The price of a typical Queensland home would surge by nearly $700,000 to an eye-watering $1.53m by 2030 if the extraordinary growth of the past five years were to continue.

PropTrack’s forecast, based on trends since the pandemic boom, shows prices in some suburbs on track to double – or even triple – with the steepest jumps tipped for regional and outer-metro areas like Logan, Wide Bay and Central Queensland.

Steep price jumps were forecast for regional and outer-metro areas

SEE WHAT HOMES ARE WORTH IN EVERY QUEENSLAND SUBURB

The forecast reveals areas with current medians under $500,000 joining the state’s swelling list of million-dollar markets within five years — while home values at the top end could soar to a staggering $9m.

Statewide, the current typical home price of $838,000 across all houses and units would surge 84 per cent, or $689,572, to $1.53m.

Twelve of Queensland’s cheapest markets were projected to rise to $1m or just under.

In Greater Brisbane, Kooralbyn in the Logan-Beaudesert region was one of the most striking cases. With a current median unit price of just $291,000, values would surge by 225 per cent to $946,000 by 2030.

This three-bedroom house in One Mile went for $590,000

Eagleby, Woodridge and Beenleigh were among other fringe suburbs on track for the million-dollar threshold, driven by rapid gentrification and infrastructure upgrades across Brisbane’s south.

In the prestige bracket, 14 suburbs were forecast to hit $4m or more, with Surfers Paradise leading the charge at $9m – a gain of 126 per cent on today’s median of $4m.

Other projected high flyers were Mermaid Beach ($6.46m), New Farm ($5.26m), and Minyama ($4.72m).

PropTrack economist Angus Moore. Picture: Supplied

PropTrack senior economist Angus Moore said growth would continue across the nation’s property markets, albeit not at the bullish pace recorded post-Covid.

“Given how challenging housing affordability is at the moment — last year was, on our measures, the worst in at least three decades — that’s obviously favouring more affordable areas,” Mr Moore said.

He said demand had shifted toward cheaper capital cities and outer-suburban pockets.

“Queensland’s been one of the big beneficiaries over the past five years. It’s seen a lot of interstate migration, particularly from New South Wales and Victoria… and that’s driven incredible growth, especially in regional Queensland.”

Surfers Paradise house prices would hit $9m, if recent growth continued

Meanwhile, prestige agents say strong demand is fuelling continued price pressure.

First National Surfers Paradise agent Russell Rollington said the $9m projection for the Glitter Strip capital was “an ambitious estimate”, but “definitely possible” given the performance of the past five years.

“Prime absolute beachfront and waterfront properties are leading the charge and they are only becoming more sought after as the population increases,” Mr Rollington said.

He recently sold a Surfers Paradise sub-penthouse off-market for $7m — more than double its 2020 sale price — to a Sydney buyer who had holidayed on the Coast for 25 years and decided to make the move fulltime after retiring.

A four-bedroom house on fashionable Oxley Dr, New Farm sold for $4.1m

“Demand is still stronger than supply — we can’t see that changing anytime soon.

“Genuine buyers are keen to get their foot in today as most feel prices will only continue to increase. I speak with buyers all the time from the other states and overseas, and they say it is their dream to move to the Gold Coast, so Surfers Paradise has a bright future.”

Buyers agent Lauren Jones said the modelling was based on “an unprecedented property boom” which was unlikely to be repeated.

“It’s crazy to imagine that Logan City Council — one of Brisbane’s poorest councils by demographics and reputation — is going to be $1m for a unit,” she said.

“But then again, back in the day people were paying $20,000 for a house and never could’ve imagined a house costing even $100,000.”

Brisbane buyers agent Lauren Jones

Ms Jones said the projections didn’t stack up against income data. For example, SQM Research pegged weekly family income in Logan Central at $1,423 by 2026, while estimated repayments on an 80 per cent loan at 6.5 per cent interest would total about $1,804 per week, based on the PropTrack price forecast.

Strong growth in entry-level suburbs had already closed the gap with more expensive areas, and that could start to shift demand.

“I think this might create greater perceived value for the middle and more expensive markets.”

Still, she said first-home buyer incentives and easing interest rates could reignite momentum.

“As these locations become more expensive, they are starting to gentrify quicker. The First Home Guarantee cap of $700,000 has also contributed to this fire under the more affordable markets.”

A three-bedroom house in Logan Central sold for $699,999

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In regional Queensland, projections were even more dramatic. Monto, in the Wide Bay region, has a current median of $295,000 but was forecast to hit $967,000 by 2030 — up 227 per cent.

Other mining and agricultural hubs, such as West Gladstone, Miles, and Dysart, were tipped for six-figure price gains. Units in West Gladstone were forecast to climb from $284,000 to $893,000, while house prices in Miles would rise from $265,000 to $832,000.

