Queensland suburbs are defying the demand downturn that is hitting some of Australia’s biggest housing markets such as Sydney and Melbourne. Tarragindi ranked among most in-demand suburbs in QLD headed by inner-north suburb of Grange, an October property report said.
For the past 12 months, Grange topped the list of the most in-demand suburbs according to the October Property Outlook from realestate.com.au. With Chandler, Burbank, Paddington, Red Hill, Camp Hill, Holland Park, Ashgrove, Tarragindi, and Wilston completing the elite list of most in-demand suburbs.
From one year ago, buyer demand for housing in Brisbane climbed by 1.4 percent. The median price for all dwellings is at $490,000, up by 1.0 percent year-on-year and 1.0 percent quarter-on-quarter. Whilst things are turning well for the Brisbane housing market, Sydney’s and Melbourne’s buyer demand numbers have gone south by as much 23 percent and 20 percent respectively.
The report attributes the QLD’s positive housing demand to better economic conditions in Queensland. The report sees positive outlook over the next 12 months as QLD’s economic performance will continue to pull the housing market up with premium Brisbane suburbs benefiting the most.
The median price for houses in Tarragindi as of May 2018 is at $776,961 with a 15.31 per cent 3-year growth and 2.71 per cent growth from last year, according to homesales.com.au. CoreLogic, on the other hand, shows the Tarragindi median house price for the past 12 months at $773,000 for a one-year price change of 1.05 per cent. The median price for units for the past 12 months is at $482,000 with a one-year median price change of 3.55 per cent.
The following Queensland regions have shown positive demand growths: Brisbane Inner City by 8.2 per cent, East by 9.1 per cent, and North by 5.0 per cent. Whilst South and West dropped by -6.1 and -1.6 per cent respectively.
The report said, that Brisbane did well not only on buyer demand but rental demand and pricing, and offshore buyer demand as well. Offshore buyer demand, in particular, has been quite exceptional as affordability and education sector are luring overseas buyers into Brisbane.