Amidst the record-breaking property prices that have continued to steadily increase across Australia, five Queensland suburbs are standing out as offering great value for money.
According to a new report by CoreLogic that examined 6,000 Australian suburbs, only 938 had a total number of listings higher than their five-year averages. Only 310 of those suburbs had property values increase at a rate slower than the market average.
Out of those 310 suburbs, CoreLogic’s head of research Eliza Owen found five regional and metropolitan locales across Queensland where listing volumes and price increases have strayed from the broader market trends, making them excellent options for buyers looking to enter the market or upgrade their home.
“Decline in demand for inner-city and high urban density housing has occurred across suburbs usually popular with overseas migrants and international students”, she explained.
“There are slim-pickings when it comes to favourable buying conditions. Buyers willing to purchase more remote regional housing, or in higher density metropolitan areas, will have a greater choice of stock.”
Here are the five Queensland suburbs that have curbed the seller’s market:
The Fortitude Valley is one of Brisbane’s best-loved cultural centers.
Known for its bustling live music and entertainment scene, vibrant nightlife, boutique shopping and multicultural dining options, this area is a haven for those who enjoy the metropolitan lifestyle.
In May of 2021, there were 126 available listings in the Fortitude Valley area, an increase of 15 compared to its 5-year average, while the property values increased at a rate 7.4% lower than the region’s annual average.
For people craving an inner-city lifestyle, now is an opportune time to buy in “The Valley”.
The second Brisbane suburb to make the list, Bowen Hills, is another popular choice for those seeking inner-city amenities and quick work commutes while still enjoying a quieter neighbourhood feel.
Bowen Hills saw a change of +10% total property listings from its five-year average, along with an annual price increase 2.3% below the regional average.
A significant reason why some buyers may choose to overlook Bowen Hills is due to there being no schools within the suburb. But, there are many public and private schools located only a few kilometres away in Spring Hill, Windsor and Kelvin Grove.
Mulambin is a serene coastal town of 921 residents along the Coral Sea.
Sitting just a 40-minute drive away from Rockhampton, Mulambin is an excellent locale for those who love the classic Aussie beach town life, while still being a commutable distance away from the city.
This QLD suburb saw an average price increase of 3.5% less than the regional average, while the number of total listings increased by eight more than its five-year average.
Another beachside neighborhood just a bit further up the Queensland coast is South Townsville, sitting on the eastern (not southern) edge of Townsville’s city center.
Townsville serves as the regional hub of North Queensland and attracts visitors from around the globe due to its access to the Great Barrier Reef, the tropical beauty of Magnetic Island, and lush rainforests to explore inland.
There was a +7% increase of total listings compared to the five-year average for South Townsville, while the property prices went up 2.2% less than the greater region.
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A residential suburb just north of the Rockhampton CBD, Park Avenue is bordered to the south by the Fitzroy River and has ample shopping and nature to be enjoyed nearby.
Park Avenue also experienced a +7% increase in total listings, and the average property price increased at a rate 6.6% less than the regional average.
Whether you want to experience city life, coastal vibes or relax in the countryside, this list demonstrates that Queensland still has something for everyone.
Words by Rimas Veselis
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