PHOTO: Gold Coast. FILE

Queensland now boasts seven suburbs where property values surpass the $2 million mark, driven by relentless price growth. A prominent real estate expert has also revealed the prime locations to consider for property purchases in 2024.

According to the PropTrack Home Price Index, Broadbeach Waters has recently become a member of this exclusive group. Over the past quarter, the median house price in this highly sought-after suburb has increased by 3.68 percent, rising from $1,946,751 just three months ago to the current $2,018,383. Broadbeach Waters now ranks as Queensland’s seventh most expensive suburb for real estate, trailing behind Sunshine Beach, Mermaid Beach, New Farm, Surfers Paradise, Ascot, and Hamilton. Sunshine Beach leads the pack with the highest median house price in Queensland at $2,849,736, although it has experienced a slight decline of 1.49 percent ($43,198) in the past quarter and 2.48 percent ($72,469) over the last year.

22 Venice Street, Mermaid Beach, sold for $2.975m

In contrast, all three Gold Coast suburbs have recorded continued price growth over the past quarter. Mermaid Beach, now second in the ranking, boasts a median house price of $2,662,543, having increased by 3.59 percent in the last three months and 6.06 percent over the past year. Surfers Paradise, holding the fourth position, now commands a median house price of $2,335,046, with growth rates of 3.92 percent and 7.54 percent, respectively.

In Brisbane, New Farm is the most expensive suburb, with a median house price of $2,507,054, which has slightly decreased from $2,538,777 in the previous quarter. Ascot ($2,200,652) and Hamilton ($2,204,818) follow closely, having experienced quarterly price growth of 3.2 percent and 2.01 percent, respectively.

Furthermore, two additional suburbs are on the brink of joining the $2 million-plus club early next year. Tallebudgera Valley’s median house price has risen by 6.3 percent in three months, reaching $1,982,387. Bundall is also approaching the mark, with median house values increasing by 2.32 percent over the quarter and 5.68 percent over the year, reaching $1,913,652. Completing Queensland’s top 10 most expensive suburbs is Bulimba, with a median price of $1,890,787.

Presently, there are 185 suburbs across Queensland with an average sale price exceeding $1 million, including formerly affordable areas like Moorooka, New Beith, Sandgate, and Mount Crosby. By early next year, suburbs such as Dundowran Beach, Park Ridge South, Murrarie, Mitchelton, and Carseldine could potentially become seven-figure suburbs.

Economist Eleanor Creagh from PropTrack attributed these price surges to limited supply, which has intensified competition and led to record-high prices in September. She noted that Brisbane’s real estate market has not only recovered from the declines seen in 2022 but is also growing rapidly, registering a 0.39 percent increase in September and a 5.82 percent year-over-year increase.

Auction on Warehouse Conversion

Auctioneer John McGrath brings down the gavel on the sale. Picture: Julian Andrews

Looking ahead, real estate expert John McGrath has painted an optimistic picture for both investors and homeowners in Queensland. He highlighted the significant population growth and infrastructure developments in anticipation of the Brisbane 2032 Olympic and Paralympic Games, predicting a bright future for the region. Brisbane has experienced the most substantial population increase of any capital city, with many people from Sydney and Melbourne relocating in pursuit of an enhanced lifestyle. McGrath’s top five suburb picks for price growth in 2024 are Hamilton, Albion, Clontarf, Southport, and Coolum Beach.