The Queensland suburbs that have seen house prices sky rocket
The top areas for price growth in the last 12 months, and how the increases compare to annual salaries of well-known jobs
Less than 30 minutes from the city, a modest, three-bedroom home in the leafy Queensland suburb of Chuwar went to market two days ago.
It’s already under contract for more than the listed price.
“There’s a large demand coming from inner Brisbane out on these fringe areas and that’s creating demand and price growth through this area,” Michael Jones from Crowne Real Estate said.
The Ipswich suburb is in hot demand, joining nine others across the South-East of Queensland, where house values have sky-rocketed.
“Many properties across Brisbane, Ipswich and even the Scenic Rim, are growing faster than the average household income for a year,” Ben Hodge from RealEstate.com.au said.
Statistics from property data and analytics provider, Core Logic, show that values have jumped significantly in certain Queensland suburbs.
The Moreton Bay suburb of Kurwongbah has jumped the most in value at 32%, making owners about $452.05 a day. That’s the equivalent of what a female orthopedic surgeon makes a year — $164,998.25.
Willowbank house values have jumped 27.7%. Over one year that’s about the same salary as a Queensland Rail train guard — $90,001.70.
While home owners in Chandler — which has seen values rise by 21.50% — are making more a year than an elite state cricketer — $264,500.90.
Other real estate gold mines are below, including the average rise in home value in the past year.
But as these values rise it could push potential buyers out of the market. Real estate experts recommend buying in neighbouring suburbs, before they too experience capital growth.
“You will see suburbs that also have good access, good land size and strong demand will certainly follow those suburbs that have seen good growth in the past 12 months,” said Hodge.