15 minute read Brisbane was the best performing property market in 2021, with many locations experiencing price growth of 30+%.
We are now coming to the end of 2022, a year that saw the Brisbane property market continue to perform well during the first half despite the devastating floods that occurred in the first few months.
Property prices in Brisbane have decreased since June this year, but property prices on average are still 8.4% higher than they were 12 months ago.
So, what does 2023 hold for Brisbane?
Will the $5 billion infrastructure development planned for the 2032 Olympics support the Brisbane property market despite a general cooling of the property market?
And what effect will the recent rate rises have on Brisbane house prices moving forward?
Read on to see how the Brisbane property market is currently doing, and where we think the property market is going in the next 12 months.
What's happening in the Brisbane property market?
The Brisbane property market is currently in a lull, but don’t let that fool you. The city’s future is looking bright, thanks to the announcement of the 2032 Olympic Games being hosted in Brisbane. This exciting news will trigger a surge in infrastructure growth, economic growth, and population growth over the next decade, making the long-term outlook for the property market in Brisbane incredibly strong.
According to federal government forecasts, Queensland’s population is expected to soar by more than 16 percent by 2032, and this will create an amazing opportunity for savvy investors to get into the property market before it takes off again. Although you won’t find any great deals today, properties purchased now will look like a steal in just 12 short months.
The economy is holding steady, but the property market is being driven by consumer sentiment. Currently, both buyers and sellers are feeling hesitant due to negative media coverage, but those with a long-term view are taking advantage of the window of opportunity that’s now open. Once interest rates peak and inflation is under control, this window will close, and it will be too late to get in on the ground floor.
The Brisbane property market is highly fragmented, and there’s no way to predict how individual suburbs will perform. However, those who invest wisely in the right areas will reap the benefits in the years to come. So, take a long-term view, and invest in the Brisbane property market while others are still sitting on the sidelines. Trust us, you’ll be glad you did!
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Brisbane property prices - 3 months to January 2023
Let’s take a closer look at how the Brisbane property market is performing compared to other regions and capital cities around Australia. According to the latest data, Brisbane has experienced a decrease of 4.80% in dwelling values. While this might seem like a lot, it’s important to keep in mind that the combined capitals have also seen a decrease of 3.30%, and Hobart has seen a significant decrease of 5.50%.
On the other hand, some regions have experienced positive growth, with Regional SA and Regional WA seeing increases of 2.30% and 1.90%, respectively. Meanwhile, Regional NSW has seen the largest decrease at 3.80%, followed closely by Brisbane at 4.80%.
Overall, the combined regionals have seen a decrease of 2.60%, and Australia as a whole has seen a decrease of 3.20%. When looking at these numbers, it’s clear that the Brisbane property market is not alone in its decrease in dwelling values, and in fact, it’s still performing better than some other regions and capital cities.
While there’s no denying that the Brisbane property market is experiencing a flat patch, there’s no reason to panic. In fact, now might be the perfect time to take advantage of the market before it picks up again. With the 2032 Olympic Games set to bring about significant growth and investment in the city, there’s a strong chance that the Brisbane property market will bounce back stronger than ever before.
Brisbane property prices - 12 months to January 2023
Looking at the past 12 months, the Brisbane property market has experienced a decrease of 4.70% in dwelling values. While this is not ideal, it’s worth noting that Brisbane has actually performed better than some of the other capital cities, such as Hobart, which has seen a significant decrease of 9.50%, and Sydney, which has seen a staggering decrease of 13.80%.
When compared to other regions, Brisbane’s decrease in dwelling values is relatively mild, with Regional SA seeing a massive increase of 15.30% and Regional WA seeing an increase of 4.90%. Regional TAS and Regional NSW have experienced decreases of -0.40% and -5.20%, respectively.
When looking at Australia as a whole, the combined capitals have seen a decrease of 8.70%, while the combined regionals have experienced a much milder decrease of 2.30%. Overall, Australia has seen a decrease of 7.20% in dwelling values over the past 12 months.
While it’s not great news that the Brisbane property market has seen a decrease in dwelling values over the past 12 months, it’s worth remembering that this is just one year. In the grand scheme of things, Brisbane is still performing relatively well when compared to other capital cities and regions around Australia. With the upcoming 2032 Olympic Games set to bring about significant growth and investment in the city, there’s every chance that the Brisbane property market will rebound strongly in the near future.
Sales volumes in Brisbane
Sales volumes in Australia are trending lower as buyer demand slows. National sales volumes are down -9.3% compared to the previous twelve months.
