The Queensland Cup: The suburbs racing to hit a $1m median price

Carli and Nick O’Shea with their children, Noah, 14, Eli, 5, and Quinn, 3, at the Tarragindi home they have just sold. Picture: Peter Wallis.

It might not be the race that stops a nation, but there’s a Melbourne Cup of sorts under way in the Queensland housing market.

Ten suburbs are competing for a place in the exclusive million-dollar club and the bookies say they’re a safe bet for capital growth, with some locations tipped to increase in value by $400,000 in just 15 months.


Real estate guru’s top property picks

COVID fuels QLD property boom

Stables converted into home

Jockey Michael Walker riding Prince Of Arran stands up after the finish in race 7, the Lexus Melbourne Cup, at Flemington Racecourse in 2019. Image: AAP/Michael Dodge.

First out of the barriers is the Gold Coast suburb of Miami, which is tipped to cross the $1 million finish line in just over a year as demand for property there hits a cracking pace.

New figures from reveal the suburb’s median home price of $870,000 is on track to reach $1.02 million by 2022 if the current rate of quarterly growth continues.

This four-bedroom house on 405 sqm at 20 Brakes Cres, Miami, just sold for $2.4m.

On the Sunshine Coast, Mooloolaba is galloping towards a median home price of $1.17 million by 2022.

And in Brisbane, the median price in the Redlands suburb of Thorneside — $630,000 — is set to almost double if growth continues at its current pace.

This three-bedroom house 17 Rochdale Ave, Tarragindi, is for sale.

The data is based on quarterly property price growth in each suburb, with a minimum of 20 sales in the past 12 months. chief economist Nerida Conisbee said the Sunshine Coast and the southern suburbs on the Gold Coast had been attracting huge demand since the onset of COVID-19.

This property at 122 Crest Hill Drive, Wongawallan, sold for $1.475 million in August.

”There’s a really strong line from the southern Gold Coast to the mid NSW coast,” Ms Conisbee said.

“It was already doing well before COVID, but since then, everything has been shooting up in value.

REA Group chief economist Nerida Conisbee.

“If you look at the areas that have seen a jump in views (online), it’s very much regional areas attached to capital cities (like the Sunshine Coast and Gold Coast.”

Ms Conisbee said suburbs close to water and with bigger homes on bigger blocks were tipped to record strong capital growth in the coming year.

This six-bedroom house at 16 Hamilton St, Sherwood, has just sold.

“These are areas which have seen strong growth since COVID, and if they did well during the worst recession in our lifetime, that’s pretty incredible, so once we get out of recession, they have the potential to see even bigger jumps in value,” she said.

Nick and Carly O’Shea have just sold their home in Tarragindi, which is tipped to break through the $1 million median price barrier in 15 months.

This property at 4 Cabana Boulevard, Benowa Waters, sold for $1.675m in September.

Mr O’Shea, who is the director of family builders O’Shea & Sons, sees so much potential in the suburb that he built two houses in addition to his own in the same street and has just bought a block of land 700m away.

He plans to build another family home on the site to accommodate his growing family of three sons, and a sibling on the way.

This house at 8 Becker Plc, Mount Ommaney, is for sale.

“We built the current house to live in, but we’ve kind of outgrown it,” Mr O’Shea said.

“We’re needing a bit more space to let the boys breathe a bit.”

This five-bedroom, five-bathroom home at 5 Entrance Island, Bokarina, sold during COVID-19 lockdowns.

Mr O’Shea said he was not surprised home prices in Tarragindi were rising so quickly.

“It’s such a beautiful, leafy suburb with so many great opportunities for families,” he said.

“Our kids go to school at St Elizabeth’s down the road and there’s lots of parks, cafes, and bushwalks.

This two-bedroom house at 14 Bryce St, Moffat Beach, is going to auction.

“We build all over Brisbane, and from where we are located, I get anywhere within 10 to 15 minutes”

The fact the suburb is exempt from character overlay rules also makes it popular among families looking to knock down and rebuild.

More from news

Charming Woolowin house looks like something out of a storybook
Gold Coast mega mansion sets new QLD home sale record

This property at 23 Carwoola Cres, Mooloolaba, sold for more than $6 million in September.

“It’s always been a good, steady growth suburb, but I think people are now starting to realise much more the attributes of the suburb,” Mr O’Shea said.

“I can definitely see the value in building here.

“The ability to do a knockdown rebuild is very easy in comparison to other character suburbs.

“We do a lot of modern Queenslanders and Hamptons-style builds.”

This house at 1 Jean St, Thorneside, is for sale.


Suburb Postcode Median price Median price

(12 mths) (15 mths if QoQ growth continues)

Miami 4220 $870,000 $1,024,796

Mooloolaba 4557 $920,000 $1,173,914

Thorneside 4158 $630,000 $1,037,309

Sherwood 4075 $947,500 $1,059,796

Moffat Beach 4551 $945,000 $1,295,532

Wongawallan 4210 $915,000 $1,262,356

Bokarina 4575 $899,000 $1,082,043

Tarragindi 4121 $865,000 $1,031,281

Mount Ommaney 4074 $862,000 $1,042,743

Benowa 4217 $885,000 $1,024,039


Source link