Affordable – but for how long? A one-bedroom unit in Kooralbyn sold for $151,000

In Brisbane, Ms Jones said buyer fatigue had changed focus in the years since the pandemic, as house-hunters now struggled to find quality properties in preferred locations.

“Any good properties available are being snapped up quickly and can be very competitive,” she said.

“During the Covid boom…the fatigue came from missing out. This time the fatigue seems to be coming from scrolling listings and not being able to find anything worth inspecting.”

The post Qld home prices to surge $700k by 2030 in shock forecast appeared first on realestate.com.au.

If you bought a house in this Hobart beach suburb, you’d be sitting pretty. Picture: Supplied

Two of Hobart’s more affordable suburbs are projected to be among the city’s leaders in home value growth.

And they won’t be alone with a large group set to reach a $1m price by 2030.

Realestate.com.au’s research arm has calculated what the median house price will be across 37 greater Hobart suburbs.

This was based on areas with at least 30 annual sales. It is not a forecast, rather a projection of what prices could be if growth in the next five years follows that of the last five years.

Dodges Ferry and Rokeby recorded the largest five-year growth change, increasing by 84 and 85 per cent.

Projected forwards, this would see Dodges Ferry move from $685,000 for a typical house to $1.268m. And Rokeby would shift from $630,000 to $1.157m.

Of the analysed areas, only Sandy Bay has a 2025 median value higher than $1m.

If the five-year growth projection came to fruition, this figure would balloon to 17 suburbs.

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Homelands Sorell affiliate partner Donna Wooley. Picture: Supplied

Southern Beaches expert, Donna Wooley from Homelands Property, said that while 85 per cent growth is a large increase, it was also “not at all surprising”.

Ms Wooley said Dodges Ferry was growing from a low base, coupled with a clear lifestyle appeal.

“Lifestyle has played a massive part in the incredible growth we have experienced, especially in the wake of Covid and lockdowns and working from home,” she said.

“Every morning there are swimmers and surfers at the beach getting their saltwater fix before heading off to work.

“A combination of flexible work opportunities and the infrastructure works at the Sorell bypass and the upgrade at Midway Point and the Hobart Airport makes the commute to the city less than 40 minutes.

“Dodges Ferry and the Southern Beaches as a whole is a great place to live.”

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SOLD: No.7 Cootamundra Ct, Dodges Ferry was sold for $795,000 by Homelands Property. Picture: Supplied

No.16 Fourth Ave, Dodges Ferry is listed with Harcourts Signature and priced at “Offers over $890,000”. Picture: realestate.com.au

Ms Wooley said a range of factors contribute to home value growth or a slowdown in any market.

In her patch, the current market has corrected itself following the “frenzy of late 2020 and 2021”.

“At that time, my average time on the market was just six days, and properties were selling for up to 30 per cent above the asking price,” she said.

“We have seen 10 years’ worth of growth in the last five years — when the cash rate was at an all-time low and mainland investors were buying sight unseen.

“I would be amazed if we saw that again moving forward.

“However, I can understand the desire to live by the beach.”

Meanwhile, comparing capital cities over the same time frame, Hobart would become more expensive than Melbourne by 2030, with Hobart reaching $1.011m and its sister city pushing up to $1.001m.

REA Group economist Angus Moore. Picture: Supplied

Executive manager of economics at REA Group, Angus Moore, said that home values over the past five years had been “strong”.

“We are expecting that we’re going to see home prices grow this year … and the reason for that is that we expect to see interest rates falling,” he said.

“That’s going to boost borrowing capacities.

“However, we’re certainly not expecting to see anything like the pace of growth that we saw in 2021 when prices grew incredibly quickly.

“Broadly, for this year, we’re expecting to see low to mid-single digit growth in home prices.

“We expect some of the smaller markets to do a little bit better.”

The post $1m-plus price surge: What your home could be worth in 2030 appeared first on realestate.com.au.

The home at 9 Banksia St, Nightcliff, sold for $1.87m in September 2024. Picture: Supplied

Territory home prices are expected to surge by up to 107 per cent by 2030 if the pandemic price boom is replicated.

Exclusive PropTrack analysis forecasted strong growth across many Territory markets in the next five years, with homeowners predicted to see their properties increase in value by hundreds of thousands of dollars.

The top performer of 2030 was expected to be the Muirhead house market, with 107 per cent growth across five years and the median house price jumping from $730,000 to $1.512m, based on trends since the pandemic boom.

Meanwhile, Dundee Beach would likely see the average cost of a house hit $564,000, up 66 per cent from the current median of $340,000.

The property at 67 Hargrave St, Muirhead, sold for $1.78m in October 2024, setting a new suburb record. Picture: realestate.com.au

Sitting in third place was the Millner unit market, with the average sale price looking to shoot up 64 per cent by 2030, from $333,000 to $543,000.