Brisbane sales volumes are down -7.0% for the 12-month period ending October. Interestingly, though, Queensland topped the nation for total sales volume in the quarter ending September.
This was still a -10.9% decrease compared to the previous quarter, but it’s a sign that the Brisbane property market is weathering the market downturn better than some other capital cities.
Properties are taking longer to sell
As another sign of the cooling property market, properties are taking longer to sell on average compared to the same time last year.
The average property in Australia now takes 36 days to sell, compared to just 20 days over the three months to November 2021.
In Brisbane, the time to sell a property has more than doubled, from 14 days in 2021 to 31 days in 2022.
This isn’t necessarily a sign of a major drop in demand, more of a correction back towards normal market conditions compared to the craziness of 2021.
Vendor discounting
Vendor discounting has also increased across the nation, with an increase from -2.9% last year to -4.3% this year.
In Brisbane, vendor discounting is now at -4.4% compared to -2.9% last year.
New listings
In the four weeks to November 6, there has been a slight increase in the number of new listings. This is pretty standard for this time of year as the market goes through its seasonal changes.
Compared to the same period last year, however, new listings are down -25.9% overall across Australia and -25.5% in Brisbane.
The decrease in new listings means that the total number of listings remains low. During the market boom, total listings were low because properties were being snapped up quickly by eager buyers.
As the market has turned and values have declined, the total number of listings remains low due to fewer vendors looking to sell.
Brisbane property market - our predictions for 2023
As we move through 2023, reports suggest that the Brisbane property market will reach a floor before beginning the next property cycle. While short-term trends may remain flat or even downwards, the long-term outlook is promising, thanks to positive growth drivers such as the recent announcement of Brisbane winning the 2032 Olympic Games. This win will pave the way for strong infrastructure growth, economic growth, and population growth over the next decade.
However, there are also predictions that Brisbane’s property prices could experience a decline of 12% in 2023, following a modest rise of 1% in 2022. According to the PropTrack Property Market Outlook February 2023 Report, the expected median house price in 2023 is $719,669, with the median unit price not specified.
Currently, the RBA has the cash rate set at 3.35%, a significant increase from the emergency-level 0.1% rate borrowers were enjoying until May 2022. Banks are predicting it could reach between 3.60 and 3.85% in 2023, with the possibility of rates being cut later in the year.
Despite the predicted decline in property prices, experts do not anticipate a housing market crash in 2023. Many homeowners have built up significant equity in their homes, so the primary issue is an affordability crisis rather than a crisis in the property market itself. This creates an excellent opportunity for investors to get into the market before it picks up again.
Hosting the 2032 Olympics will put Brisbane on the global map and bring unique lifestyle and economic benefits that will attract overseas migrants and create ample jobs for highly paid knowledge workers. Federal government forecasts suggest that Queensland’s population will grow by more than 16% by the time Brisbane hosts the Olympic Games in 2032. This is great news for the property market and reinforces the strong fundamentals that will underpin long-term growth.
Will the property market crash in 2023?
The short answer is: it’s highly unlikely.
Over the coming months, you’re probably going to see or read a lot of “doom and gloom” from the media about the state of the property market. That’s how they make their money – by creating hype and hysteria so they can get more eyeballs on their content.
They don’t really care about what is true, or what is likely. They only care about getting your attention.
The worst slump the overall Australian property market has ever had was only 9.9% from the period of December 2017 to June 2019.
And there were good reasons for the drop in the market at this time. There was a credit squeeze which made it a lot harder for buyers to get a loan, and there were some proposed changes to negative gearing in 2019 which decreased investor activity.
There’s no reason to suggest a major crash in the market considering the current state of our economy and the property markets in general.
What we’re seeing at the moment is a correction in the market, not a crash.
Drivers of the Brisbane Property Market
As Simon Pressley from Propertyology says, variations in the value of properties are determined by the relationship between the volume of property assets listed for sale and the volume of willing buyers at a specific point in time.
In other words, prices are ultimately determined by supply and demand.
So what factors contribute to supply and demand in Brisbane’s property market?
Population growth
The most current data available shows that net interstate migration has made the most significant contribution to population growth in Queensland. Over the 12 months leading to 31 March 2022, 58.6% of the population growth came from this source, contributing 53,984 persons to population change. This was an increase from the 50,162 persons recorded in the 12 months leading to 31 December 2021.
12 months to March 2022
12 months to March 2022
In the year ending June 2021, Queensland secured over 90% of net interstate migration, with 30,939 people making the move. This represents the most significant annual increase since 2004 when 35,498 people migrated. The December quarter of 2020 also saw a net figure of 9,728, which was the highest quarterly rise since December 2003.
