BOOST FOR ISLAND REAL ESTATE WITH LAMB TOPPING SE QLD HIGHEST PROPERTY GROWTH!
The islands of Moreton Bay attached to Redland City Council have been rated among the ‘top growth suburbs’ of Brisbane in a recent major survey.
The figures were published in Brisbane’s Courier Mail, pointing to Brisbane continuing to defy the downturn gripping the nation’s biggest housing markets.
New figures apparently revealed more than 25 suburbs achieved double-digit property price growth in the past year,
While home prices in Sydney and Melbourne have hit the skids. Brisbane’s housing prices, on the other hand, are marching north, with the research study finding the top 10 growth suburbs in the Queensland capital all achieved price increases of more than 15 per cent over the past 12 months.
And leading the pack at the very top of the list is Lamb Island.
The figures say the average median house price on Lamb Island is $220,000 which is a stunning 37.5% growth in island house prices in just 12 months.
And Lamb Island isn’t the only island on the list.
Dunwich is third highest on the list with an average median house price of $442,500 and a growth increase of 24.4% in just 12 months.
Coochiemudlo Island is not far behind in real estate price growth, rated eighth, with the median house price at $322,500, a growth rate of 17.3%
At the upper end of the house price spectrum and rated 13th on the list, Point Lookout rated an amazing 12 month growth rate of 15.5% with the median house price at a stunning $970,000.
The other area in the Redlands to make the list was Cleveland, in 30th and last spot on the list with a median house price of $625,000 and a growth rate of 10.1%
A total of 26 mainland Brisbane suburbs achieved growth of more than 10 per cent in that period, according to data from CoreLogic analysed by realestate.com.au
According to the Courier Mail report, while prices are on the rise, property is still relatively affordable, with the median house price in all suburbs and areas still well under $1 million.
chief economist Nerida Conisbee said the suburbs that achieved the highest growth in Brisbane in the past year were in the middle to high price brackets, compared to Sydney where only the really cheap or really expensive suburbs were recording growth.
Island prices are still well under their mainland counterparts, but the growth rate is impressive, none the less.
In fact, the figures point to a potential strong improvement in island prices and sales in the coming months and years, despite what is happening elsewhere in Australia.
A sign of things to come on the islands was indicated last week when a Russell Island property sold for $875,000 courtesy of Chris McGregor of Harcourts. And, the asking price was the selling price!