The Suburbs Of Greater Brisbane & Surrounds - An Insight Into Hot & Cold Markets
Major trends from the latest REIQ Market Monitor
Busy Markets - The Suburbs Of Greater Brisbane & Surrounds:
Most Recorded Sales In The Last Quarter
The REIQ produce a quarterly report they call the Market Monitor, and this latest report just published is interesting, and there’s a lot of, I think, statistics worth bringing out of the report and highlighting. Now, we focus specifically on the greater Brisbane suburbs and surrounding area, because that’s the area we have clients. That’s the area with focus on mostly with our clients.
The first set of stats that I thought were worth relating were the number of sales in the last quarter across certain suburbs, and certain suburbs certainly are a lot busier than others. There are a lot of low, medium density situations going on around the city, and they certainly reflect heavily in the figures.
So Forest Lake recorded 92 sales in the last quarter. North Lakes 86, Deception Bay 71, Kalinga 66, Cleveland 64, Caboolture 62, Redland Bay 59, Alexandra Hills 53, Thornlands 50, Morayfield 48, Victoria Point 46, Bracken Ridge 45, Sunnybank Hills, 44, Wynnum West 42, The Gap 41, Wynnum 40, Camp Hill 38, Warner 38, Coorparoo 37, Kenmore 37, Albany Creek 37, Indooroopilly 36, Bardon 35, Wakerley 35, Wellington Point 35, Aspley 33, and Paddington 32.
Hot & Cold Demand - The Suburbs Of Greater Brisbane & Surrounds:
Biggest Quarterly Increases & Declines In Median Price By Suburb
Now, median price certainly doesn’t tell a full story about a marketplace, but it’s still the REIQ’s main statistic to make judgments on the health of marketplaces. Of course, the mix of different home styles from large homes to town homes to units changes subtly over time in particular suburbs, and this has an impact on median price. For example, if there are a huge number of units into an area, as is the case with West End where historically several years ago West End would be probably more so houses than units, and now the balance is going the other way. Those extra units on the market will certainly be having a negative impact on the median price, as I will show you in a minute.
There are also many other factors like supply and demand, obviously, that dictate how a median price goes. Ben Cannon of Ray White Stones Corner made a very interesting comment in a piece on camphilltoday.com.au this week. He said that the average days on market is a better barometer of market performance than median price. I thought that was a very wise observation, and I think that’s almost certainly the case. At this moment the REIQ’s market monitor produces median prices, I suspect average days on market is in their gun sights. But for the moment we’ve got median prices to enable us to tell the story of a suburb.
The biggest declines in median price in the last quarter. It’s an interesting group of suburbs I’m about to relate because the figures can be seemingly very high. Now, Paddington, for example, has declined by 15.30% in the last quarter. And by the way, any suburb here that we’ve picked for this list has had a minimum of 20 sales in the quarter. There were some that had had even bigger declines, but on very, very thin sales. A minimum of 20 should give some level of a picture.
Indooroopilly declined by 11.4% in the last quarter. Sunnybank Hills declined by 10.4%. Ashgrove dropped by 9.7% in median price. Tarragindi dropped by 7.6%. Strathpine by 7.1%. Cannon Hill, 5.9% down. [Asby 00:02:55] dropped by 4.3%. Annerley by 3.2%. Camp Hill by 2.9%. Wavell Heights by 2.9%. And The Gap by 2.7%.
The biggest increases in quarterly median prices, again on the basis of a minimum of 20 sales in the quarter, were Caboolture South, grew by 30.4% to 310,000. Holland Park West grew by 24.5% to 736,00. Cleveland grew by 10% to 615,000. Manly West by 6.8% to 610,000. Carindale by 6.5% to 880,000. The Mitchelton median price grew by 6.2% to 650,000. Stafford Heights grew by 5.6% to 605,000. Wellington Point by 5.6% to 620,000. Mount Gravatt East by 5.3% to 657,500. And Kedron by 4.9% to 744,500.
Most Expensive Suburbs - The Suburbs Of Greater Brisbane & Surrounds:
Top Median Prices By Suburb
So the top median prices by suburb.
This is one that most the media like to portray regularly, it’s a sexy figure, it’s a sexy competition as to which suburb has now got the highest median price, and of course it’s determined by factors that don’t necessarily tell the full story, of course. It can be swayed be a particularly small number of high value sales, but even so it’s a reflection of where money’s moving to in suburbs. Now Teneriffe is currently the highest median price in Brisbane, based on last quarter’s sales, and that’s at $1.825 million. Brookfield comes next at $1.67 million, New Farm at $1.653 million, Ascot at $1.525, Hamilton at $1.442 million, Pullenvale at $1.215 million, Hawthorn at $1.205 million, Paddington at $1,150,000, Thornlands at $1,117,500, Clayfield at $1,110,000, St Lucia at $1,107,500, Hendra at $1,100,000, Auchenflower then at $1,070,000, Kalinga at $1,049,000, Robertson at $1,038,000, West End at $1,037,500.