These figures demonstrate the growing popularity of Queensland as a destination for people seeking a change of scenery and lifestyle. With the upcoming 2032 Olympic Games set to bring significant growth and investment to the state, there’s every chance that this trend will continue. The strong fundamentals of the Brisbane property market, such as positive growth drivers and increasing population, provide an excellent opportunity for long-term investment in the region.
Economic growth
Brisbane’s Gross Regional Product (GRP) for 2020-21 was estimated to be $181 billion, with a predicted growth to over $217 billion by 2031, according to the latest available data. The city’s economy has a strong focus on resource and energy companies, making it a global hub for the mining, equipment, technology, and services sector. It’s no surprise that the city’s economy has been a significant driver of the Australian economy as it enters its 26th year of uninterrupted growth.
The continued growth of Brisbane’s economy will have a positive impact on the property market in the region. As more people move to the area in search of work and better living standards, there will be an increased demand for housing. This demand will drive the property market, making it an excellent time for long-term investors to invest in the region.
Additionally, the heavy reliance on resource-intensive production and compensatory demand behavior between competing economies, particularly China and India, will continue to drive economic growth in the city. This growth will lead to increased investment, job opportunities, and economic stability, all of which are positive signs for the property market.
Overall, the strong and growing local economy of Brisbane, driven by its focus on resource and energy companies, makes it an attractive destination for investors and homebuyers alike. The predicted growth of the city’s economy in the coming years is a positive sign for the future of the Brisbane property market.
Infrastructure
Brisbane is currently experiencing what has been described as a “once in a generation” infrastructure boom. There are currently billions of dollars of major infrastructure projects either underway, or well into the planning stages.
Infrastructure developments have a twofold effect on housing demand. In the short term, they provide employment opportunities and attract migration, both interstate migration and international migration.
In the long term, these infrastructure improvements improve transportation options, lifestyle options, employment opportunities, and tourism offerings.
The new Brisbane airport runway and the redevelopment of Howard Smith Wharves (both completed) are just the beginning.
Some of the major infrastructure offerings currently in the works include the Cross River Rail, Brisbane Metro, Queen’s Wharf, Brisbane Live, Victoria Park, Waterfront Precinct, Herston Quarter, International Cruise Terminal, and West Village.
Here’s a brief overview of the other infrastructure projects currently in the works:
Cross River Rail
The Cross River Rail will bring 4 new stations at Albert St, Boggo Rd, Woolloongabba, and Roma St, plus upgrades to existing stations including Exhibition Station in Herston.
Access to public transport is a key driver of property prices, so this development will likely see an uptick in demand for the following suburbs:
- Salisbury
- Rocklea
- Moorooka
- Yeerongpilly
- Yeronga
- Fairfield
According to the government, the project will generate about 1500 jobs each year and up to 3000 jobs in the most intensive year of construction. The project will also generate 450 new apprentice and traineeship opportunities.
Brisbane Metro
Originally planned to be a high-frequency subway, the Brisbane Metro is an electric busway system that will drastically improve public transport services in Brisbane.
The Brisbane Metro will have two lines. Line 1 will run from Eight Mile Plains to Roma Street. Line 2 will run from the Royal Brisbane and Women’s Hospital in Herston to the University of QLD in St. Lucia.
There are plans to extend the Metro to Chermside and Carindale in the future.
The Brisbane Metro will share interchanges at Boggo Rd and Roma Street, further expanding the utility of this new service. It is expected to start service by the end of 2023.
The following suburbs will benefit from this new infrastructure development:
- Eight Mile Plains
- Upper Mt. Gravatt
- Mt. Gravatt
- Nathan
- Holland Park
- Holland Park West
- Greenslopes
- Buranda
- Woolloongabba
- West End
- South Bank
- Kelvin Grove
- Red Hill
- Herston
- Dutton Park
- St. Lucia
This project is set to create 2600 Jobs.
Brisbane Live
Brisbane Live is a $2 billion redevelopment that will replace the old transit centre at Roma Street. This multi-purpose arena has a proposed 17,000 to 18,000 seat capacity and will provide a new hub for sporting, music, and arts events in Brisbane.
There will be retail spaces as well as a “Sky Lounge” that can operate as a function area when there are no events taking place.
Suburbs near to Roma Street should see increased demand once the project is complete, and Brisbane as a whole will benefit from having a major event centre so close to the CBD.
