Regional suburb’s property price predictor revealed
A Brisbane suburb prone to flooding and well outside the inner-ring of blue-chip suburbs has topped the list for the largest median price rise over the last 12 months, according to the latest real estate data.
Yeronga, some 7km from the CBD and where sections of the suburb were heavily inundated during the 2011 floods, had a whopping 38 per cent increase in the median price over the past 12 months.
The suburbs median sits at $1.045 million, making it one of 124 local areas identified in the quarterly Hotspotting Price Predictor Index (PPI) that is expected to steadily increase in value in the months to come.
Less than 12 months ago, when Australia was in the midst of the pandemic, there were just 28 Greater Brisbane suburbs showing a housing price increase.
The PPI is generally considered a precursor to price growth with both Greater Brisbane and regional Queensland recording their highest figures in the six years the quarterly surveys have been conducted.
Even more prosperous are house prices in regional Queensland, which includes the Gold and Sunshine Coast, with 157 locations on the financial rise.
Overall, the PPI index calculated both house and unit prices across the state and pinpointed not just those expected rise, but also areas that had either plateaued or were tracking consistently or in danger of going backwards.
While some suburbs had unit and house prices heading in opposite directions. Both types of abodes in Kelvin Grove and West End have been red-flagged.
Overall, including both unit and houses, Greater Brisbane had 169 rising predictions, 73 that had plateaued, 35 showing a consistent pattern and six in danger or red-flagged.
Only two areas, Miles, in the Western Downs region, and Collinsville in the Whitsundays, were red-flagged in regional Queensland, which is the nation's leader on the quarterly PPI.
There were 208 rising predictions (houses and units) and 58 locations tipped to plateau.
In fact, 70 per cent of all locations canvassed in regional Queensland recorded a rising market, compared to 57 per cent in Brisbane, 49 per cent in Adelaide, and 47 per cent in Melbourne. Sydney's data has yet to be tallied.
Hotspotting property analyst Terry Ryder said the results showed the number of growth suburbs doubled in six months and then doubled again within three months in Greater Brisbane.
"The uplift in sales activity in the past six months has been extraordinary," Mr Ryder said.
"The previous best result in the six years of our quarterly surveys was 80 growth (Greater Brisbane) suburbs six years ago at the start of 2015."
While Yeronga topped the list, the second biggest gain was made in St Lucia where the median rose 36 per cent to be $1.525 million while the third highest surge was New Farm ($1.75 million) followed by Hamilton ($1.54 million).
Next best were suburbs where the median ballooned 20 per cent were New Farm, Highgate Hill ($1.2 million) and Manly ($945,000).
Originally published as Hot, warm or cold: Your suburb's property price predictor revealed