Rounding out the top five were the Coconut Grove unit market, predicted to increase 62 per cent to $595,000, and the Nightcliff house market, up 61 per cent to $1.609m.

In regional NT, the top spot was taken out by Katherine East with the average cost of house expected to grow 52 per cent by 2030, from $330,000 to $501,000.

Ray White Darwin director, Andrew Harding said the suburbs expected to see the highest increase in price were of no surprise.

“In the Muirhead market, most the properties are selling below replacement value, so it makes sense those properties will double,” he said.

“Dundee Beach is fast growing as a Territory hotspot for holiday makers.

“While in Nightcliff, there have been sales over $2.5m, which has never happened before.

“When you factor in that new benchmark, $2m in Nightcliff will become the new normal before long.”

Ray White Darwin director, Andrew Harding. Picture: Supplied

Mr Harding said with Darwin remaining the cheapest capital city in Australia with the highest rental yields, there was plenty of room future growth.

“Given the level of investment from interstate buyers at the moment who see huge value in Darwin, it’s possible we’ll see those predicted price increases,” he said.

“I think what we’re seeing now is the calm before the storm.

“There’s just over 500 properties for sale in the Darwin region, where normally that figure sits around 1300.

“Supply and demand is driving the market and we’re seeing a fifty-fifty split between investors and owner occupiers.

“Anything below $650,000 is heavily first homebuyers and investor driven, and anything north of $1m is locals looking to upsize or downsize.

“The tricky space is between $700,000 and $1m, where there is very low supply and lots of people looking to buy, typically first homebuyers and families.”

Mr Harding said the high and low ends of the market offered buyers good opportunities to see capital gains.

“I think blue chip properties around the 0820, anywhere along coast with 800 sqm, you can’t go wrong buying those homes,” he said.

“In the lower end of the market, properties around Gray, Moulden and Woodroffe will see good growth.”

The home at 305 Balanda Drive, Dundee Beach, sold for $1.05m in August 2024, setting a new suburb record. Picture: realestate.com.au

NT PROPERTY PRICE PREDICTIONS – 2030

(Source: PropTrack)

The post Home price surges predicted for NT appeared first on realestate.com.au.

New analysis has revealed predictions for median house prices in Geelong suburbs in 2030.

Seven new million dollar suburbs and two with a median house price above $2m would emerge in Geelong as new analysis predicts what home prices could be in 2030.

The PropTrack predictions cements the rise of coastal towns as the region’s most expensive areas to buy a home but reserves the pinnacle for the inner west Geelong suburb of Manifold Heights.

The PropTrack modelling uses the past five years’ growth in each suburb on the next five years.

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The renovated five-bedroom home at 4 Purrumbete Ave, Manifold Heights, is on the market with $3.295m price hopes.

Geelong West, Highton, Geelong, Wandana Heights, Portarlington, Ocean Grove and Bannockburn would reach $1m median house prices in 2030, the analysis shows.

Norlane would remain the region’s cheapest market for houses, but with a median price of $593,000, while the ripple effect would see suburbs such as Herne Hill, Hamlyn Heights breach $900,000.

Manifold Heights is one of Geelong’s smallest suburbs but benefits from proximity to Newtown’s college precinct, with a single-dwelling covenant that caps the number of homes.

A $1.26m median house price could balloon to $2.2m by 2030 if the 76 per cent growth trajectory is achieved.

While it’s an unlikely outcome, the analysis underlines how renovations, extensions and rebuilds have improved values in the suburb where block sizes are typically bigger.

The Californian bungalow at 128 Verner St, Geelong, goes to auction on Saturday with $1.1m to $1.2m price hopes after a complete renovation and extension.

The five-bedroom house at 37 Cara Rd, Highton, sold for $1.5m recently. The home offers city views and is close to the Barwon River.

Buxton, Newtown agent Ben Riddle said a lot of people have capitalised on the growth in Manifold Heights, but a $2m median house price was a “highly ambitious” target.

He said a few big sales can dramatically skew the suburb, but there are a lot of things going its way, especially the proximity to private schools and shopping.

“We’ve found that people have been happy to stay in Manifold Heights because the infrastructure between Minerva Rd and Shannon Ave has got a lot better with a lot more offerings,” Mr Riddle said.

“While I feel Geelong has a really good profile and growth is almost assured with interest rates coming down, the rate of growth will be tempered, especially in the next year, by the fact our state government’s got heavy levies on property owners.”

The four-bedroom house at 35 James Cook Drive, Wandana Heights, sold recently for $980,000.

The modelling offers more balanced predictions for most suburbs across Geelong as the region ends a boom-and-bust cycle that saw price growth reach unsustainable levels on the back of a Covid exodus from Melbourne before rising interest rates caused a hard correction that leaves the market 11 per cent below the last peak.