Queen’s Wharf
Covering more than 26 hectares across the Brisbane waterfront and the river, Queen’s Wharf is a $3.6 billion dollar integrated resort development that will be a major boost to the Brisbane city culture scene.
The development is already underway and will contain four integrated resort towers with luxury hotels, residence apartments, restaurants, cafes, bars, retail shops, a casino and a Sky Deck.
Development is scheduled to be finished this year.
Victoria Park
The Victoria Park golf course was closed in June 2021 to make way for Brisbane’s biggest new park in 50 years. This project will create 45 hectares of public parkland space, more than double the size of the Botanical Gardens.
While golf aficionados are probably mourning the loss, this park will provide some much needed green space and should boost demand in nearby suburbs.
Waterfront Brisbane
Waterfront Brisbane is another project that is set to transform the Brisbane waterfront as part of the Brisbane City Council City Reach Waterfront Master Plan.
This $2.1 billion project will redevelop Eagle Street Pier, opening up 7,900 square metres of space and improving linkages from the city to the river for pedestrians and cyclists. The old Eagle Street Pier building will be demolished. In its place, there will be two new towers which allow better access to the river and its views.
This project is set to create 1000 jobs in the next 10 years.
Kangaroo Point Pedestrian Bridge
Connecting City Reach to the Kangaroo Point Peninsula, this proposed green bridge will dramatically improve access to and along the waterfront. This is another key project to deliver on the City Reach Waterfront Master Plan.
Woolloongabba Precinct
As part of the Cross River Rail project, the area around the Wooloongabba station is set for a major renewal. The plan is to create a “Station-to-Stadium” connection that will link the new station to the famous Gabba stadium, which will also receive a major overhaul as part of this project.
The precinct is slated to be a vibrant mixed-use hub, linking commercial, residential and retail development with access to world-class public transport and one of Australia’s most iconic sports stadiums.
International Cruise Terminal
The Port of Brisbane has a new international cruise terminal in development, designed to cater for the biggest cruise ships in the world. While cruises aren’t running at the moment, when they do start sailing again, this new terminal should increase tourism in Brisbane, which will bring in more jobs.
Herston Quarter
Redevelopment of the 5-hectare site for the Herston Quarter began in March 2017. This $1.1 billion project is located within the Herston Health Precinct and is proposed to be a mixed-use community which will cater for health, residential, commercial and retail development.
West Village
The West Village project is rejuvenating an industrial area in West End, with the aim of bringing more public green space and retail opportunities to the community. Stages 1 and 2 are already complete.
Lamington Markets
Approved in 2021, the Lamington Markets is a new retail precinct that will aim to bring food, living, commercial and public transport facilities together into one impressive whole. It will boast one of the city’s largest indoor-market halls, an urban rooftop garden and restaurant, a craft brewery, a boutique cinema, commercial spaces and two towers of residential apartments.
Once complete, this development should be a major drawcard and should benefit its host suburb Lutwyche along with surrounding areas.
As you can see, there are billions of dollars worth of infrastructure projects that are either underway or in planning. They will have a direct positive impact on the livability and growth potential of their host suburbs and the surrounding areas.
Brisbane Olympics
Can we expect a property market boom by 2032 for the Brisbane Olympics? Well, it depends on who you ask and their motivation.
Take this article where they are quoting Some experts who are predicting the median house price across Greater Brisbane will soar past $1.2 million within a decade, which is 40 per cent above the 10-year average.
They go as far as to say “Brisbane homeowners are in line for a $200,000 Olympic bonus ” when the city is awarded the 2032 Games.
$200k for not doing anything… Sign me up – sounds pretty appealing right?
Colliers Queensland director of office leasing Matt Kearney says that we are entering a ‘golden decade’ for Queensland and the property sector will be a major beneficiary.
But not everyone is drinking the property boom water fountain.
Simon Pressley from Propertyology calls the Olympics a sugar fix – a quick hit of energy into the market that will burn itself out as quickly as it began and will have no lasting effect.
Looking back at the Sydney Olympics, Melbourne and Gold Coast Commonwealth Games, it looks like there’s certainly no guarantee that Brisbane is going to outperform any of the other cities in Australia due to the Olympics – there are simply too many other factors at play.
However, if you were planning on living or investing in Brisbane anyway, then you will most slightly see higher growth in your property value if you target areas that will benefit from the infrastructure investments and upgrades that will happen between now and 2032.
And remember it’s worth noting that compared to past Olympic games, the 2032 Olympics requires a significantly smaller investment to host it since we’ll be reusing a lot of existing infrastructure with the IOC’s focus on sustainability and economic stability. This could mean there may be less of an impact on property values.
