They’re the aspirational suburbs across Queensland where many people 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.
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.
And this sale was not just a one-off lucky find. Analysis of property listings currently on reiq.com found more than 20 houses listed for sale in Hamilton for prices less than half the median house price of this top-of-the-range suburb. One of these listings is even located on two titles.
But it’s not just in Brisbane that astute buyers have been gaining a foothold in prestigious locations. Over the past 12 months, 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.
Meanwhile, 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.
And 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.
With the Queensland market turning a corner and likely to continue to do so once the Federal Election is finally behind us, many of these buyers – at the top and bottom of their respective markets – will no doubt look back on their decisions with a big smile and, even better, the potential for capital growth.