Finder analysed house price falls across 227 suburbs in Queensland during the early months of COVID-19.
Fresh data has revealed the suburbs where house prices fell the most during COVID-19, and the biggest drop has come from the most surprising area.
Comparison firm Finder.com.au reviewed all suburbs in Queensland to track house price changes since January this year – in the process uncovering where “deals” could potentially be found.
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“Of the 227 suburbs that had more than 20 sales and a population of more than 1,000, 41 per cent saw a decline in price in April compared to January 2020,” according to the Finder analysis.
But the biggest surprise was the suburb that saw the highest fall in house prices during that period – Hawthorne – was located in the high demand Brisbane inner ring.
Hawthorne saw its house price go from $1,460,094 in January to $962,500 in April this year, it said, a massive 34 per cent fall.
Three suburbs saw prices fall by 23 per cent: Mooroobool in Cairns that went from $385,000 to $295,000; Rangeville in Toowoomba fell from $543,750 to $418,000; and popular Gold Coast suburb Broadbeach Waters saw its house price go from $1,221,500 to $943,750 in that period.
Finder insight manager Graham Cooke said the falls came at a time when interest rates were falling.
“The value of houses has and may continue to tip lower in many suburbs, and ready buyers are taking advantage,” he said.
“For those with a mortgage already, even though your home’s value may have dropped, unless you take action, the mortgage payment will not.”
Record low interest rates are spurring on buyers.
“As budgets are crunched, a historic number of people are refinancing and getting a better deal on their largest investment.”
“Record-low interest rates and a lack of investor spending can be a boon for savvy mortgage holders.”
While the results varied widely across the state, the average change across Queensland was a 1 per cent rise in price – also a pleasant surprise given the massive impact COVID-19 has had globally.
WHERE HOUSE PRICES FELL THE MOST (OFF COVID-19):
SUBURB JAN APR DROP
Hawthorne (Brisbane) $1,460,094 $962,500 -34%
Mooroobool (Cairns) $385,000 $295,000 -23%
Rangeville (Toowoomba) $543,750 $418,000 -23%
Broadbeach Waters (GC) $1,221,500 $943,750 -23%
Runaway Bay (Gold Coast) $1,050,000 $843,500 -20%
Coorparoo (Brisbane) $1,135,000 $915,000 -19%
Lowood (NW of Ipswich) $275,000 $222,500 -19%
Palmview (Sunshine Coast) $720,000 $583,950 -19%
Frenchville (Rockhampton) $350,000 $287,500 -18%
Atherton (Tablelands) $340,000 279,750 -18%
Source: CoreLogic, Finder
*Suburb metrics: Only includes suburbs with 3 month median sales price available.
Number of sales over the last 3 months needs to be over 20
Population of at least 1,000.
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