Not to mention the traditional 7 years from announcement to end date has been extended to 11 years, spreading out the investment in infrastructure over a longer time frame, which could dilute its effects.
Brisbane's Best Performing Suburbs
When it comes to finding the perfect suburb to call home or invest in, it’s easy to get caught up in the hype of the highest growth areas. However, it’s important to remember that just because a suburb has experienced rapid growth in the past, it doesn’t necessarily mean that it will continue to do so in the future. Price balancing can occur, and what goes up can sometimes come down.
That being said, Brisbane’s best performing suburbs over the past 10 years have a lot to offer, from unbeatable locations to thriving communities and excellent amenities. Whether you’re looking for a leafy green suburb with plenty of outdoor activities or an inner-city hub with the best cafes, bars, and entertainment options, these suburbs have something for everyone.
So, get ready to explore the hottest suburbs in town, where property prices have surged over the past decade. While there are no guarantees in the property market, these suburbs have a proven track record of growth and could be the perfect place to find your dream home or investment opportunity. Let’s dive in and discover Brisbane’s best performing suburbs over the past 10 years.
1. Teneriffe
If you’re looking for a suburb that has it all, then look no further than Teneriffe in Brisbane. This little gem has shown the highest 10-year growth in median property prices in all of Australia, and it’s easy to see why.
For starters, Teneriffe’s location is prime real estate. It’s close to the city and has easy access to public transport, which means you can enjoy the best of both worlds: the convenience of city living and the tranquility of a suburban lifestyle. And if that’s not enough to impress you, Teneriffe is also located near the river, parks, and entertainment options, making it the perfect place for families and young professionals.
But that’s not all that makes Teneriffe so special. The suburb has undergone a significant transformation over the past decade, with many old warehouses being converted into trendy apartments and commercial spaces. This has attracted a younger demographic, making Teneriffe a hotspot for those seeking a vibrant and exciting community to call home.
Investors, in particular, have taken notice of Teneriffe’s low vacancy rates and high rental yields, making it a prime location for those looking to grow their property portfolio. With all these factors working together, it’s no surprise that Teneriffe has become one of the most sought-after suburbs in Australia.
So, if you’re looking for a suburb that has it all, look no further than Teneriffe. Its location, amenities, and gentrification have led to a surge in property prices over the past decade, making it the Australian suburb with the highest 10-year growth in median property prices.
2. New Farm
What makes New Farm so desirable? For starters, the suburb has a long and proven history of strong capital growth and is home to a diverse range of demographics. It’s no secret that owner-occupiers are drawn to New Farm because of the lifestyle choices it offers, with easy access to popular entertainment and dining precincts.
Proximity to top education catchments also plays a significant role in driving property prices in Brisbane, and primary and secondary school catchment zones in New Farm have generally outperformed the market and are likely to continue to do so.
While the Brisbane property market has experienced steep annual climbs in recent years, it’s worth noting that the highest growth suburbs don’t always continue to grow. Price balancing can occur, and investors should be aware of the risks involved in buying in these suburbs. Nonetheless, with its prime location, vibrant community, and excellent amenities, New Farm remains a top contender for property investors seeking growth and value.
3. Thorneside
Nestled on the eastern coast of Brisbane, Thorneside has been quietly soaring in popularity over the past decade, making it one of the highest growing suburbs for property prices. According to recent data, Thorneside has seen an average growth rate of 11.57% over the past 10 years, making it a sought-after location for both homebuyers and investors.
One of the main factors contributing to Thorneside’s growth is its idyllic location, situated along the picturesque Moreton Bay coastline. With easy access to the water and a range of outdoor recreational activities, such as boating, fishing, and cycling, the suburb offers a laid-back coastal lifestyle that is highly desirable to many homebuyers.
Thorneside’s convenient location is also a major drawcard, with the suburb being only 25km from the Brisbane CBD and just a short drive to the popular coastal towns of Wynnum and Manly. This proximity to major urban centers makes it an ideal location for commuters who want to enjoy the relaxed coastal lifestyle while still having easy access to the city.
In addition to its location, Thorneside’s strong sense of community is another key factor that has contributed to its growth in popularity. The suburb boasts a range of community facilities, such as parks, playgrounds, and a local shopping center, as well as a vibrant community spirit that makes it an attractive location for families and individuals looking for a friendly and welcoming neighborhood.
Overall, Thorneside’s desirable location, convenient access to major urban centers, and strong sense of community have made it one of the highest growing suburbs for property prices over the past 10 years. With a range of property options available, from spacious family homes to modern apartments, there’s something to suit everyone’s taste and budget in this charming coastal suburb.
