Latest data reveals house price growth in every suburb

Queensland home prices have exploded by as much as 30 per cent in the past year, with shock new data revealing a string of regional suburbs among the nation’s fastest-rising markets.

While values across Greater Brisbane climbed a solid 10 per cent, several suburbs outside the capital have recorded triple that rate of growth as buyers pushed further afield in search of affordability.

Latest quarterly home price data from PropTrack show nine Queensland postcodes posted gains of 30 per cent or more in the year to September — a surge fuelled by rising demand for homes under $400,000 and fierce competition for limited listings.

The Sunshine State’s top performers were dominated by regional centres in Townsville, Central Queensland, Moreton Bay and Logan, underscoring how the affordability crunch has shifted the property boom beyond the southeast.

PropTrack’s price breakdown for every Aussie house and unit market showed apartments outperformed freestanding houses, while just two Greater Brisbane suburbs ranked among the state’s top ten growth hotspots.

SEARCH LATEST HOME PRICES IN EVERY QUEENSLAND SUBURB

SOLD: $477,000, 6 Josephine Cres, Rasmussen

Rosslea units ranked first, up 34 per cent to $356,010, then Caboolture (+33pc, $706,449), Railway East (+32pc, $356,889), Hermit Park (+32pc, $321,903), and Kooralbyn (+31pc, $422,022).

For houses, Mount Morgan in Central Queensland led with a 31 per cent jump to $299,014. Other top house markets were: Hyde Park (+29pc, $679,702), Thuringowan (+29pc, $592,848), Slade Point (+28pc, $605,942) and Rasmussen (+28pc, $537,236).

Greater Brisbane’s top performers were the Southern Moreton Bay Islands group, where house prices were up more than 20 per cent to between $493,719 and $750,674.

Three metro unit markets recorded spikes of about 20 per cent — Fortitude Valley, Kelvin Grove, and Acacia Ridge.

SOLD: $665,000, 1&2/7 Forrest St, Rosslea

Brisbane’s other leading house hotspots were Seventeen Mile Rocks (+17pc), Wellington Point, Rocklea, and Moorooka (all up 16pc).

PropTrack senior economist Angus Moore said price growth across the state more broadly had slowed from boom pace, though this year’s lower interest rates gave a bit back to buyer budgets.

“Parts of regional Queensland remain among the better performing housing markets. That’s pushed affordability to challenging levels,” Mr Moore said.

Brisbane prices had largely defied a slowdown in 2022, when the Reserve Bank of Australia began hiking rates from record lows, he said.

“Even in the past year, [prices] are still up 10 per cent which is still pretty solid growth for 12 months. So it remains a really popular housing market,” Mr Moore said.

“While the pace of growth has clearly slowed down this year compared to what we were seeing last year, it is still performing pretty well,” Mr Moore said.

PropTrack economist Angus Moore. Picture: Supplied

Ray White Townsville principal Giovanni Spinella said heated demand from both upgraders and downsizers as well as first-home buyers was fuelling competition in the northern town, particularly for entry-level priced property.

“The unit market has definitely been very strong and that’s been driven on price point, for one, but secondly, it’s a market that hasn’t performed overly well in Townsville for the last 10 years,” Mr Spinella.

“Back then, there was an oversupply of city apartments and that has completely dried up now, to the point where we are seeing one-bedroom units that have doubled in price since they last sold five years ago.

“There is a lot of consideration now around the cost of living, and buyers are having conversations on what apartments can offer in affordability and less ongoing maintenance costs.”

Ray White Townsville principal Giovanni Spinella

The data also shone a light on short-term gains, with houses dominating among 18 Greater Brisbane suburbs where prices climbed 10 per cent or more over the three months, led by units in Banyo and Fortitude Valley, up 14 and 21 per cent to $776,483 and $678,978, and houses in Enoggera and Auchenflower, both up 11 per cent to $1.4m and $1.9m.

Place Ascot agent Thomas Coussens said Auchenflower and the surrounding suburbs of Paddington, Ascot and Red Hill were fast gentrifying, with many homes selling pre or off market to well-heeled families seeking proximity to good schools in the area.

Spring selling

Agent Thomas Coussens with Red Hill seller Sharyn Wiltshire. Picture: Liam Kidston

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“It’s very much a low-supply market, and that is Brisbane-wide, but particularly in the inner-city suburbs where there are a lot of people needing somewhere to move into, and not a lot of options, especially in the higher end,” Mr Coussens said.

“Renovated homes are in high demand, as it makes a lot more sense for many buyers to purchase a property that is ready to move into as build costs and timelines are really blowing out.”

Further south, the Gold Coast’s top annual performers were Arundel units and houses in Tamborine and Willow Vale, each up 15-16 per cent.

In the Far North, Cairns’ hot suburbs were Manoora, Worree and Manunda, where unit prices surged around 25 per cent.

SOLD: $1.32m, 3 Wood Ct, Arundel

HIGHEST ANNUAL GROWTH – QUEENSLAND

suburb/median/% year-on-year change

Rosslea (unit)/$356,010/34

Caboolture (unit)/$706,449/33

Railway East (unit)/$356,889/32

Hermit Park (unit)/$321,903/32

Kooralbyn (unit)/$422,022/31

Mount Morgan (house)/$299,014/31

Aitkenvale (unit)/$373,761/31

New Auckland (unit)/$334,453/30

West Gladstone (unit)/$350,962/30

West End, Townsville (unit)/$368,962/30

*source: PropTrack