The last 25 years have seen some Queensland suburbs enjoy amazing rates of price growth. But just wait until you see what the future could hold!
Exciting new research by Aussie Home Loans and CoreLogic has tracked the growth of home values since 1993. It’s hard to imagine but 25 years ago, Brisbane’s median house value was just $128,000. Today, the median house price is Brisbane is $535,000, with a median apartment value of $385,000.
Clearly, it’s been a quarter century of big change in Brisbane, with the city’s house values rising by 5.9% annually, and by 4.5% for apartments. Put differently, home owners in Brisbane have watched their equity rise by $16,300 for houses or $10,300 for units on average each year since 1993.
But here’s the real blockbuster. According to CoreLogic’s estimates, over the next 25 years Brisbane’s median house price could rise to $2.24 million and apartments could reach $1.15 million!
So, which Queensland suburbs have performed best in terms of price growth over the last quarter century?
Bulimba tops the charts
First up, only one Queensland suburb appears in Australia’s top 100 suburbs for price growth since 1993. The Brisbane suburb of Bulimba comes in at number 92 on the top 100, having notched up price growth of 875% since 1993. It’s hard to imagine that just 25 years ago, this suburb, where houses now come with a median price tag of $1.2 million, were available for $133,000.
Another hot contender for exceptional gains is New Farm, also in Brisbane, which has enjoyed 852% house price growth over the past 25 years. This has seen the median house price leap from $181,000 in 1993 to $1.7 million today. Sounds like a great argument for time travel.
Coastal properties have performed well
The thing is, Brisbane doesn’t have a monopoly on value growth. Gold Coast properties have also performed well over the last quarter century. At the top of the leader board, house prices in Mermaid Beach have risen from a median value of $195,000 in 1993 to $1.56 million today – a total of 700% growth or 8.7% annually. In Helensvale, where an apartment would have set buyers back just $94,200 in 1993, the median unit price is now $532,000 –quadrupling in value.
If those gains sound good, Mudjimba on the Sunshine Coast has dished up tremendous returns for property owners, with capital growth of 656% in 25 years, taking the median house value from a modest $95,800 in 1993 to $724,500 today.
More modest gains to the north
Further north from Brisbane, the gains have been more moderate though still impressive. In the Wide Bay-Burnett region, apartments in the Bundaberg suburb of Bargara have topped the region’s league table, with apartment prices rising from $82,750 in 1993 to a median of $415,000 today. That’s a total gain of 401%.
In far north Queensland, Machans Beach in Cairns has given long term residents plenty to smile about, with 25-year gains of 286%. That’s taken the median house price from $103,000 back in 1993 to $398,000 today.
Discover which Queensland suburbs have been the high achievers by viewing the full Aussie/CoreLogic 25 years of housing trends report or contact your Aussie Broker for a free copy.
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