Brisbane's newest suburbs to top the million-dollar median price mark

© Provided by ABC Health This Queenslander in the northern Brisbane suburb of Windsor just sold for more than $1 million. (ABC News: Lizzie Cramsie)

Brisbane has welcomed five new suburbs to the million-dollar club.

Property experts say the new additions have come about as a result of the pandemic, low interest rates and a market playing catch up.

So what’s driving prices up the ladder and is it as simple as supply and demand?

Brisbane’s new million-mark suburbs

These are the Brisbane suburbs where the median house price just topped $1 million, according to data from the Real Estate Institute of Queensland (REIQ):

  • Stretton
  • Wishart
  • Morningside
  • Windsor
  • Woolloongabba

REIQ chief executive Antonia Mercorella said the results might surprise some Queenslanders.

“There are a few surprising suburbs making that list, the likes of Wishart, Stretton and Morningside,” she said.

“Of course, Woolloongabba also features on that list and Windsor, so certainly those aren’t surprising.”

It is no surprise to real estate agent Alistair Macmillan, who had in excess of 100 inspections for a two-bedroom, one-bathroom property in Windsor recently.

“On the day of the auction we ended up with 22 registered bidders,” Ms Macmillan said.

“The reserve on the property was at $1 million, we announced it on the market at $1,000,020 with the final sale price being $1,220,000.”

It was a great outcome for the Brown family, who bought the property six years ago.

“It’s probably exceeded our expectations, but we knew that it was close to the city, had access to trains, nice parks, nice street — we knew that it would appreciate, but we just weren’t sure how it was going to go,” Drew Brown said.

“It’s definitely given us a great foundation for the next part of our life.”

What does this mean for sellers?

Ms Mercorella said Brisbane was playing catch up on house prices.

“We’ve had quite modest growth over a number of years so some of this is just catching up,” she said.

“Of course, then when you factor in very low interest rates and a pandemic over the top of that, it is making property incredibly appealing.”

Mr Macmillan said for those looking to sell, the current market is exceptional.

“It doesn’t get any better than this; huge demand, stocks incredibly tight,” he said.

‘Prices really accelerating’

Real estate agent Darren Bonehill said he had seen the same trend at Morningside in Brisbane’s south-east.

“We’ve seen increasing demand, there’s a lot of buyers out there driven by the low interest rates and that’s pushing people to pay more and more for properties,” Mr Bonehill said.

“It’s creating a competitive environment and with a massive shortage of stock the prices are really accelerating at the moment.”

It is a market giving the Chandler family confidence to upsize.

“We need some more rooms for the kids, bigger land and just a bit more play area for everyone,” Ross Chandler said.

They were happy to hear Morningside had made it to the million-dollar club after buying in the area 17 years ago.

“We just knew we had to get into the market at the time and back then we were told we paid too much for it, so the market’s been very exciting over the years and particularly now,” Mr Chandler said.

Ms Mercorella said strong growth looks set to continue for some time.

“There’s no signs of anything slowing down at this stage,” she said.

“We have very low interest rates that are likely to remain low for a number of years to come.

“Queensland has just been announced as the Olympic winner and whilst that’s still some time away, we will of course benefit from the extraordinary infrastructure that will be put in place for that event.

“Interstate migration rates are the highest they’ve been for over two decades, so all of those factors combined tend to indicate that the property market will continue to move at a very strong and northerly pace.”

What does this mean for buyers?

In short, the news is not good for prospective buyers.

Mr Macmillan said he doesn’t anticipate things getting easier anytime soon.

“It’s very difficult to see that the market is going to retract in the coming years, certainly in the short term,” he said.

“Perhaps maybe it can’t sustain the level of growth that it has done over the previous 12 months, but certainly the notion that the market’s going to retract in the short term is not accurate.”

While the median sale price is $780,000 in the local government area of Brisbane, the median across Greater Brisbane is a more manageable $575,000.

Ms Mercorella said there is still hope for those wanting to get their foot in the door.

“There is still relatively good affordability here in Brisbane — and indeed in Greater Brisbane — so it really is just a matter of doing your research,” she said.

“You may not be able to buy in your preferred suburb of choice, but look for those neighbouring suburbs that are on the rise.”

What are the suburbs to watch?

The latest data from REIQ shows more suburbs are expected to join the million club within the next 12 months.

That will be good news for home owners in these suburbs:

  • Bridgeman Downs
  • Enoggera
  • Greenslopes
  • Kedron
  • The Gap
  • Wakerley
  • Wavell Heights
  • Sandgate

Ms Mercorella said it is important to remember that while prices are high, sellers need to consider the fact that they’ll be buying back into the same market.

“Really important that if you are selling and then looking to buy again, that you might want to consider the order of things,” she said.

