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Hidden treasures in prestige suburbs


Brisbane 3 July 2013. They’re the aspirational suburbs across Queensland which many of us perhaps one day hope to live.

 

Maybe they overlook the ocean or the river, or perhaps they are in the city or nestled in the rainforest. But wherever they are, they are the Queensland suburbs at the top of their game when it comes to median house prices.

 

However, according to the latest Real Estate Institute of Queensland (REIQ) data, just because prestige suburbs are home to high property prices, doesn’t necessarily mean you have to have a million dollars to buy a house there.

 

In fact, an analysis of the REIQ’s March quarter data-set has found hidden treasures in prestigious suburbs across Queensland.

 

“In all major regions, over the past 12 months, there have been relatively affordable house sales in suburbs which are classified as some of the most desirable to live,” REIQ CEO Anton Kardash said.

 

“Of course, the old adage of buying the worst house in the best street, or the best suburb, still applies but buying wisely in these prestigious locations will help to underpin capital growth, perhaps together with some sweat equity over time.”

 

The most extreme examples over the past 12 months included two separate house sales in Hamilton in Brisbane – one for $6.5 million and the other for $405,000. The median house price for riverside Hamilton for the year ending March was $1.46 million.

 

Likewise on the Sunshine Coast, a home in Minyama sold for $6.75 million while another sold for just $360,000. The Minyama median house price over the year was $760,000.

 

“This disparity in house price sales was found across all major regions which highlights that hidden treasures can still found, even in our most expensive suburbs, if you are prepared to look – and potentially wait – for them,” Mr Kardash said.

 

At the other end of the State in Cairns, a home sold for $935,000 in Clifton Beach while another lucky buyer picked up a house in the same suburb for $312,000.

 

Despite a median house price of $1.06 million, it seems owning your own slice of Gold Coast paradise is not as unachievable as some would think. One Surfers Paradise home sold in December last year for $454,000, a far cry from the top-shelf sale of The Corso which went for a staggering $6.35 million.

 

“The results are encouraging for upgraders, entry-level purchasers and investors alike with prime location no longer an unrealistic criterion in the quest for the perfect Queensland property,” Mr Kardash said.

Highest/Lowest Sales - 12 months to March 2013



Address Type Land Size (m2) Sale Price Sale Date
Hamilton - Brisbane City (LGA)



Kingsford Smith Drive House 405 $405,000 08/01/2013
Eblin Drive House 2378 $6,500,000 20/02/2013
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $1,460,000








Augustine Heights - Ipswich City (LGA)



Isidore Street House 300 $162,000 16/10/2012
McAuley Crescent House 1000 $727,000 01/03/2013
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $500,000








Cornubia - Logan City (LGA)



Beacon Drive House 1025 $250,000 08/09/2012
Roderick Street House 1000 $890,000 21/07/2012
West Mt Cotton Road ^ House 48560 $1,150,000 12/11/2012
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $460,000








Newport - Moreton Bay (LGA)



Beacon Crescent House 619 $340,500 21/03/2013
Mariner Court House 1086 $1,700,000 20/12/2012
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $705,000








Ormiston - Redland City (LGA)



Delancey Street House 1068 $284,500 16/07/2012
Foggitt Court House 1964 $1,130,000 08/07/2012
Delancey Street ^ House 45210 $2,000,000 19/07/2012
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $540,000








Surfers Paradise - Gold Coast City (LGA)



Mawarra Street House 506 $454,000 12/12/2012
The Corso House 1137 $6,350,000 17/03/2013
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $1,060,000








Middle Ridge - Toowoomba (LGA)



Buckle Court House 700 $330,000 02/10/2012
Colman Drive House 714 $955,000 02/07/2012
Glencoe Court ^ House 4670 $976,000 12/02/2013
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $445,000








Minyama - Sunshine Coast (LGA)



Chelsea Crescent House 650 $360,000 17/09/2012
Minyama Island House 2001 $6,750,000 18/12/2012
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $760,000








Urraween - Fraser Coast (LGA)



Bunker Avenue House 708 $210,000 20/01/2013
Conservation Drive House 509 $695,000 14/09/2012
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $337,900








Coral Cove - Bundaberg (LGA)



Marian Street House 866 $270,000 16/10/2012
Barolin Esplanade House 2384 $700,000 04/09/2012
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $392,000








Glen Eden - Gladstone (LGA)



Wentworth Place House 600 $245,000 15/06/2012
Beezley Street House 1523 $865,000 22/08/2012
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $540,000








Norman Gardens - Rockhampton (LGA)



Wright Street House 601 $200,000 10/10/2012
Kenmare Court House 711 $725,000 04/02/2013
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $400,000








Glenella - Mackay (LGA)



Hill End Road House 752 $350,000 09/08/2012
Bonsai Court House 822 $832,000 28/01/2013
Davey Street ^ House 9203 $920,000 17/07/2012
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $530,000








Idalia - Townsville (LGA)



Gorari Street House 1012 $185,000 01/10/2012
Lakeland Boulevard House 912 $935,000 03/09/2012
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $465,000








Clifton Beach - Cairns (LGA)



Clifton Road House 607 $312,000 14/06/2012
Arlington Esplanade House 744 $935,000 01/12/2012
Stevens Street ^ House 9023 $1,050,000 23/09/2012
Median Sale Price - 12 months to March 2013 (Houses Under 2400m2) = $483,000








REIQ EXPLANATORY NOTES



TO BE INCLUDED IN FULL WHERE DATA TABLES ARE PUBLISHED.



Median Price - The middle sale price when arranged in ascending order, ie where half of the sales recorded were less and half were higher than the median
All median price figures are preliminary and are subject to further revision. Only suburbs with the highest median sales price for 12 months to March 2013, based upon sufficient sales numbers, have been included.
(LGA) - Local Government Area



^ Denotes acreage sales - on land size greater than 2,400m2. All other house and land sale statistics are based on land size under 2,400m2





Data obtained from RP Data (www.rpdata.com.au). Enquiries about the reproduction of part or all of the information should be directed to the Marketplace Strategy Division, REIQ.
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