THERE are 34 suburbs across Queensland where it is cheaper to buy a home now than before the pandemic property boom, and some of those locations might surprise you.
What probably won’t surprise buyers is that it is extremely slim pickings for houses, with just four suburbs across the state boasting cheaper median house prices now than before the peak of the boom in April.
Those house suburbs are Barcaldine in Outback Queensland, Hyde Park in Townsville, Strathdickie in the Whitsunday region and Forrest Beach near Ingham.
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There are only four house suburbs cheaper now than before the pandemic, including Barcaldine. Picture: Rae Wilson
House values in Barcaldine ($177,500) and Hyde Park ($310,000) are now more than 13 per cent below what they were in March 2020 when Australia closed its international border, and control measures came into effect in most states and territories.
At $265,000, 120 Fir Street, Barcaldine, is one of the cheapest on the market but is already under offer
But that is likely to change, with the cheapest current offering in Barcaldine ($265,000) already under offer.
Values in Strathdickie ($600,000) are 9.8 per cent below their March 2020 median of $665,000, while house prices in Forrest Beach are 5.7 per cent cheaper, at $290,000, according to exclusive data from PropTrack.
But three of the five listings in Strathdickie are already under offer.
MEDIAN VALUES COMPARED TO MARCH 2020 – HOUSES
(Suburb, Value at March 31, 2020, Value at July 31, 2022, % change)
Barcaldine – $205,000, $177,500, -13.4%
Hyde Park – $357,000, $310,000, -13.2%
Strathdickie – $665,000, $600,000, -9.8%
Forrest Beach – $307,500, $290,000, -5.7%
(Source: PropTrack)
15 Portland Street, Hyde Park, is listed for offers over $329,000
Ray White’s Julie Mahoney said Hyde Park was a surprise addition.
“There have been some big off-market sales,” she said.
But Ms Mahoney said Townsville, in general, had been a slow burn during the boom, and unlike southern capitals, was still “bubbling along nicely”.
“We didn’t have those crazy peaks where you slapped on some paint and got an extra $300,000,” she said.
“Demand remains strong here and we still have a shortage of stock.”
But for those buyers looking to units to put a roof over their heads, there is a much wider array of suburbs to choose from, including a number of desirable suburbs.
There are 30 unit suburbs across Queensland that are cheaper now than before the boom, including 16 in Brisbane.
Aerial view of riverfront apartments in the inner city of Brisbane. Picture: Brendan Radke
Those suburbs include blue-chip Ascot and Newstead, where the median unit value is between 5.9 and 8 per cent cheaper now than in March 2020.
In Ascot, the median unit price is an affordable $520,000, in sharp contrast to the median house price of $2 million.
In other words, you can enjoy the champagne lifestyle that suburb is renowned for on a beer budget.
A one bedroom unit at Charlton House, which is under construction in Ascot, is listed for $499,000
Units in family-friendly suburbs are also up to 15.4 per cent (Coopers Plains) cheaper now than 31 months ago, and include Newmarket (-9.6%), Salisbury (-15.2%), Macgregor (-8.9%), Cannon Hill (-1.5%) and Wilston (-5%).
A two bedroom unit in this Newstead residential complex is listed for offers over $430,000
Place Newmarket principal Mario Sultana said he was surprised that Newmarket was on the list, but added that demand for houses in the suburb had been stronger during the pandemic and lockdowns.
“People were working from home more and demand and prices for houses rose significantly,” he said.
“But we are again seeing healthy competition for units and maybe that’s because they provide an affordable alternative now.”
In the Greater Brisbane area, units are also cheaper now in the Ipswich suburbs of Bellbird Park and Redbank Plains, in Kallangur, Morayfield and North Lakes in Moreton Bay, Ormiston (Redland), Park Ridge and Bethania (Logan) and Gatton in the Lockyer Valley.