Internet Explorer Channel Network
News Related

OTHER NEWS

John Wayne Gacy victim identified 45 years after being found in serial killer's crawl space

A murder victim found in the crawl space of serial killer John Wayne Gacy in 1978 has been identified as North Carolina native Francis Wayne Alexander. Cook County Sheriff Tom ... Read more »

Mexico City starts Covid vaccinations of minors at risk

Mexico on Monday began Covid-19 vaccinations for adolescents with chronic diseases in the capital, the latest step in an immunization drive in one of the countries hit hardest by the ... Read more »

Google Pixel 6 review: Yes, it lives up to the hype

There is a lot of hype around the Google Pixel 6, which has new cameras, Google’s Tensor chip and more premium ambitions. Some of that hype is from Google announcing ... Read more »

Car-tree crash nets arrests, meth

Oct. 25—TRAVERSE CITY — An investigation into a single car crash in Blair Township became a lot more complicated last week when responding officers learned a SUV that hit a ... Read more »

Teenager found guilty in Loudoun County bathroom assault

The teenager accused of sexually assaulting a ninth-grade girl in a Loudoun County, Virginia, high school was found guilty on all charges. The victim was assaulted in a women’s restroom ... Read more »

Waterford mother receives suspended sentence in death of 5-year-old son

Oct. 25—WATERFORD — More than three years after her 5-year-old autistic son died in the backseat of a hot car, a local mother has been given a fully suspended eight-year ... Read more »

Man dies in 3-car crash

Oct. 25—TRAVERSE CITY — A 66-year-old Traverse City man was killed in a three-car crash at the corner of Lafranier and Hammond roads, officials said, and the driver of one ... Read more »

‘Kalau nak jadi KM semula, sudah berlaku lama lagi', Idris cemuh dakwaan gila kuasa

© Provided by Free Malaysia Today Idris Haron dan tiga ADUN Melaka yang lain mencetuskan PRN Melaka dengan menarik balik sokongan kepada kerajaan negeri. MELAKA: Idris Haron yang begitu dikaitkan ... Read more »

Iran believed to be responsible for attack on U.S. base in Syria

Iran is believed by the U.S. to be responsible for last week’s attack on al-Tanf, a base in southern Syria where U.S. troops are located, according to a U.S. official. ... Read more »

Dominic Perrottet pleads with Tasmanian premier to allow a Sydney woman to see her dying mother who has just 48 hours to live

NSW premier has begged Tasmania to allow Sydney woman to see dying mother Mercedes Maguire told she must quarantine for 14 days before seeing her mumHer mother Teresa Florez has days to live and can no longer eat or drink water Officials fear Ms Maguire and her siblings are a high-risk for Covid transmission Read more »

What's the most super way to fight off the super cold?

© Provided by Daily Mail MailOnline logo Experts warn that the UK faces an uncertain winter, with Covid and flu circulating.  After lockdowns and mask-wearing, which cut infection rates, we ... Read more »

Why The Batman's New Trailer Has Me Worried About The Robert Pattinson Movie

© Provided by CinemaBlend Robert Pattinson as The Batman If there’s one sure thing when it comes to comic book movies, it’s Batman. He’s the one character that DC seems ... Read more »

Jonas Brothers to Star in 'Family Roast' Comedy Special Hosted by Kenan Thompson

© Frazer Harrison/Getty Images The Jonas Brothers are gearing up to get roasted. The trio are set to star in a new comedy variety special for Netflix, Jonas Brothers Family ... Read more »

This Morning bosses 'want' Alison Hammond and Dermot O'Leary as permanent hosts

This Morning bosses are reportedly keen on Alison Hammond and Dermot O’Leary taking over the reins on the hit ITV breakfast show. The duo have been presenting the Friday edition ... Read more »

ClassPass is facing a class-action lawsuit for allegedly making false claims about 'countless' business partnerships

© ClassPass ClassPass ClassPass is facing a lawsuit alleging it lied about having partnerships with businesses. The suit claimed “dozens” of businesses in 20 states were listed on ClassPass without ... Read more »

What to know about investment banking and the professionals driving the biggest deals on Wall Street

© Wavebreakmedia/Getty What to know about investment banking and the professionals driving the biggest deals on Wall Street Investment banking is a specific kind of banking that helps companies, governments, ... Read more »

Explained: Queen Heo Hwang-ok of Korea, and her Ayodhya connection

© Provided by The Indian Express On the banks of the Sarayu in Ayodhya, acres of green space, mostly known as Ram Katha Park, have been through a major beautification ... Read more »

Lawmakers defer some Jan. 6 document requests, seek others

© Copyright 2020 The Associated Press. All rights reserved Capitol Breach Documents – Copyright 2020 The Associated Press. All rights reserved The House committee investigating the Jan. 6 insurrection at ... Read more »

Disha Ravi toolkit case: With probe making no headway, closure report may be an option

© Provided by The Indian Express The probe into the case against climate activist Disha Ravi, who was arrested February by Delhi Police in connection with a toolkit on the ... Read more »

RBI guv advises auditors to be more vigilant and tech savvy

Reserve Bank of India governor Shaktikanta Das advised the auditors to be more vigilant , tech savvy and adopt a holistic approach while auditing entities and checking on their smart ... Read more »

U.S. threatens to cut aid to Sudan after military takeover

Sudan's civilian Prime Minister Abdalla Hamdok was put under house arrest and several other ministers were detained Monday in what appears to be a military coup in the country, per ... Read more »

