According to recent data from Place Projects, Brisbane is currently a two-speed property market. House prices have been showing moderate to strong growth for the past few years, while apartments have been struggling due to supply and demand issues, as well as tighter regulations on lending. However, some areas of Brisbane are outshining the others, with some suburbs showing huge growth.
In Brisbane’s inner suburbs house prices have been soaring, achieving overall capital growth of 7.4% in the six-month period to March 2018, massively outperforming apartments in the same suburbs. Milton houses were the best performers in Brisbane with almost 20% capital growth year on year, with the properties having been held for an average of ten years. Other inner suburbs that performed well included Auchenflower (13.8%), New Farm (12.8%), and St Lucia (12.1%), Paddington (10.9%). The best performing suburb for inner Brisbane was Spring Hill with an average capital growth of 3.6%.
From Ocotber 2017 to March 2018 the average capital gains for Brisbane’s middle ring suburbs was 4.6% per year, with houses again outperforming apartments. Ascot was the top performing housing market, recording average capital growth of 13.3% per year, with houses held for an average of almost eight years. Taringa houses came in second (8.6%), while Hendra is the only suburb to feature in the top five suburbs in its region for both houses and apartments. Alderley was the best performer for apartments, not only in the middle ring but throughout the whole of Brisbane (5.4%).
It will be no surprise to hear at this point, but in Brisbane’s outer suburbs, houses out performed apartments. The best performers in the outer Brisbane property market in the six months to March 2018 were houses in Kenmore Hills (11.9%) followed by Jamboree heights (9.4%) and Shorncliffe (9.2%). Kenmore (5.1%), In Brisbane’s west, topped the list for best performing apartments in the region.