$900k in a year: Qld’s price growth boom suburbs

Buyers priced out of inner-city hotspots have had to look further afield in 2024, venturing into suburbs once considered downmarket, as strong migration and low housing supply continues to propel home values.

New data from PropTrack reveals the suburbs where price growth has skyrocketed by six figures in just 11 months, led by houses in the northern Brisbane suburb of Virginia (up 38.7 per cent) and units in the Logan suburb of Woodridge (41.3 per cent higher).

This five-bedroom house at 11 Taylor St, Virginia, sold in October for $1.755m.

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The median house price in Macgregor, in Brisbane’s south has gained 34 per cent in less than a year to surpass the $1m mark and hit $1.356m, while house prices in Boonah, Wooloowin, and Greenslopes have also outperformed, with growth of around 33 per cent.

The biggest gains in unit prices after Woodridge were seen in Kingston (+38.9 per cent), followed by Gordon Park (+38.3 per cent) and Balmoral (+35.8 per cent).

The residential sale price record in the northern suburb of Virginia was broken twice this year, first with a $2.55m sale, and then in October, when a brand new, five-bedroom house fetched $2.775m.

This three-bedroom house at 7 Brook St, Boonah, sold in June for $915,000.

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This three-bedroom house at 23 Hamley St, Wooloowin, sold in November for $1.76m.

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Ross Armstrong of Place Estate Agents, who marketed the property at 37 Pilliga Street, said Virginia had “totally changed” in recent years due to a domino effect from neighbouring suburbs.

“It’s coming off the back of surrounding suburbs like Wavell Heights, Kedron, even Clayfield and Ascot, because people can’t afford to get in there,” Mr Armstrong said.

“Instead of moving further in (towards the city), they are staying for the bigger house and bigger block.

This five-bedroom house at 37 Pilliga St, Virginia, sold in November for $2.775m.

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This five-bedroom house at 10 Garden St, Greenslopes, sold in October for $2.25m.

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“It’s largely driven by families sending their kids to Nudgee College or St Margaret’s. People also like the fact it’s got a train line.”

Mr Armstrong said he had sold three houses for more than $2m this year in Virginia, which was once considered a downmarket suburb.

“Even a post-war knockdown is going for $1.2m in a good street,” he said.

PropTrack economist Angus Moore. Picture: Supplied

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PropTrack senior economist Angus Moore said homeowners in these top growth suburbs had seen large increases in their equity, which was consistent with data showing a rise in the number of people upgrading.

“Data from the banking regulator shows we’ve seen an increase in mortgages with large deposits, which is consistent with people looking to upgrade, perhaps soonerr than they had planned to,” Mr Moore said.

He said the PropTrack data on the suburbs with the highest price growth showed how much harder it had become for buyers to get into these areas compared to a couple of years ago.

This three-bedroom unit at 23/190-192 Ewing Rd, Woodridge, sold in September for $500,000.

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This five-bedroom house at 140 Melville St, Manly, sold in November for $2.4m.

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“Brisbane as a whole has seen pretty strong price growth this year (+13 per cent), and Ipswich (+16 per cent) and Logan (+14 per cent) have been among the stronger areas, so it’s not surprising we’re seeing a lot of suburbs from those areas pop up.”

With housing affordability in Brisbane around its worst level in three decades, buyers were looking at more affordable areas to invest in, Mr Moore said.

“Internal migration has been particularly strong in the past few years and we have been seeing people looking for a bit more space at home, especially if working from home… that’s favouring smaller markets like Perth, Adelaide, Brisbane, the Gold and Sunshine coasts, and while increasingly expensive, you can still get an extra room cheaper than in Sydney.”

A two-bedroom unit in this complex at 6/7 Cleopatra St, Kingston, sold in October for $420,000.

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A two-bedroom unit in this complex at 7/87 Swan St, Gordon Park, sold in October for $807,000.

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Recent PropTrack research found the Gold Coast and Brisbane were Australia’s top destinations for overseas searchers, after Melbourne.

On the Gold Coast, Mermaid Beach recorded the biggest jump in house price growth in 2024 — rising 34.8 per cent or a whopping $900,000 to a median of $3.1m.

It was followed by Willow Vale and Broadbeach.

The largest gains in unit prices were in Clear Island Waters, Helensvale, and Ashmore.

This four-bedroom house at 30 Arthur St, Mermaid Beach, sold in October for $4.5m.

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In the state’s north, Townsville has been a star performer this year, with the median house price in Thuringowa Central climbing 40 per cent or $134,000 to $445,000.

Unit prices in Bungalow, Cairns, are up 35 per cent in the past 11 months, with similar growth recorded in West End, Townsville.

Townsville home prices have surged 21.5 per cent in the past year to sit at $458,000.

Simon Pressley of Propertyology believes Townsville has the best capital growth potential of anywhere in Australia over the next three years.

This three-bedroom house at 14 Raintree Way, Thuringowah, sold in November for $571,000.

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“All things being equal, real estate values in Townsville will increase by somewhere in the vicinity of 50 per cent over the three calendar years ending 2026,” Mr Pressley said.

“Existing homeowners in Townsville now have have a fantastic platform to upgrade to a nicer or bigger home, and there will absolutely never be a more affordable opportunity for first homebuyers to get their first foot on the property ladder.”