Herron Todd White (HTW) director David Notley said there was now plenty of data to show that the peak had passed in many regions, including Brisbane, adding that interest rate rises were “the straw that broke the camel’s back”.
“Reality has hit, and it’s now apparent that property values in Brisbane are as capable of
softening as they are of strengthening,” he said.
Up north, unit buyers should check out the Cairns suburbs of Bungalow and Westcourt, while in Townsville, South Townsville and Townsville City are worth a look.
3/97-101 Mann Street, Westcourt: A two bed unit in this complex is under offer at $165,000
It comes after the most recent PropTrack Home Price Index report revealed it was now $15,500 cheaper to buy a house in regional Queensland than it was at the price boom peak in April, while in Brisbane it was about $13,000 cheaper.
Since the April peak, median dwelling (houses and units) values have slipped 1.2 per cent, while they are down 1.93 per cent across the combined regions.
The Sunshine Coast recorded the sharpest fall across all regions nationally, down 3.3 per cent to a new median dwelling value of $1.035 million.
On the flip-side, Cairns emerged as Queensland’s strongest market, with values rising 1.9 per cent.
Aerial view of Trinity Beach, on the northern beaches of Cairns. Picture: Brendan Radke
HTW Cairns director Craig Myers said the Far North residential market was “trending onwards and a little more sideways than upwards” due to the rate rises and cost of living.
“In general, price increases have moderated although there are still plenty of examples of increasing prices,” he said in the latest HTW report, adding that prices were holding up well despite less competition.
But with over 1100 suburbs across Queensland, PropTrack economist Eleanor Creagh said that the relatively small number of cheaper suburbs showed just how widespread the pandemic property boom had been.
Eleanor Creagh, senior economist, PropTrack. Pic: supplied.
“Brisbane and Queensland overall continues to hold up well compared to Sydney and Melbourne,” she said.
“We expect to see some further price falls, with interest rates key to determining the depth of those falls.
“It is likely that we will see more suburbs return to pre-pandemic prices as the downturn becomes more widespread.
“However, it is likely that parts of Brisbane and Queensland continue to hold up as listings are still well below pre-pandemic levels.”
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MEDIAN VALUES COMPARED TO MARCH 2020 – HOUSES
(Suburb, Value at March 31, 2020, Value at July 31, 2022, % change)
Bellbird Park – $360,400, $275,000, -23.7%
Coopers Plains – $570,000, $482,000, -15.4%
Salisbury – $509,975, $432,500, -15.2%
Bungalow – $221,000, $192,000, -13.1%
Doolandella – $385,000, $336,000, -12.7%
Ormiston – $495,000, $440,000, -11.1%
McDowall – $579,900, $521,000, -10.2%
Westcourt – $250,000, $225,000, -10.0%
Redbank Plains – $338,950, $306,000, -9.7%
Newmarket – $500,000, $452,000, -9.6%
Macgregor – $450,000, $410,000, -8.9%
Ascot – $565,000, $520,000, -8.0%
South Townsville – $343,000, $322,000, -6.1%
Newstead – $680,000, $640,000, -5.9%
Wilston – $522,500, $496,500, -5.0%
Kallangur – $370,000, $353,500, -4.5%
Park Ridge – $355,000, $340,000, -4.2%
East Brisbane – $480,000, $460,000, -4.2%
Rockhampton City – $487,000, $467,500, -4.0%
Milton – $485,000, $468,000, -3.5%
Gatton – $253,750, $245,000, -3.4%
Townsville City – $370,000, $359,600, -2.8%
Morayfield – $345,500, $337,500, -2.3%
Ellen Grove – $356,250, $348,500, -2.2%
North Lakes – $413,950, $407,000, -1.7%
West End – $600,000, $590,000, -1.7%
Cannon Hill – $487,500, $480,000, -1.5%
Algester – $388,250, $384,000, -1.1%
Spring Hill – $396,000, $393,750, -0.6%
Bethania – $330,000, $329,000, -0.3%
(Source: PropTrack)