Sudan's Unionist Alliance Releases Open Letter Condemning Military Takeover in Sudan

FAIRFAX, Va., Oct. 25, 2021 (GLOBE NEWSWIRE) — The following is an open letter from Sudan's Unionist Alliance. The Unionist Alliance, a founding member of Sudan's civilian government led by ... Read more »

Logansport man sentenced to 10 years for dealing in narcotics

Oct. 25—A Logansport man was sentenced to 10 years in prison on Thursday for his guilty plea to Level 3 felony dealing in a narcotic drug. After pleading guilty, Nathaniel ... Read more »

Federal judge rules Oklahoma can move forward with 5 lethal injections

A federal judge on Monday ruled that Oklahoma could proceed with the lethal injections of five death row inmates, with the earliest execution scheduled for this week. © Getty Images ... Read more »

Sell-off catches 'newbies' on the wrong foot

Mumbai: A sharp reversal in the recent run-up in smaller stocks has caught hordes of retail investors on the wrong foot. Brokers say the intense sell-off in several small-cap and ... Read more »

NSE in talks with Singapore Exchange on revenue share

Mumbai: National Stock Exchange (NSE) is in advanced talks with Singapore Exchange for a revenue sharing agreement on trades in Nifty derivatives contracts, said people with direct knowledge of the ... Read more »

Biden Agenda Deal Picks Up Speed in Senate as House Has Doubts

(Bloomberg) — Senate Democrats moved closer to an agreement on President Joe Biden’s economic agenda on Monday, but some House lawmakers raised doubts about the terms of the deal being ... Read more »

‘Love Life' Cast and Creators Tease Season Two as “Completely Different Story From a Completely Different Perspective”

Tribeca Fall Preview: Anna Kendrick, William Jackson Harper and more hit the red carpet at New York City’s DGA Theater for the world premiere of Love Life season two on ... Read more »

Olivia Munn Shares What She's Looking Forward to Most About Motherhood Ahead of New Film 'Violet' (Exclusive)

Olivia Munn is very much looking forward to being a mom. ET’s Matt Cohen spoke to the pregnant 41-year-old actress about her new film, Violet, and she talked about getting ready ... Read more »

Tak logik gaji tak naik tapi minta kawal kos sara hidup, kata ahli ekonomi

© Provided by Free Malaysia Today Pengurangan kos sara hidup memerlukan pengecutan dasar fiskal dan kewangan atau kawalan harga, menurut ahli ekonomi. PETALING JAYA: Ahli ekonomi membidas kenyataan Persekutuan Majikan-Majikan ... Read more »

Tesla tops $1 tn in market value as Hertz deal fuels latest surge

© Patrick Pleul Leading analysts at Morgan Stanley upped their target on Tesla to $1,200 from $894, pointing to the company’s “extraordinary” revenue in the last quarter despite supply chain ... Read more »

'Rust' assistant director was fired from 2019 movie after gun discharged on set

The incident left a sound crew member injured, a producer said. Read more »

Ex-Liberty spokesman says he was fired for raising concerns

RICHMOND, Va. (AP) — A former spokesman for Liberty University is suing the evangelical Virginia school after being fired, alleging in a lawsuit filed Monday that his termination came in ... Read more »

Sheriff: Newly ID'd Gacy victim's death was news to family

CHICAGO (AP) — © Provided by Associated Press This undated photo provided by the Cook County Sheriff’s Office shows Francis Wayne Alexander. Cook County Sheriff Thomas J. Dart announced Monday, ... Read more »

Sudan military dissolves civilian govt as anti-coup protests turn deadly

Sudan's military seized power from a transitional government on Monday and soldiers killed at least three people and wounded 80 as street protests broke out against what the information ministry ... Read more »

Mum left in shock after her eight-year-old daughter secretly buys $1,150 worth of camping gear and Harry Potter toys from Kmart while 'playing' on her phone

An eight-year-old girl secretly bought $1,150 worth of camping and leisure gearThe youngster was using her mum's phone when she made the secret purchaseShe charged the haul to her mum's Afterpay which is how she was caught out  Read more »

From Weddings to Work Events, You Can Wear This $30 Wrap Dress to So Many Parties

After nearly two years and countless postponements, our calendars are overflowing with invitations to nearly every type of event. Currently, we’re in the middle of fall wedding season, and save-the-dates ... Read more »

UP 2022 Assembly polls: Ex-Congress leaders join TMC

© Provided by The Indian Express Two former senior leaders of the Congress in Uttar Pradesh joined the Trinamool Congress (TMC) in the presence of Chief Minister Mamata Banerjee in ... Read more »

New Xbox Insider update tests console Twitch streaming improvements, pushes Xbox Cloud Gaming beta live for Xbox One

© Provided by Dot Esports The next phase of the Xbox Update Preview is about to roll out to Xbox Insiders, and it includes new features to streamline live streaming ... Read more »

Andhra HC judge transferred to Calcutta HC

© Provided by The Indian Express The Centre on Monday notified the transfer of Andhra Pradesh High Court judge, Justice Joymalya Bagchi, to Calcutta High Court. In decisions taken on ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic