Queensland’s most in-demand suburbs
BRISBANE'S blue-chip suburbs are benefiting from an economic growth spurt that's driving demand for housing in Queensland, new research reveals.
The latest national property outlook from realestate.com.au shows buyer demand for housing in Brisbane is 1.4 per cent higher than it was a year ago, with the median home price also increasing by 1 per cent to $490,000.
It's a very different story south of the border, with buyer demand for homes in Sydney dropping a whopping 23 per cent year-on-year and Melbourne's popularity shrinking by 20 per cent.
While some of the biggest housing markets in the country are being hit by a downturn stemming from a crackdown on home lending, much of the Queensland market is bucking the trend.
The inner north suburb of Grange is the most in-demand in the state right now, followed by the affluent, greenbelt suburbs of Chandler and Burbank in the southeast.
Homes in Brisbane's inner city, east and north are proving the most sought-after, while demand has dropped for properties in Brisbane's south and west in the past 12 months.
Realestate.com.au chief economist Nerida Conisbee said the Brisbane housing market was recording steady, positive growth, and much of regional Queensland was joining it - albeit from a low base.
"Almost everything is up just a bit - buyer demand, rental demand and pricing," Ms Conisbee said.
She said there had been a strong pick-up in demand for Brisbane housing from offshore buyers, perhaps driven by the city's education sector as well as its relative affordability.
And Ms Conisbee expects home price growth in the city to continue over the next 12 months.
"Better economic growth conditions appear to be a positive in this market and premium Brisbane suburbs are the beneficiaries," she said.
"Queensland's economic growth is pulling the market up and the Royal Commission wrapping up will be a positive for finance and for the state."
The regions making a strong comeback include Douglas and Mackay, which have recorded double digit price growth - "quite unusual in these market conditions", according to Ms Conisbee.
Demand for homes in Gladstone rose more than 25 per cent in the past 12 months, with Gympie, Noosa and the Fraser Coast also popular.
Even the Gold Coast, which experienced a post-Commonwealth Games demand hangover, seems to be recovering, with demand levels flat over the quarter.
Matthew Jabs of Place - Newmarket, who sells real estate in Brisbane's inner north, said Grange was a tightly-held suburb with a limited supply of homes available for sale.
"People want to live there for the school catchments and the proximity to the city," Mr Jabs said.
"There are families who've been there for 30/40 years who just won't sell.
"When you've got that liveability so close to the city, what more could you want? That's why there's a lack of turnover."
Darren and Lynette Cooper saw the potential in Grange when they bought a vacant block of land there as their first property investment a year ago.
The couple built a four-bedroom, family home on the site at 18 Stevenson Street and are now hoping to make a tidy profit selling it.
"We had been looking on the south side - in Camp Hill - but prices were more expensive," Mr Cooper said.
"Grange is considered to be the Camp Hill of the north side and it's also in the catchment of Wilston State School.
"That was a major drawcard, and also the strong previous sales in Grange made us interested in the property."
The suburb has a median house price of $930,000, according to property research firm, CoreLogic.
QLD'S 10 MOST IN-DEMAND SUBURBS
5. Red Hill
6. Camp Hill
7. Holland Park