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May 30, 2023 by ash

What your home could be worth in 5 yrs: Every Qld suburb

Home prices in parts of greater Brisbane are forecast to climb by more than 70 per cent in the next five years.

Home prices in parts of greater Brisbane are forecast to climb by more than 70 per cent in the next five years, prompting experts to urge buyers to get in now before certain suburbs boom.

Exclusive analysis by PropTrack reveals home buyers will need to fork out an extra $200,000 to afford an average home in the city in 2028 if prices continue to grow at the same pace as the past five years, with the median projected to rise 32 per cent to $845,000.

The suburbs with the biggest forecast growth over the next five years are in the Ipswich region and Brisbane’s west, led by Churchill, where the median sale price is predicted to jump from $450,000 to $779,000 by 2028.

Bellbowrie’s median sale price is tipped to increase 71 per cent to $1.55m in five years, followed by Newtown, where the median is set to grow to $959,000.

The Gold and Sunshine Coast’s median home prices would surpass $1m by 2028, assuming values were to grow at the same pace as the past five years.

The data projects the Gold Coast median home price to climb 60 per cent to hit $1.4m, and $1.1m on the Sunshine Coast.

The median in Worongary is projected to rise the most on the Gold Coast, followed by Tallebudgera and Burleigh Waters.

PropTrack economist Paul Ryan said it was unlikely Queensland would experience the same growth rate recorded during the pandemic years — at least not across as many suburbs.

“The past five years have been quite extraordinary,” Mr Ryan said.

“2021 recorded the third fastest price growth Australia has seen since Federation. Part of the big driver of underlying home price growth over that period was low interest rates.”

But Mr Ryan said it could be an opportunity for long-term investors to research where to invest to get the best capital growth.

“I think the data shows how much buying in the right location influences returns,” he said.

“You can see lifestyle locations performing really well, and even parts of Brisbane that have grown markedly.

“These suburbs have benefited from the rise in Brisbane in general, which has pushed demand outward because of affordability and is in higher demand than it was five years ago, so those suburbs formerly overlooked have stood the most to gain and have done well.”

McGrath Estate Agents’ Alex Jordan, who looks after Brisbane’s west — where prices are predicted to grow the most in certain suburbs — said his average days on market for a property had reduced from 28 to 14 in the past two weeks.

“There is definitely improved buyer sentiment, and while stock levels continue to remain tight, we are transacting more efficiently,” Mr Jordan said.

He recently sold a five-bedroom home on a 756 sqm block at 11 Bowaga St, Indooroopilly, for $2.195m after multiple offers from only one inspection.

“It sold to a local buyer seeking the highly sought-after area near the schools.”

Colliers director of residential project marketing and sales Jon Rivera said factors such as infrastructure spending, immigration, and the 2032 Olympic Games, meant southeast Queensland had the potential to outperform other states in the next five years.

Mr Rivera said there was no chance of prices going backwards given the level of investment in the southeast corner.

“You’ve got $94b worth of key infrastructure projects being delivered, soaring construction costs and a lack of new supply pushing prices up, plus population growth from migration and strong economic growth,” Mr Rivera said.

Brisbane infrastructure projects include the $14.5b Melbourne to Brisbane Inland Rail, $7b being spent in Olympic Games venues, $6.9b in the Cross River Rail, and $3.6b in Queens Wharf.

On the Gold Coast, $2.9b is being spent on the G-link Light Rail and $2b on the Star Casino & Resort Precinct, and on the Sunshine Coast, $4.4b to transform the Maroochydore City Centre.

Kollosche head of new projects Jamie Harrison said increased migration, the lure of the Olympics, and favourable economic conditions would protect southeast Queensland’s property market in the years ahead.

A new report by Kollosche and property analyst, Michael Matusik, states that an additional 100,000 people annually are expected to make southeast Queensland their home between now and the Olympics — with the majority destined for the Gold Coast.

Mr Harrison said the Gold Coast offered opportunities for developers and investors seeking markets with growth potential.

“The Gold Coast is already at a 30 per cent deficit when it comes to new housing supply versus demand and that is only going to widen,” Mr Harrison said.

“Land is scarce on the Gold Coast, particularly so in beachside locations, so the only option is to build up. Heightened demand paired with the reduced capacity of construction companies only puts further pressure on existing availability, leading to robust price growth.

“The excess of pent-up demand creates exciting opportunities for developers. Those who are aligned with key builders and who can deliver a product that speaks to the market will be well-positioned moving forward.”