4. Ocean View
Nestled in the lush green hinterlands of Moreton Bay Region, Ocean View is a small and idyllic suburb that has become a highly sought-after location for homebuyers and investors alike. Over the past 10 years, this hidden gem has seen an average growth rate of 11.4%, making it one of the highest growing suburbs for property prices in the Brisbane area.
So, what makes Ocean View so desirable? For starters, its stunning natural beauty is hard to beat. The suburb is surrounded by rolling hills, picturesque vineyards, and lush rainforests, making it the perfect location for those who love the great outdoors. In fact, Ocean View is home to several popular hiking trails, lookouts, and picnic spots, making it a popular weekend destination for locals and tourists alike.
In addition to its natural beauty, Ocean View also boasts a tight-knit community that’s welcoming and friendly. Despite being only a short drive from the hustle and bustle of the city, the suburb feels like a peaceful and secluded retreat, making it the perfect place to escape the stresses of daily life.
Another factor that has contributed to Ocean View’s growth in property prices is its proximity to major infrastructure and amenities. The suburb is located only a short drive from the thriving business hubs of Brisbane and the Sunshine Coast, making it an ideal location for commuters. It’s also home to several highly regarded schools, including Ocean View State School, making it a popular choice for families with young children.
5. Newport
Newport, a suburb located on the beautiful Redcliffe Peninsula in Brisbane’s north, has been one of the highest performing suburbs for property prices over the past decade. With an average growth rate of 10.86%, it’s no wonder that many homebuyers and investors are eyeing this area for their next purchase.
One of the main factors that make Newport a desirable location is its stunning waterfront views and easy access to Moreton Bay. Many properties in Newport offer breathtaking views of the bay and are located just a short walk away from the beach. This has attracted a lot of interest from homebuyers who are looking for a relaxed and peaceful lifestyle by the water.
Another key factor contributing to Newport’s growth is its proximity to Brisbane’s CBD. The suburb is located just 35km north of the city, making it a convenient location for those who work in the CBD but want to live in a quieter, more peaceful area. In addition, Newport is also close to the Brisbane Airport, making it an ideal location for frequent travelers.
The suburb’s amenities and lifestyle options are also a drawcard for homebuyers and investors. Newport is home to a range of cafes, restaurants, and shops, as well as several parks and recreation areas. The suburb’s marina and yacht club also provide residents with plenty of opportunities to enjoy boating and water sports. With so much to offer, it’s no wonder that Newport has been one of Brisbane’s best performing suburbs for property prices over the past 10 years.
6. Marburg
Marburg, a quaint rural suburb located 60 kilometers west of Brisbane, has seen significant growth in median property prices over the past 10 years. According to recent data, the suburb has an average growth rate of 10.71%, making it one of the highest growing suburbs in the area. This growth rate is even more impressive considering Marburg’s small population and relatively remote location.
One of the factors contributing to Marburg’s growth is its natural beauty and peaceful rural lifestyle. The suburb is surrounded by rolling hills and farmland, providing a serene and picturesque environment for residents. Additionally, Marburg is located close to several national parks and conservation areas, making it a popular destination for outdoor enthusiasts.
Another factor contributing to Marburg’s growth is its proximity to Ipswich, which is one of the fastest-growing cities in Queensland. As Ipswich continues to grow, more and more residents are looking for affordable housing options in the surrounding suburbs, including Marburg. This increased demand for housing has helped to drive up property prices in the area.
Finally, Marburg’s community spirit and sense of belonging have also played a role in the suburb’s growth. The community is close-knit and supportive, with residents regularly coming together for events and activities. This strong community spirit has helped to attract new residents to the area and create a sense of pride and ownership among current residents.
Overall, Marburg’s natural beauty, proximity to Ipswich, and strong sense of community have helped to drive significant growth in median property prices over the past 10 years. As more and more people discover the charm and appeal of this rural gem, it’s likely that Marburg will continue to experience strong growth in the years to come.
7. Toowong
Toowong, a suburb situated in the inner-west of Brisbane, has been one of the highest growing suburbs for property prices over the past 10 years, with an average growth of 10.3%. This growth can be attributed to several factors, including its prime location, excellent amenities, and strong demand from both homeowners and investors.
One of the main reasons for Toowong’s growth in property prices is its convenient location, situated just 5km from the Brisbane CBD. The suburb offers easy access to public transportation, including the CityCat ferry service and multiple bus routes, making it a popular choice for professionals who work in the city. Additionally, Toowong is home to the University of Queensland, which is consistently ranked as one of the top universities in Australia, attracting students and academics from all over the world.