Largest Median Price Increases - The Suburbs Of Greater Brisbane & Surrounds:
Biggest Increases in Median Price Over The Last Year
The biggest changes in medium price in the last 12 months. This obviously reflects some recent, what you might say bubbles, or potentially a few … developments of a particularly high, high value, high-end spec. But it also reflects a few other things. Hamilton, for example, has increased by 32.9% in terms of median price in the last 12 months. Now, Hamilton’s got an interesting story, because Hamilton does appear on the list of lowest growth over the last five years. So, basically it’s a story there of, I think old money sitting on values. New residential units coming on the market, to a degree … I don’t think they’re necessarily increasing median prices, because those houses have very high values in Hamilton. And the units, some will be above the median value, some will be below, but I think probably it’s got a downward pull.
And yet, some more recent sales in the last quarter have probably been at the higher end of the market. So, the story’s a mixed picture. Bottom line is in the last quarter … sorry, in the last year … sorry, in the last 12 months, Hamilton has seen a 32.9% increase in median price. Brookfield’s seen an increase of 15.2% in the last 12 months, median price. [Thornlands 00:01:48], 15.2%. [Soundgate, 00:01:49], 15.2%. Paddington, 14.7%. Mount [inaudible 00:01:56], 13.7%. Sunnybank, 13.3%. Graceville, 13%. [Hendra, 00:02:05], 12.7%. Seven Hills, 11.9%. [Nundah 00:02:10], 11.9%. [Kedrion 00:02:12], 11.1%. [Balimba 00:02:15], 10.6%. [Auckland Flower 00:02:18], 10%. [Norman Park 00:02:20], 9.3%. Grange, 9.1%. Middle Park, 9.1%. [Darden 00:02:30], 9%. Ash Grove, 9%. [Tingalpa 00:02:31], 9%. [Wavell Heights 00:02:33], 8.5%. [Indripley 00:02:34], 8.4%. Thornlands, 8.3%. [Greenslopes 00:02:40], 7.7%. [Karendale 00:02:41], 6.7%.
Largest Median Price Declines - The Suburbs Of Greater Brisbane & Surrounds:
Largest Declines In Median Price Over The Last 12 Months
So, the biggest declines in median price from the REIQ market monitor latest quarter. Now, these are quite interesting. In some cases, we have clients in suburbs that have had substantial upward movement in median prices and, in a couple of cases, we’ve got clients in suburbs that have had the opposite, and strangely, the markets where the median prices has fallen the most seems to be the tighter markets. So, you would expect a tighter market to probably have an upward movement in median price. So, anyway, the list goes as follows, and bear in mind these are the biggest declines in the last quarter across Brisbane by suburb.
Wilston lost 28.8% of its median value to go down to $855,000. Teneriffe dropped their median value by 27.4%, to go down to $1.825 million. Highgate Hill dropped by 17.8% to $937,500. Milton dropped by 13.4% to $845,000. St Lucia was down by 11.6% to $1,107,500. Fig Tree Pocket was down by 9.9% to $960,000. Kenmore Hills fell by 6.9% to $782,500. Chelmer dropped their median price by 6.8% to $980,000. Corinda fell by 6.7% to $713,500. Yeronga dropped by 6.2% to $802,000. West End fell by 5.7% to $1,037,500. Kelvin Grove fell by 5.4% to $778,300. Westlake fell by 5.2% to $677,500. Manly fell by 4.8% to $728,375. Eight Mile Plains fell by 4.6% to $755,000. And East Brisbane fell by 4.4% to a median price of $849,500.
Median Price Changes Over 5 Years - The Suburbs Of Greater Brisbane & Surrounds : Largest Changes In Median Price Over The Last 5 Years
Of all the fascinating stats that the REIQ market monitor produces, for me, the five-year change numbers are probably the most interesting. They reflect which suburbs have had genuine momentum for a period of time, which haven’t, and the variants can be dramatic. For example, in Queensland, Mermaid Beach registered a 94.7% increase in median price over the last five years. Sunshine Beach registered 81.8%; pretty damn high figures to be doubling your money, virtually, in a five-year period. It’s pretty interesting marketplaces.
Of course, the numbers tend to be a little more … Well, a little bit lower in the city, in Brisbane. Greater Brisbane and surrounds is where we focus on. That said, there’s some pretty high numbers. For example, Teneriffe, in the last five years, has grown its median price by 79.3%, which is the median price is now 1.825 million. New Farm in the last five years has grown median price by 65.3%, and that’s now up to a median price 1.653 million.
Ascot, median price there has grown by 59.1% in the last five years and is now up to 1.525 million. Sunnybank registered a 58.4% increase in the last five years and now has a median price of 832,500. Hendra has increased its median by 53.6% and is now up to 1.1 million. Seven Hills, a 51.6% increase over the last five years, now up to 940,000 median price. Rochedale increased by 49.8% over the last five years, and that’s now up to a median price of 944,000.
