THE number of Queensland property millionaires has jumped, with 20 suburbs now in the elite million-dollar median price list — and another seven less than $50,000 away from seven digits.
Low interest rates, high demand and a domino effect of neighbouring blue chip suburbs were among factors that propelled Clayfield, Rochedale and Clear Island Waters into the list by the end of March this year, while Cedar Creek, Pallara and Chelmer were added a month later.
Cedar Creek has charged into the list, logging a 40.5 per cent change in median price over 12 months to hit $1,028,750. It was also the strongest riser in the first quarter this year at 15.3 per cent, a feat only Surfers Paradise was close to achieving in that period (11.7 per cent).
Six other suburbs saw double digit median price growth over the 12 months to April — Clayfield, New Farm, Rochedale, Chandler, Clear Island Waters and Mermaid Beach.
The CoreLogic data, which was based on actual sales, showed New Farm still in top position across the state, commanding a $1,500,000 median price — a surge of 42.5 per cent over three years. Teneriffe, South Brisbane, Surfers Paradise, Chandler, Mermaid Beach, Ascot, Burbank, Bulimba and Hamilton made up the rest of the top 10.
Should you wait for spring to sell?
Suburbs on the edge of seven digits include Pullenvale, Wilston, Robertson, Tennyson, Sunshine Beach, Bundall and Hendra.
Ray White Wilston real estate agent Tomas Mian attributed much of median price growth to “the domino effect”, especially in suburbs like Clayfield which borders blue chip Ascot/Hamilton.
“Clayfield is more affordable of the three and that’s why people are moving there. People can come in, spend less money and still meet their needs in a premier suburb.”
Among those who look set to capitalise on strong Clayfield growth were Brett and Tracey Williams who recently put their Bonney Ave home on the market.
They were looking at offers over $999,000 for the four bedroom, two bathroom, two car space home.
“It’s a lovely suburb and it will hold its value. We won’t be moving too far away,” Mrs Williams said.
The Million-Dollar List
New Farm — 1,500,00
Teneriffe — 1,475,000
South Brisbane — 1,355,000
Surfers Paradise — 1,340,000
Chandler — 1,312,500
Mermaid Beach — 1,267,500
Ascot — 1,260,000
Burbank — 1,192,500
Bulimba — 1,175,000
Hamilton — 1,155,000
Pallara — 1,100,000
Hawthorne — 1,087,550
Rochedale — 1,070,000
Clayfield — 1,067,500
West End — 1,040,000
Cedar Creek — 1,028,750
Highgate Hill — 1,020,000
St Lucia — 1,020,000
Clear island Waters — 1,007,500
Chelmer — 1,005,000
Source: CoreLogic July Suburb Scorecard
Original article published at www.couriermail.com.au by Sophie Foster 22/7/16