Toowong also offers a wide range of amenities, including several parks and green spaces, a thriving retail and dining scene, and easy access to the Brisbane River. The suburb is home to several major shopping centers, including Toowong Village and Indooroopilly Shopping Centre, which provide residents with easy access to a wide range of shopping and dining options. Furthermore, Toowong is home to several popular parks and green spaces, including the expansive Toowong Memorial Park, which offers residents a range of recreational activities, including picnic areas, walking paths, and sports facilities.
In summary, Toowong’s growth in property prices can be attributed to its prime location, excellent amenities, and strong demand from both homeowners and investors. The suburb is an attractive option for those looking to enjoy the benefits of inner-city living while still enjoying access to green spaces and recreational activities. With its continued growth and development, Toowong is likely to remain a popular choice for homeowners and investors alike.
8. Willowbank
Willowbank, a suburb located approximately 20km south-west of Ipswich, has seen a significant surge in property prices over the past 10 years, with an average growth rate of 10.22%. This impressive growth can be attributed to several factors, including its location, community feel, and access to amenities.
One of the main reasons for Willowbank’s growth is its location. Situated in a semi-rural area, residents can enjoy the peace and quiet of country living while still being within easy reach of the city. The suburb is also conveniently located near major transport routes, making it easy for residents to travel to and from work or leisure activities.
In addition to its location, Willowbank has a strong community feel, with many residents praising the friendly and welcoming atmosphere. This sense of community is further enhanced by the many local events and activities that take place throughout the year, such as the annual Willowbank Markets and the Ipswich Festival.
Furthermore, Willowbank boasts a range of amenities that are highly valued by residents, including parks, sporting facilities, and shopping centres. The suburb is also home to the Willowbank Raceway, a world-class drag racing facility that attracts visitors from across the country.
Overall, these factors have made Willowbank a highly desirable suburb for both homebuyers and investors, leading to strong growth in property prices over the past decade. With its unique mix of country living and city convenience, it’s no wonder that Willowbank is considered one of the highest growing suburbs for property prices in the region.
9. Scarborough
Scarborough, located in Moreton Bay Region, is one of the highest growing suburbs for property prices over the past 10 years, with an average growth of 10.19%. Scarborough is known for its beautiful beaches, stunning views, and laid-back lifestyle. It has become a popular destination for both tourists and locals looking to escape the hustle and bustle of city life.
One of the key factors driving the growth of property prices in Scarborough is the suburb’s location. It’s situated on the beautiful Moreton Bay, which provides residents with stunning water views and easy access to recreational activities like boating, fishing, and swimming. Additionally, the suburb is just a short drive from the city of Brisbane, making it an ideal location for those who want to live close to the city but still enjoy a more relaxed coastal lifestyle.
Another factor contributing to the growth of property prices in Scarborough is the suburb’s excellent amenities. The area boasts a wide range of shops, cafes, and restaurants, as well as excellent schools and parks. The community is also very active, with plenty of local events and activities to get involved in.
Overall, Scarborough’s combination of stunning natural beauty, convenient location, and excellent amenities make it a highly desirable location for homebuyers and investors alike. As the suburb continues to grow and develop, it’s likely that property prices will continue to rise, making it a great investment opportunity for those looking to secure their financial future.
10. Yugar
Yugar, located in the Moreton Bay region, is one of the highest growing suburbs for property prices over the past 10 years. Its median house price has increased by an impressive 10.15%, making it a highly attractive option for investors and homebuyers alike.
One of the main reasons for Yugar’s growth in popularity is its beautiful natural surroundings, which include the Samford Conservation Park and the South Pine River. This makes it a great option for those who enjoy an active and outdoor lifestyle, with plenty of opportunities for hiking, kayaking, and picnicking. Additionally, the suburb is located just 27 kilometers from the Brisbane CBD, making it a convenient location for those who work in the city but prefer a quieter, more rural lifestyle.
Another factor contributing to Yugar’s growth is its proximity to quality schools, such as Ferny Grove State High School and St. William’s Primary School. Families with children are attracted to the area due to the excellent education options available. In addition, the suburb is close to major shopping centers, such as Brookside Shopping Centre, and the Samford Valley Markets, providing residents with easy access to a range of amenities and entertainment options.
As Brisbane continues to grow and expand, it’s no surprise that suburbs like Yugar are experiencing steady growth in property prices. With its beautiful natural surroundings, convenient location, and excellent education options, Yugar is a highly desirable suburb that is sure to continue to grow and attract homebuyers and investors for years to come.
