%
44Seven Hills$940,00011.9%
45Nundah$755,00011.9%
46Monkland$240,00011.6%
47Bongaree$470,00011.6%
48Clifton Beach$557,50011.5%
49Maroochydore$639,00011.2%
50Twin Waters$823,00011.2%
51Cambooya$322,50011.2%
52Tewantin$572,50011.2%
53Coolum Beach$675,25011.2%
54Kedron$744,50011.1%
55Sunrise Beach$820,00011.0%
56Oakey$241,50011.0%
57D’aguilar$416,00010.9%
58Mountain Creek$610,00010.9%
59Flinders View$371,50010.9%
60Highland Park$570,00010.7%
61Rosewood$291,00010.7%
62Bulimba$1,300,00010.6%
63Kirkwood$353,50010.5%
64Woodgate$402,50010.3%
65Railway Estate$309,50010.1%
66Auchenflower$1,070,00010.0%
67Rainbow Beach$489,50010.0%
68Ormeau Hills$530,00010.0%

Source: brisbaneinvestor.com.au

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Qld home values rise in 12 months

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Queensland

HOME values rose in seven of Queensland’s nine subregions in the past year, despite widespread fears of a cooling housing market.

It comes as Brisbane is ranked 20th on a global list of cities measuring residential property price growth over the past year, with the city recording above average 3.5 per cent growth.

Research from property data supplier CoreLogic reveals the Sunshine Coast recorded the biggest rise in home values over the past 12 months – increasing 6 per cent.

Queensland
Homes on the Sunshine Coast recorded a 6 per cent rise in value over the past year. Photo: Lachie Millard.

Homes in Brisbane’s western suburbs increased in value by 4.4 per cent in the same period, followed by Moreton Bay South, with a gain of 2.5 per cent and inner Brisbane with a rise of 2.1 per cent.

Home values in Logan, Brisbane’s eastern suburbs, Gold Coast, Wide Bay, Brisbane’s north and Moreton Bay North also rose marginally.

At the same time, only one of Sydney’s 15 subregions recorded an annual rise in home values.

Queensland
Seven out of Queensland’s nine subregions recorded growth in home values in the past 12 months, according to CoreLogic. Photo: Glenn Hunt/Getty Images.

CoreLogic head of research Tim Lawless said that with property values falling across four of the eight capital cities over the past twelve months, it was easy to forget some housing markets around the country were actually seeing relatively healthy and sustainable growth.

Almost half of Australia’s 88 SA4 subregions recorded a rise in dwelling values over the past twelve months.

Regional areas of the country are more likely to be showing positive growth conditions, with 57 per cent of all regional areas recording a rise in dwelling values over the year, compared to only 39 per cent of the capital city subregions.

Mr Lawless said the ‘healthier’ conditions across the regional markets could probably be attributed to more sustainable growth conditions during the growth phase, compared to the likes of Sydney and Melbourne.

Related article: Mortgage holders rejoice most Qld homes rose in value over the past year

Queensland
CoreLogic head of research Tim Lawless, pictured in Sydney.

“The more sustainable history of price growth has kept a lid on housing affordability and made these markets attractive to migrants, particularly those areas where economic conditions are buoyant,” Mr Lawless said.

“A ripple of demand has been emanating from the largest capitals towards the satellite cities where housing is generally more affordable and lifestyle factors can be appealing.

“Many coastal and lifestyle markets have benefited from a rise in buyer demand, either from those looking for a new residence, second home or investment option.”

Mr Lawless also said many of the hard hit mining regions had now levelled out and were starting to show growth.

He said the data highlighted the diversity across Australia’s housing markets.

“While conditions are broadly slowing, especially around Sydney and Melbourne, many areas of the country are benefiting from a history of more sustainable growth rates, improving demand and reasonably strong economic conditions,” Mr Lawless said.

It comes as Knight Frank ranked Brisbane 20th on its Prime Global Cities Index.

Sydney came in 17th place, Melbourne sits in 21st place and Perth sits in 24th place.

“Despite a cooling mainstream market off the back of tighter lending practices, Australian prime markets continue to experience growth with buyers less impacted by these measures,” Knight Frank’s head of residential research Australia Michelle Ciesielski said.

