Strong growth for Moreton Bay property market

Posted: 3pm 26 Jul 2022

The Moreton Bay Region was one of Greater Brisbane’s most outstanding property markets in the past 12 months, according to the latest Hotspotting report by a leading real estate researcher.

The report named the region as one of the top five real estate hotspots to watch in Brisbane from July to November, alongside Ipswich, Redlands, Logan and the Olympic precinct in Brisbane’s inner south.

It found 33 of the Moreton Bay region’s 42 suburbs experienced median house price growth of more than 20 percent in the 12 months to April this year, with 12 of those suburbs showing increases of more than 30 percent, led by Woorim, which rose by 48 percent.

Banksia Beach, Burpengary East, Everton Hills and Redcliffe all rose by 35 percent.

Hotspotting founder Terry Ryder describes the region as “one of the most compelling locations in the high-growth market of Greater Brisbane - and within it the Lawnton-Petrie precinct is a stand-out”.

Magic of The Mill

“The new and rapidly-evolving university campus at The Mill is a game-changer for this precinct, which already offers good infrastructure, housing affordability and good transport links to the Brisbane CBD, the airport and the Sunshine Coast,” Terry says.

“This, along with easy access to major employment nodes, lifestyle precincts and amenities, ensures the region is popular with first-time buyers, families and investors.”

Terry says the region’s reputation as a “perennial leader of growth prospects for the Greater Brisbane Area” is reflected in growing demand for new homes.

Approvals boom

“Building approvals for new dwellings were up 48 percent to 4330 in the FY2021, compared to 2921 in FY2020, according to Council figures,” he says.

“In addition, under the South East Queensland Regional Plan 2017 benchmark, the council is required to approve another 88,300 homes by 2041.

“This vibrant housing activity is translating into solid median price growth.”

Terry says adding to the region’s “enduring popularity with buyers” are its affordability and proximity to major job nodes.

The report found most suburbs in the region now have median house prices ranging from the high $400,000s to the mid-$600,000s, including Lawnton ($575,000) and Petrie ($610,000).

Unit sales for the past 12 months

Terry says even suburbs with a higher median such as Banksia Beach ($845,000), Burpengary East ($725,000), Eatons Hill ($825,000), and Everton Hills ($830,000) compare favourably with the median house price of $890,000 for Greater Brisbane, as at July 1.

|“Deception Bay in particular – and Moreton Bay South as a whole – is proving to be a boom suburb for profitable sales results.|

“In April 2022, Deception Bay was the top performing region in Queensland in the past 12 months for month-on-month home value increases, according to PropTrack data.”

Morayfield, Deception Bay, Kallangur, Narangba and Caboolture each recorded about 400 sales in the past year, with Caboolture ranking first with 618 houses sold in the period.

Banksia Beach’s median house price of $845,000 was based on 192 sales, with significant median price increases in Beachmere and Clontarf, both up 34 percent to $580,000 and $640,000 respectively.

Median house prices in Burpengary East and Everton Hills rose by 35 percent to $725,000 and $830,000, while Lawnton, based on 81 sales, rose 32 percent and Petrie, with 172 sales increased by 28 percent.

House sales for the past 12 months

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