This six-bedroom, five-bedroom house at 34 Mareeba Rd, Ashgrove, is for sale. Ashgrove is one of Brisbane’s million-dollar suburbs.
BRISBANE’S elite million-dollar club is growing despite the nation’s housing market being in the grip of an economic recession and a global pandemic.
New data from Realestate.com.au shows a number of significant sales over the past 12 months propelled seven suburbs into the exclusive price threshold, with the city now boasting 23 suburbs with a median house price of $1 million or more — up from 16 a year ago.
Bardon and Grange are newcomers to the club for the first time on record, and only one suburb dropped off the list — Balmoral, with its median house price slipping from $1.07 million in fiscal 2019 to $882,500 in fiscal 2020.
This five-bedroom, two-bathroom house at 6 Currell Circuit, Samford Valley, is for sale.
One of the more unlikely suburbs to become one of Brisbane’s newest million-dollar hot spots is Samford Valley, with its median house price jumping from $922,500 to $1.1 million in the past 12 months.
For the price of some three-bedroom units in the Sydney CBD, you can buy a sprawling acreage estate in the suburb, which is about 20km southeast of Brisbane’s CBD.
Clayfield and Ashgrove, in the city’s north, Fig Tree Pocket in the west, and West End, in the inner south, are also new additions to Brisbane’s million-dollar club in the past 12 months.
This property at 17 Castlewood Court, Samford Valley, recently sold for $1.21m.
Realestate.com.au chief economist Nerida Conisbee said that while more suburbs had entered the million-dollar club over the past 12 months than had fallen out, there were still opportunities to buy into one of those suburbs for six figures.
“It’s still possible to buy into premium suburbs for under $1 million in Brisbane, unlike Sydney or Melbourne where that price tag doesn’t necessarily get you into an expensive suburb,” Ms Conisbee said.
Realestate.com.au chief economist Nerida Conisbee. Image: AAP/Monique Harmer.
Ms Conisbee said house prices were largely steady despite the market conditions because they were being supported by stimulus measures, a stable banking system, mortgage payment freezes and relative confidence among buyers.
“The premium property market has been one of the most stable property markets during the COVID-19 pandemic,” she said.
“This is likely due to the strong momentum leading into the shutdowns, and because highly paid sectors haven’t seen widespread unemployment yet.”
This house at 29 Dublin St, Clayfield, has just hit the market.
Georgie Haug of Belle Property Samford said she was not surprised Samford Valley house prices were seven figures.
Ms Haug said buyer inquiries were up 40 per cent, with a growing number of families seeing the value in lifestyle properties in the suburb.
“I sold two properties by walking around the property and chatting on FaceTime to Sydney buyers,” Ms Haug said.
“The only buyers in Australia who have the perception that Samford is ‘too far out’ are Brisbane residents. You can’t move 7km out of Sydney in comparison.”
She said double the amount of buyers were now looking to work from home or part-time.
Ms Haug just sold a property in Samford Valley for $1.285 million to a couple with two young kids.
The new buyer, Estelle Breslin, said she could not comprehend living anywhere else after experiencing the lifestyle Samford has to offer.
“It just feels like home,” Ms Breslin said.
“Everyone knows your name and your kids’ names.
“It’s just so beautiful and everyone is so friendly compared to in the city.
“Also, no one’s in a rush. There’s time to say hello and everyone out here is very relaxed.”
This four-bedroom, three-bathroom house at 18 Lorward Ave, Bardon, recently sold for $1.06m.
BRISBANE’S NEWEST MILLION-DOLLAR CLUB SUBURBS
Suburb Median house price FY19 Median house price FY20
Samford Valley $922,500 $1,100,000
Bardon $917,500 $1,010,000
West End $955,000 $1,050,000
Fig Tree Pocket $960,000 $1,170,000
Ashgrove $960,000 $1,030,000
Clayfield $925,000 $1,092,500
Grange $910,000 $1,123,500
(Source: Realestate.com.au. Data is for the 12-month median price for houses, based on at least 30 sales in a suburb)
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