Contrary to the common notion that the Brisbane property market has yet to take off, many suburbs have already shown signs of growth, including Graceville, the latest suburb-by-suburb analysis from Hotspotting’s Terry Ryder said.
Sandgate tops the list of higher-end markets with annual house price growth of more than 10 percent with a median of $755,000 or a rise of 19 percent. Graceville recorded a 13% price growth with a median house price of $950,000. Other suburbs in the list include Bardon (11%), Hendra (13%), Kenmore HIlls (10.5%), Norman Park (10%), and Paddington (11%)
Whilst most sources show misleading generalised figures — indicating either little to no growth —many suburbs in the Greater Brisbane area, in particular, are performing very well, the report said.
Street View | Graceville, Qld
An analysis of the quarterly and annual price data of 269 suburbs show that 83 recorded more than five percent growth with 20 of them posting double-digit increases. On the other hand, 100 suburbs record less than five percent growth whilst 47 posted less than five percent negative growth and the remaining 39 suburbs dropping more than five percent.
Of 39 suburbs that posted declines of more than five percent, 27 were considered as units market, led by Bowen Hills (-20%), Bulimba (-15%), East Brisbane (-15%), Woodridge (-10%), Greenslopes (-11%), Hamilton (-11%) and Woody Point (-18%). These figures indicate that the supply glut for the past years has not been confined in inner-city areas alone.
The analysis suggests that things are already starting to lookup for the Brisbane housing market, contrary to what many might think. Affordability and better rental yield as compared to other big cities will be the main drivers for growth.
