Boom towns: Property price peaks spread across Queensland
Queensland has become a real estate gold mine with the number of suburbs and regional areas recording house sales growth hitting record highs.
In less than 12 months, Greater Brisbane has had an almost fivefold increase in suburbs showing housing prices are on the march.
Even more prosperous is regional Queensland, which includes the Gold and Sunshine Coast, which is outperforming city areas across the nation with 157 locations on the financial rise, according to the quarterly Price Predictor Index (PPI).
Overall, Regional Queensland leads the nation with 70 per cent of all locations canvassed are showing a rising markets, compared to 57 per cent in Brisbane, 49 per cent in Adelaide and Melbourne with 47 per cent while Sydney's data has yet to be tallied.
"The uplift in sales activity in the past six months has been extraordinary," said Hotspotting property analyst Terry Ryder of Queensland's fortunes.
The PPI is generally considered a precursor to price growth with both Greater Brisbane and regional Queensland recording their highest figures in the six years the quarterly surveys have been conducted.
To think, less than 12 months ago, when Australia was in the midst of the pandemic, there were just 28 Greater Brisbane suburbs showing a housing price increase.
That number doubled during the following quarterly survey, when 56 suburbs were identified and now a whopping 124 suburbs are showing house prices are steadily increasing in value.
Leading the surge is Yeronga where the median has risen a whopping 38 per cent over 12 months and lifted the median to $1.045 million.
The second biggest gain was made in St Lucia where the median rose 36 per cent and the median price is $1.525 million, third highest in the state behind New Farm ($1.75 million) and Hamilton ($1.54 million).
Next best were suburbs where the median ballooned 20 per cent were New Farm, Highgate Hill ($1.2 million) and Manly ($945,000).
Mr Ryder said the results showed the number of growth suburbs doubled in six months and then doubled again within three months.
"The previous best result in the six years of our quarterly surveys was 80 growth (Greater Brisbane) suburbs six years ago at the start of 2015," Mr Ryder said.
"At the same time, the number of plateau markets is the lowest ever, while the number of declining or 'danger' markets has dropped from 37, eighteen months ago, to just five now."
The 'danger' markets are Fortitude Valley (unit market), Kelvin Grove (house and unit), South Brisbane (unit), West End (unit) tend to be where there are a higher saturation of apartments such as inner-city suburbs.
Leading the charge for rising sales within Greater Brisbane is the Moreton Bay region which includes 31 Moreton Bay Local Government Areas - a record for any LGA across Australia in the survey's history.
"This means that three-quarters of the ranked suburbs in the Moreton Bay Region have rising sales activity, a circumstance that makes strong price highly likely in 2021," Mr Ryder said.
Within metropolitan Brisbane, the northside has collectively performed better with 20 suburbs, including Banyo, Chermside and Kedron, showing steady growth in values.
On the southside, Logan City has 17 growth suburbs, followed by Brisbane-south (with 13), Brisbane-inner (11), Brisbane-east (12), Brisbane-west (7) and Redland City (8).
Even though house price growth has included more suburbs on Brisbane's northside, some of the biggest median house price gains have been made in the inner, western and southern suburbs, according to the PPI.
St Lucia's median house price has jumped 36 per cent to $1,525 million while the media at Yeronga has rocketed from 38 per cent to $1,045 million.
Trendy inner New Farm has increased 20 per cent to a median of $1,75 million while Highgate Hill ($1.2 million) and Manly ($945,000) have gained 20 per cent in their median prices.
"The uplift in sales activity in the past six months has been extraordinary," Mr Ryder said.
"In the most recent quarter, 76 per cent of suburbs had some level of price growth."
One area to miss out the positive momentum being felt elsewhere in the Greater Brisbane area was Ipswich City with only five growth suburbs.
As for regional areas, the Sunshine Coast is going gangbusters with 30 of 41 LGA showing a rising market, while all seven Noosa suburbs are shooting skywards.
The highest growth occurred in the top end suburbs such as Minyama with a 43 per cent increase in the median to $1,315 million while Sunshine Beach was up 47 per cent and a median of $2 million.
There were 31 Gold Coast suburbs that experienced increases in price growth with the median price at Worongary and Miami both up 18 per cent and Arundel and Clear Island Waters jumping 14 per cent.
"Our analysis shows that 81 per cent of regional Queensland locations have recorded price growth in the past year, with most of them rising more than five per cent," Mr Ryder said.
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Originally published as Boom towns: Property price peaks spread across Qld