Suburbs to watch in 2023
Suburbs close to the Brisbane CBD along with the middle ring suburbs are usually a fairly safe bet for buying property. Homes that are close to the city are always going to have strong demand.
But they are not the only suburbs worth watching. Here are some areas that should see outsized returns compared to the market suburb in the greater Brisbane area.
Redcliffe Peninsula
There are a few key forces that make Redcliffe an enticing opportunity for property investors:
- The opening of the new train line to Kippa-Ring in 2016
- Extensive gentrification over the last decade
- Homebuyers looking for an affordable lifestyle
- Significant investment in infrastructure and property developments
In the past 12 months, property sales have increased dramatically, and most suburbs across the peninsula have seen double-digit growth in property values.
Despite this growth, the Redcliffe Peninsula remains one of Brisbane’s most affordable regions. Five suburbs in the area have median house prices at or below $550,000 making it a great choice for first home buyers.
The median rental yield in the area ranges from 3.4% to 4.3% for houses, and 3.7% to 5.9% for units.
Combined with 1-year growth of up to 24%, these suburbs are an attractive prospect to invest in:
Houses:
Units:
Olympic Precinct – Inner South
Brisbane’s Inner South precinct is well-positioned for significant growth over the next few years, and here’s why:
- Major infrastructure projects related to the 2032 Olympics
- The multi-billion-dollar Australia TradeCoast economic development
- A new mega-cruise ship terminal
- Strong population growth.
Historically, this precinct has underperformed other areas in Brisbane, but that’s all set to change in the coming years. Aside from the projects mentioned above, the suburbs in this area will also benefit from public transport upgrades thanks to the Cross River Rail and the Brisbane Metro.
Take a look at these suburbs:
Houses:
Units:
Logan City
Once voted as one of Australia’s worst towns, Logan has come a long way.
Logan city is one of Queensland’s fastest-growing communities. Located mid-way between Brisbane and the Gold Coast, it has become one of the liveliest property markets in Australia, with over 95% of suburbs in the area seeing increased house values in 2021.
Logan City attracts both homebuyers and investors thanks to its strategic location, excellent infrastructure, and great affordability. You can buy a home for as little as $360,250 in Kingston, or if you’re looking to buy an apartment on a budget you could find a place in Woodridge for just under $190,000.
Houses:
Units:
North-East Precinct
Brisbane’s North-East Precinct lies within a band 8-18km northeast of the Brisbane CBD. This area has good transport links and will be boosted by the infrastructure investments in Australia’s TradeCoast precinct and the new mega-cruise ship terminal.
This area has performed strongly in the last couple of years, even when other Brisbane sectors were struggling.
This is especially true when we look at the “Three N’s” of Brisbane’s Northside – Northgate, Nudgee, and Nundah. These three suburbs attract consistent demand, and sales in these areas have been rising steadily. Increasing gentrification of these areas should continue to increase demand.
Houses:
Units:
Brisbane's riskier suburbs in 2023
While we have found the banks lending criteria is a bit more relaxed in 2022, if you are looking at buying a unit in Brisbane you might be asked for a 30% deposit by some banks.
(Don’t worry this is not ALL banks)
We have found some banks have created a bit of a blacklist on certain suburbs in Brisbane, where they have applied stricter criteria to loans, could reduce rental income and may ask for more deposit.
Brisbane’s so called ‘riskier suburbs’ include units in:
- Milton (4064)
- Brisbane CBD (4000)
- Fortitude Valley, Herston, Bowen Hills, Newstead (4006)
- Kangaroo Point, East Brisbane (4069)
- Woolloongabba, Brisbane, Dutton Park (4102)
As I mentioned some banks are completely fine with lending in these suburbs, it’s just a matter of working with a Mortgage Broker that understands the different credit policies and can help achieve your goals.
While some banks might try to charge you lenders mortgage insurance if you don’t have a 30% deposit, we have access to banks who do not – and can look at interest-only terms.
If you need help with navigating the changing landscape, get in touch with our team or give us a call on 1300 088 065 to discuss your situation.
These suburbs are only ‘riskier’ if you need a loan with a 10% or less deposit. More importantly not all banks find these suburbs risky, so you still have options if you are looking at buying with a 10-20% deposit.
Ready to buy? Here's your next steps
Ready to take the next step toward buying? We’re happy to help. Schedule a call today with a Home Loan Expert from Hunter Galloway, the home of home buyers.
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