Geelong buyers advocate Tony Slack said the fact the data balances rises and falls means most of the predictions were plausible.

“Our market is always slow and steady. It might plateau, then have a slight increase, then plateau. Very rarely are there any troughs – after (the) Pyramid (collapse) maybe, but even through the global financial crisis we didn’t see any.”

The five-bedroom house at 17 The Avenue, Ocean Grove, sold recently for $3.355m.

The modelling reveals moderate growth suburbs may offer more stable opportunities for buyers, including Geelong, Highton and Belmont, the latter two which are Geelong’s biggest markets for established houses and where unit values are also rising.

Emerging suburbs that have lower house prices but show significant growth include St Albans Park, Corio and Winchelsea.

PropTrack senior economist Angus Moore said home prices were expected to rise this year on the back of falling interest rates boosting buyers’ borrowing capacities.

“However, we’re certainly not expecting to see anything like the pace of growth that we saw in 2021 when prices grew incredibly quickly,” he said.

Hayeswinckle director Michelle Winckle said the draw of the Barwon River to families buying in Highton would become more valuable the further Geelong’s urban boundaries expanded.

The four-bedroom house at 6 Knight Ave, Herne Hill, sold for $1.2m.

The four-bedroom house at 31-33 Langer Drive, St Albans Park, sold for $792,000 recently.

“It’s always going to appeal to families. You’ve got larger blocks, you’re close to schools and you’re on the side near the Barwon River,” Ms Winckle said.

Buxton Highton agent David Gray said it’s wasn’t overreach to expect Highton could be a $1m suburb in 2030, and Belmont at $850,000.

“Particularly when you look at some of the more recent results of $1.5m to high $1.8m not just up in the Province estate, but in old Highton.”

A suburb such as St Albans Park often escapes attention because it’s an outlying area, but deserves to see strong growth, Mr Slack said.

“There are good, well-built homes, good land, good streets. There is so much to like in St Albans Park – it seems that because it’s an outlying suburb it doesn’t enter the conversation as much as others.”

What Geelong home values could be in 2030

Source: PropTrack

The post Geelong’s next $1m suburbs, emerging areas revealed appeared first on realestate.com.au.

A new law going into effect this summer in Washington aims to address the state’s housing supply woes. The legislation lifts zoning restrictions to allow for more multifamily development and comes as the median single-family home price in the Seattle area set a new record by exceeding $1 million.

H.B. 1110 was passed in 2023 and seeks to “increase middle housing in areas traditionally dedicated to single-family detached housing,” according to the language of the bill.

The so-called “upzoning law” garnered bipartisan support despite some noted opposition from some Republicans. But the leader of Washington’s minority party was also a supporter, saying that too many land-use restrictions infringed on the rights of owners to develop their property as they see fit.

While a prior version of the bill sought an outright ban on single-family exclusive zoning, the final version took a more measured approach in a way that advocates said could still positively impact the state’s housing supply.

In light of the law becoming effective in July, an NBC News affiliate in Seattle spoke with area real estate brokers and developers on the potential impact it could have on housing availability across the state.

“The homeownership feel isn’t as driven into people as it used to be, but it’s starting to come back,” Tom Skepetaris, a Seattle-based real estate broker, told the outlet. “We’re seeing more inventory, especially on the new construction side of things. So, there is that ability to not rent and give your money away to someone else.”

Dean Jones, CEO of the largest Sotheby’s International Realty affiliate in the Pacific Northwest, also struck an optimistic tone about the potential impact of the bill.

“House Bill 1110 is going to allow an entirely new generation of homeownership and effectively provides a reset button for those that might have missed the last run of real estate in the last 10 years,” Jones said.

Todd Karam, client relations director with local developer Range Properties, described some of the company’s current activity as the “future” of housing in the state.

He cited projects such as one in West Seattle featuring six 800-square-foot homes on a 5,500-square-foot lot. Each home has two bedrooms and 1.5 bathrooms and lists for about $500,000. That price is roughly $1 million lower than a comparable single-family home in the same part of town.

“We’re building what we want to see and what we think the future of building is,” Karam said. “This is what not only builders will want but what end users will want, and it’s about efficiency.”

Part of the reason this could make a difference in an area like Seattle comes down to the area’s high costs. The need for inventory is clashing with limited land availability, permitting fees and construction costs, the report pointed out.

The new law takes effect in July in the wake of other recent moves made by the state to address housing issues.

Earlier this week, Gov. Bob Ferguson (D) signed a package of 10 bills into law that specifically seek to address housing issues. These include a controversial rent-cap bill, property tax relief for veterans, condominium construction and the spurring of development via changes to parking regulations.