Robert Evans outside his investment property in Hendra that is for sale.
Robert Evans outside his investment property in Hendra that is for sale.

Qld’s new million dollar suburbs

More Queensland homeowners are now millionaires, with new research revealing a near 50 per cent jump in the number of million dollar suburbs in the past decade.

By the end of 2017, the state had 38 suburbs with a median home value of $1 million or higher - 15 more than the year before, according to property research firm, CoreLogic.

While traditional blue-chip pockets such as Ascot, Hamilton and New Farm have stood the test of time - making the million dollar club every year since 2007 - it's the new kids on the block that may come as a surprise.

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The little known Queensland suburbs of Willawong, Mount Samson and Kalinga have all cracked the million-dollar value ceiling in the past year.

And for the first time, Wilston, West End, Paddington, Hendra, Highgate Hill, Ashgrove and Auchenflower have burst through the $1 million median home value barrier.

Median home values in Paddington are now more than $1 million, according to CoreLogic.
Median home values in Paddington are now more than $1 million, according to CoreLogic.

On the Gold Coast, Surfers Paradise has made the million dollar club nine out of the past 10 years, while Bundall is a newcomer.

Further north on the Sunshine Coast, Shelly Beach in Caloundra made the list for the first time ever in 2017, joining the usual suspects of Noosa Heads and Sunshine Beach.

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Noosa on the Sunshine Coast has long been a member of the million dollar club.
Noosa on the Sunshine Coast has long been a member of the million dollar club.

In the state's north, Castle Hill in Townsville is the only suburb to achieve million-dollar status, while in central Queensland, the holiday resort town of 1770 has made the list several times over the past decade.

Even the Logan suburb of Park Ridge joined the club briefly for a year in 2010.

The number of suburbs in Queensland with a median home value of $1 million or more grew by 48 per cent in the past ten years.

CoreLogic research analyst Cameron Kusher said he expected that growth to continue in 2018, although perhaps not at the same rate as in the past 12 months.

"What we're seeing in southeast Queensland at the moment is migration is picking up," Mr Kusher said.

"I think Queensland might see more million dollar suburbs over the next 12 to 24 months as that level of migration continues to picks up.

"But I wouldn't be surprised if the jump (in values) is not as substantial in 2018 as it was in 2017."

Mr Kusher said it would only be a matter of time before home values in more of Brisbane's inner ring suburbs pushed through the $1 million barrier, as well as more suburbs on the Gold and Sunshine Coasts.

"That inner ring has been quite strong for houses over the past 12 months or so and clearly lack of supply in the detached housing market and strong demand is pushing up values, which is what you'd expect," he said.

Robert Evans saw the potential in the north Brisbane suburb of Hendra a few years ago when he bought a block of land and built a four-bedroom, two-bathroom house at 18 Harding Street.

This house at 18 Harding Street, Hendra, is for sale. Picture: realestate.com.au.
This house at 18 Harding Street, Hendra, is for sale. Picture: realestate.com.au.

Mr Evans has used the architecturally designed home as an investment property and enjoyed healthy rental returns, but is taking it to auction later this month.

"There's no other house like it in Hendra," Mr Evans said.

Hendra is only 6km from Brisbane's CBD and the median house value in the suburb is now$1.00784 million.

"It's a good area, it's quiet, close to the airport and offers good yields," Mr Evans said.

"That's why we built there."

Marketing agent Leigh Kortlang of Ray White Ascot has been selling real estate in Hendra for nearly 15 years and has seen home values rise considerably in that time.

"When I moved to Hendra 18 years ago, people said 'what are you doing crossing the train tracks'," she said.

"People started moving in to the area because it was a bit cheaper than surrounding suburbs (like Ascot, Hamilton and Clayfield), but now it's on everyone's shopping list because they actually want to live in Hendra."

Ms Kortlang said the suburb was considered "a bit more laid-back", with quiet, wide streets lined with Poinsiana trees and bigger blocks of land.

Between 2012 and 2017 - when the Sydney and Melbourne housing markets entered an upswing - the number of $1 million suburbs nationally increased by a whopping 243 per cent.

And by the end of last year, almost 1000 suburbs across the country hit the million dollar median value mark.

But Mr Kusher said he did not expect the surge in home values in Sydney and Melbourne to continue this year.

"With the national housing market slowing over the final quarter of 2017, we may actually see fewer suburbs with a million dollar price tag at the end of 2018," Mr Kusher said.

"In fact, the current data points to the fact that the housing slowdown, particularly in Sydney and Melbourne, is being led by the higher value end of the market.

"As a result, this may lead to a number of $1 million suburbs slipping out of the list in the two largest housing markets over the coming year."

 

 

QUEENSLAND'S NEW MILLION DOLLAR CLUB

 

Suburb House/unit Median value

Ascot House $1,639,995

Ashgrove House $1,009,882

Auchenflower House $1,106,010

Broadbeach Waters House $1,134,991

Brookfield House $1,022,382

Bulimba House $1,199,385

Bundall House $1,070,066

Burbank House $1,113,467

Castaways Beach House $1,057,405

Castaways Beach Unit $1,241,197

Chandler House $1,336,866

Chelmer House $1,183,319

Clayfield House $1,140,050

Clear Island Waters House $1,151,038

Fig Tree Pocket House $1,028,710

Fortitude Valley House $1,018,262

Hamilton House $1,417,327

Hawthorne House $1,196,229

Hendra House $1,007,840

Highgate Hill House $1,062,097

Kalinga House $1,133,852

Main Beach House $1,674,362

Mermaid Beach House $1,399,733

Minyama House $1,057,460

Mount Samson House $1,038,904

New Farm House $1,407,876

Noosa Heads House $1,004,007

Paddington House $1,077,237

Pullenvale House $1,088,506

Shelly Beach House $1,002,906

St Lucia House $1,197,301

Sunshine Beach House $1,363,637

Surfers Paradise House $1,332,778

Teneriffe House $1,589,892

Tennyson Unit $1,104,751

West End House $1,002,369

Willawong House $1,224,624

Wilston House $1,064,768

(Source: CoreLogic, data current to end of 2017)

Median home values in West End and Highgate Hill are now more than $1 million.
Median home values in West End and Highgate Hill are now more than $1 million.
This house at 18 Harding Street, Hendra, is for sale. Picture: realestate.com.au.
This house at 18 Harding Street, Hendra, is for sale. Picture: realestate.com.au.


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