Brisbane dominates capital city growth

Brisbane dominates capital city growth

Brisbane is dominating capital city growth with four subregions in the national top 10.

This is despite the lowest Australian dwelling values since 2008, with a fall of 4.8 per cent through 2018.

While Brisbane as whole reported a 0.2 per cent increase in dwelling values over the 12 month period, four southeast subregions were included in the top 10 list, with Brisbane West reporting a 3.1 per cent rise, Brisbane East 1.4 per cent, Moreton Bay North 1.3 per cent and Moreton Bay South 0.7 per cent, according to CoreLogic’s Home Value Index for December 2018.

Hobart topped the list, with a spike of 7 per cent followed by the Australian Capital Territory at 3.3 per cent.

None of Sydney or Melbourne’s subregions scored a place on the list.

CoreLogic’s head of research for Australia Cameron Kusher said they had seen the most growth for the city in “forgotten” areas, such the Centenary suburbs and Kenmore.

“It’s a bit of a forgotten area of Brisbane,” Mr Kusher said.

“There have been infrastructure upgrades such as the Legacy (Way) Tunnel and having the Centenary Highway there makes it a bit more accessible … so people are seeing it was undervalued.”

McGrath Paddington agent Reuben Packer-Hill is currently marketing a number of properties in these suburbs, and he said he had seen an influx of young families who were taking advantage of low interest rates.

“Both Kenmore and other Centenary suburbs such as Jindalee and parts of Sinnamon Park, are very affordable areas,” Mr Packer Hill said.

“We are seeing young families take advantage of low interest rates to upsize into larger family homes (and) these suburbs are up to 20 per cent cheaper compared to some other areas only 1km to 2km closer to town.”

Mr Packer-Hill also said popular public school catchments played a part in the growth of these suburbs.

More affordable prices in Brisbane East, Moreton Bay South and Moreton Bay North also contributed to a small rise in values in those areas, according to Mr Kusher.

“There is a mixture of housing … and those markets have a lot to offer for everyone,” he said.

“The (Brisbane) East and Moreton Bay regions tend to be a bit more affordable, so that’s why you’re seeing that growth there.”

MORE: Breakthrough for buyers as home values drop in Brisbane

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