Jul
26

Brisbane’s fastest growing suburbs

Domain

Revival of investor activity
It’s likely that house prices will continue rising in 2016, as improved affordability stimulates a surge in market confidence for both buyers and sellers.

Bris 2

While Brisbane house prices grow steadily, some surprising suburbs are leading the pack.
Banyo house prices rose fastest with 21.3 per cent growth in the past year. The median now sits at $530,500 in the booming suburb.
It was followed by Darra with 19.6 per cent growth and Taringa with 17.7 per cent.

LJ Hooker Banyo principal Thomas Coussens said the Banyo secret was out.

“Banyo has been floating under the radar for a while now. A few years ago you’d say Banyo and people would think industrial,” Mr Coussens said.

“But there is a lot of infrastructure and shopping hubs which have changed the suburb.

“You know when a suburb is doing well because the cafes start popping up.”

Brisbane booming suburbs: house prices
Suburb
Median House Price
Annual Growth
Banyo $530,500 21.3%
Darra $404,000 19.6%
Taringa $829,250 17.7%
Coorparoo $837,000 17.4%
Hendra $902,500 17.2%
Holland Park West $684,500 15.9%
Carindale $865,000 15.2%
Edens Landing $364,250 13.8%
Taigum $405,000 13.4%
Red Hill $890,000 13.4%

 

But he said the biggest factor was affordable prices.

“Families have been attracted to the area, mainly because they’d have to pay $100,000 more comparable in a neighbouring suburb,” Mr Coussens said.

Almost all of the booming suburbs are close to Brisbane City, except Edens Landing in Logan.

It is much less a boom story for units, with close to half of the top 10 growth suburbs experiencing negative price growth.

Greenslopes bucked the trend and outperformed other suburbs with unit prices growing 13.1 per cent. The median unit in the suburb is $387,500.

Brisbane’s booming suburbs: units
Suburb
Median Unit Price
Annual Growth
Greenslopes $387,500 13.1%
Annerley $395,000 7.8%
Chermside $426,750 6.2%
Scarborough $480,000 6.1%
Hamilton $535,000 2.4%
New Farm $550,000 1.7%
Taringa $437,500 -0.6%
Kelvin Grove $455,000 -1.0%
Teneriffe $520,000 -1.2%
Coorparoo $391,250 -2.3%

 

It was followed by Annerley, Chermside, Scarborough, Hamilton and New Farm, which were the only other suburbs to record positive unit price growth annually.

Sparrow Real Estate principal Jason Smit said the growth was likely due to new, high-end supply.

“In Greenslopes, there hasn’t been a history of a lot of apartments, but a lot of the new supply is luxury units, targeting the higher end,” Mr Smit said.

“And you can’t get a house under 700,000 to 800,000, so most people can’t afford a house here.”

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