Brisbane’s reputation for affordable housing is fading fast, as Nudgee and six other formerly working-class suburbs cross the million-dollar median house price threshold, all within the past three months.
New data reveals the Queensland capital now boasts 73 suburbs where the median house price is seven figures or higher, a significant increase from 66 in December.
This surge in property values is attributed to the relentless demand for housing in Brisbane and the ongoing gentrification of traditionally blue-collar suburbs in the city’s middle and outer rings. Experts predict that Brisbane is on track to reach an overall median house price of $1 million within the next year.
Dr. Nicola Powell, Domain’s chief of research and economics, notes that even family-friendly suburbs once considered budget-friendly are now seeing million-dollar medians as high-end buyers are priced out of Brisbane’s most expensive areas.
“Brisbane’s property market is showing no signs of slowing down,” Powell said. “With just 8.2 percent more growth needed to reach a citywide median of $1 million, this milestone is well within reach in the coming year.”
Powell emphasises that gentrification is a key factor driving this trend. As prestigious suburbs like New Farm approach a $3 million median, and numerous others near $2 million, buyers are forced to seek more affordable options in previously overlooked areas.
“Even those at the higher end of the market are having to adjust their expectations and look for properties in the next tier down,” Powell explained. “Buyers who would have traditionally purchased in Hawthorne, for example, are now considering Balmoral due to the rising prices.”
The next suburbs predicted to join the million-dollar club are Scarborough, with a median already at $999,000, and Salisbury, currently at $986,750. Cornubia and Manly West are also expected to reach the seven-figure mark soon, with medians of $985,000 and $980,750 respectively.
Published Date 24-May-2024