Paddington increased by 49.5%; interestingly, had a decline, a substantial decline in the last 12 months, so the net effect there is an increase over five years of 49.5%. That’s now a median price in Paddington of 1.15 million. Camp Hill 46% up and how registers a median price of 905,000. Norman Park 44.7% up, now with a median price of 962,000. Kedron, over the last five years, registered a 44.2% gain. Median price is now 744,500. Mount Ommaney 44.1% up over the last five hears. Median price is 944,000.
Albion 44.1% up in the last five years with a median price of 765,500. Robertson up 43.5% with a median price of 1 million and 38,000. Grange; interestingly, Grange up 42.9%, with a median price of 960,000. Greenslopes up 42.9% with a median price of 793,500. Hawthorne increased median values by 42.6% over the last five years and now at 1 million 205,000. Mansfield increased by 42.4% and now has a median price of 678,750.
Thornlands up by 41.5% in the last five years and now registering a median price of 1.117 million. Bulimba increased by 41.3% in the last five years, and now the median price there is 1.3 million. Tarragindi, 41.3% as well, increase in the last five years. Their median price is now 777,000. The little suburb of Gordon Park, I believe the smallest suburb in Brisbane, increased by 41.2% in the last five years. 840,000 is now their median price. Upper Mount Gravatt that’s increased by 41.1% in the last five years, median price. The median there is now 636,500. Mount Gravatt East has increased by 39.9% up to 657,500. So they’re running reasonably in parallel, Upper Mount Gravatt and Mount Gravatt East.
Boonda, 38.8% increase in the last five years and median price there now is 985,500. Rocklea 38.3% increase in the last five years, and the median price there is now 415,000. Clayfield 38.2% increase in five years and the median’s now gone over the million mark there; is 1.1 million. Ashgrove 37.9% with a median price now of 965,000. Salisbury in the last five years has gone up 37.9%, and the median price is now up to 600,000. Sunnybank Hills registered a 37.8% increase over the last five years, and the median price there now is 675,000.
Alderley registered a 37.4% increase in the last five years and the median there is now 835,000. Acacia Ridge 37.3% up on five years ago, and the median price there is now 405,000. Chermside West, 37.2% increase over the last five years. Median price is now 590,000. Seventeen Mile Rocks has increased by 36.8% over the last five years, and the median price is now 728,000. Lutwyche registered a 36.7% increase over the last five years, and its median price is now up to 750,000.
Forestdale up by 36.1% in the last five years, and the median price is now 787,500. Coorparoo registered a 35.9% increase in the last five years, and the median price is now 855,000. Annerley over the last five years has seen an increase of 35.8%. Median price is now up to 711,000. Sandgate; that saw a 35.6% increase in the last five years and puts the median price now and 705,000. Carindale 35.6% increase over the last five years, and now has a median price of 880,000.
Holland Park West 35.5% increase in five years now sees their median price at 736,000. Chapel Hill, 35.5% increase in the last five years, now seeing a median price of 820,000. Holland Park, 35% increase in the last five years, now their median price is 710,000. Cannon Hill, a 34.8% increase in the last five years with a median price now of 734,000. Red Hill, 34.6% increase in the last five years giving it a median now of 870,000. Stafford Heights, 34.4% increase in the last five years leading to a 605,000 current median price.
As an aside, Noosa Heads is now up 60.9% over the last five years. The biggest declines in median prices over the last five years … Well, clearly, the mining boom coming off has affected some housing markets extremely badly. Whilst I’m focusing specifically on greater Brisbane, I think it’s interesting to see how badly some markets have been hit in some of those remote areas. For example, Gladstone’s median is down by 38.8% over the last five years. Emerald’s median is down by 45.5%. Roma’s median is down by 34.8%, and Chinchilla’s is down by 49.4%.
As far as Greater Brisbane is concerned, and the surrounding area, West End over the last five years is down in median price by 13.6%. Now, it’s up by 3% this year. Is it coming back? I think our client in West End thinks it is. Wilston, down by 1% over the last five years. That probably reflects a serious boom previous. Hamilton has only increased by .8% over the last five years, and that’s on the back of 32.9% up this year in median price. So, momentum is coming back to Hamilton.
Chelmer, it’s only increased by 3.4% over the last five years in median price. Milton increased by only 13.4% over the last five years. Moggill increased by 13.4% over the last five years as well. Brisbane Downs increased by 13.8% in the last five years, Warner by 14.3% in the last five years, North Lakes 14.4% in the last five years, Kenmore Hills, 14.7% in the last five years, Forrest Lake, 15.8% in the last five years, Springfield Lakes 15.9% in the last five years.
Riverhills, 17.3% in the last five years. Capalaba, 16.1% in the last five years. Redland Bay 17.6% in the last five years. Victoria Point 17.8% in the last five years, Brookfield 17.8% in the last five years and yet it’s had a very good year this year. Capalaba 18.5% in the last five years.
You will see the diverse nature of the different markets across Brisbane and across Queensland, its vast diversity of performance. Considering society’s largest asset is their home, it can make a massive difference to peoples lives. These numbers I find quite interesting.