Source: www.sunshinecoastdaily.com.au

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Maroochydore: ‘Connected yet quiet’ suburb growing fast

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sunshine coast
Experts are hailing the Sunshine Coast as Australia’s next property market hotspot, with the beachside suburb of Maroochydore set to reap the benefits.

According to Hotspotting.com.au, the Sunshine Coast is currently at the start of a long-term growth cycle.

“Momentum started building two years ago and has really been increasing over the past 12 months, and we’re now seeing that translate into solid growth,” founder Terry Ryder says.

In the housing market, many suburbs have had double-digit growth over the past year, with many others close to 10 per cent, he adds.

The growth is all due to the fundamental change that has taken place on the Sunshine Coast, with strong infrastructure spending and a broadening economy moving away from its reliance on tourism.

“It’s really all about infrastructure spending,” Ryder says. “The total list of projects recently completed or under construction is over $20 billion, which is huge for a city of this size.”

The $2 billion Sunshine Coast University Hospital, which opened in April 2017, was a significant project for the region, along with the $150 million private hospital built in association with it.

Current major projects include a $1 billion upgrade to the Bruce Highway, a $347 million expansion of the Sunshine Coast Airport and the creation of a new $430 million Maroochydore City Centre, which will include commercial, retail, entertainment and residential components.

“All of this brings new businesses into the Sunshine Coast, diversifies the economy and creates a lot of jobs,” Ryder says.

He says Maroochydore was the logical choice for a new CBD in the region, being not only at its geographical centre, but also its “nerve” or commercial centre.

The Milk Bar Coffee Co owner and chef Alex Cossell decided to open his business on Maroochydore’s Sixth Avenue, just one block from the beach, more than two years ago, identifying an opportunity in what he describes as a “central hub” filled with plenty of locals and tourists.

sunshine coast
Rise apartments will have unspoiled views of the ocean. Image: Supplied

“The cafe culture is epic,” Cossell says. “There are plenty of amenities within the area too, with great parks and playground areas for the young families.”

Cossell believes Maroochydore will be completely different in five years’ time.

“It is definitely growing at the moment, with so much more expansion in the works with the new CBD development just around the corner.”

Plenty of buyers, particularly locals, are also excited by what’s taking place in and around Maroochydore. They’re being drawn to the thriving area, taking advantage of the chance to buy before is it completely revitalised.

Rise Maroochydore Beach, a new luxury ocean-view development offering 48 apartments, is proving to be one popular opportunity.

The 12-storey building, situated on Sixth Avenue in the Cotton Tree neighbourhood of Maroochydore, received more than 700 expressions of interest prior to its launch, according to Colliers International.

Related article: What we need to future proof south east Queensland

sunshine coast
The development includes four-bedroom apartments. Image: Supplied

It appeals to owner-occupiers as it has generously sized two- and three-bedroom configurations, as well as two-level, four-bedroom penthouses, with prices ranging from $500,000 to $3 million.

“The Sunshine Coast used to be known for Mooloolaba and Noosa, but it’s becoming a lot more known for Maroochydore,” says Daniel Hirst of Colliers International, who is marketing Rise.

“Mooloolaba and Noosa are more holiday accommodation areas, while the Maroochydore and Cotton Tree areas are becoming a preferred residential choice for people who want to live in high-quality luxury apartments and have restaurants close to hand.

“They are professional couples in their mid-40s, people upgrading with young families, downsizers, retirees and semi-retirees.”

Rise offers a point of difference to other apartment developments, Hirst says, in that it benefits from Maroochydore’s growth but it’s not right in the hub of all the activity. Rather, it’s within easy walking distance.

“It’s connected to everything but it still has a quiet lifestyle,” he says. “You can walk a couple of hundred metres to the beach, restaurants and cafes, but you don’t have all the foot and vehicle traffic at your front door.”

Rise is also unique in that it offers the closest new apartments to the ocean in Maroochydore, with development of this scale currently not allowed any closer – which also means the views can’t be built out.

Source: www.domain.com.au

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