THESE Queensland streets may as well be paved with gold, with every home commanding a million-dollar-plus price tag – part of a growing property millionaire trend emerging in the state.
Valuation data crunched by industry data firm onthehouse.com.au found the biggest annual surge in properties reaching a $1 million price tag came out of Queensland, where a whopping 42.54 per cent increase was logged for Brisbane suburb Hawthorne.
Queensland had 3,170 houses sell for over a million dollars in the year to February, according to onthehouse, up 37.5 per cent on the previous year.
Waterline Crescent in Bulimba was the state’s “most property-rich street”, topping a list that had five new entrants. Three New Farm streets broke into the top 10 list this year – Abbott Street (2nd), Gibbon Street (8th) and Turner Avenue (9th).
Hipwood Road in blue chip Hamilton was in third spot, with Southern Cross Drive (Surfers Paradise) fourth. Paradise Point has two streets on the list – King Charles Drive (5th) and new entrant King Arthurs Court (7th). Ascot’s Mayfield Street was ranked sixth while newbie Seahaven Court in Cleveland rounded out the top 10.
The top ranking street on the Sunshine Coast was Oak Court in Minyama, where 92 per cent of the houses were worth over $1M-plus.
In Townsville, Cleveland Terrace was the most property-rich street with 29 per cent of houses commanding seven digit pricetags, while Thrush Terrace in Clifton Beach topped the Cairns’ list – with 22 per cent of houses valued at $1M-plus.
Market analyst Eliza Owen said the inner suburbs of Brisbane and Gold Coast – which made up the bulk of Queensland’s top 10 performers – were ripe for increases, but good conditions meant there were much more property millionaires across the state.
“It is also possible that there are many homeowners out there who are currently unaware of their ‘property millionaire’ status, since they live outside of the suburbs typically associated with high value properties.”
James and Veronica Kozionas have the only house currently listed for sale in the top street – at 31 Waterline Crescent – a riverfront four-bedroom, three-bathroom showpiece on the market for upwards of $3.45M.
“We always knew it was a good street as we loved the three close parks, wide waterfront blocks of land and loved the modern architecture of the existing homes on the street,” Mr Kozionas said.
Their real estate agent Deniz Najzar of Harcourts Coorparoo said demand was high in the area.
“A lot of enquiries have been from buyers relocating from down south. Waterline Crescent and Bulimba in particular is a very desirable area and attracts a lot of buyers which comes down to supply and demand. Presently there is more demand than supply which pushes the prices upwards.”
The data also showed Teneriffe was Queensland’s top million-dollar suburb, ousting New Farm which went to second spot in a list that included Ascot, Hamilton, Chandler, Ransome, Burbank, St Lucia, Hawthorne and Surfers Paradise.
The numbers was sourced from current onthehouse valuations of property using algorithms that churned out ‘guesstimates’ based on market conditions.
Source: perthnow.com.au