Limited inventory and competition among buyers have driven the Mt Gravatt property market upward 19.22% from October 2021 to September 2022, putting the median house price at just under $800,000. Sellers and investors have been enjoying the luxury of making strong offers amid a tight market where transactions are moving at a brisk pace.
Highlights
- The Mt Gravatt property market enjoyed a 19.22 per cent growth for October 2020 to September 2021, pulling the median house price at $798,778.
- This suburb’s unit market also exhibited an increase at 5.82 per cent with a median unit price of $500,000.
- Both houses and unit market listings stayed an average of 20 days on the market although stocks have remained low only 50 sold for houses and 39 for units during this 12-month period.
House Price Growth
Data from Property Market Updates has shown that Mt Gravatt’s property market grew by 19.22 per cent for the period covering October 2020 to September 2021. The median house price in this eastern Brisbane suburb is now sitting at $798,778, up from $670,000 in the previous year.
There were 50 properties sold in Mt Gravatt for the said period with more demand for three-bedroom and four-bedroom homes. House listings stayed an average of 20 days on the market, with fast turnover in a tight market.
According to Property, Research and Development (PRD) Australia, Brisbane’s middle-ring suburbs, which includes Mt Gravatt, have been enjoying significant growth and high demand in the last five years but it has outperformed all inner city and outer rings during the third quarter of 2021 in terms of fast sales and asking prices. Driving the price increase is a perfect combination of low interest rates, better income, and a shift in priorities due to the pandemic.
Unit Price Growth
Mt Gravatt’s unit market has swung upward by 5.82 per cent, with the median unit price settling at half a million. As with houses, units were listed for an average of 20 days on market, with 39 apartments sold for the 12-month period.
Sales of one-bedroom apartments moved the fastest at just 12 days on market. However, most buyers have been looking for two and three-bedroom units.
In early 2020, investors feared that the pandemic would quash the unit market as more buyers sought detached homes with more liveable spaces and the space to work from home. However, Brisbane’s general unit market is expected to trend upward in view of the border reopening.
About Mt Gravatt
Mt Gravatt is a suburb that has a mix of everything that residents need for their convenience and essentials — good schools, great transportation access, thriving dining and shopping scene, wonderful recreational and sports facilities, and proximity to hospitals. Located within the 10- to 15-kilometre radius from the CBD, this area has been flourishing and appealing to families and young professionals who want to live a little further away from the bustling hub of the city.
Given its prime position and the kind of lifestyle Mt Gravatt offers, the suburb is seen to be fairly affordable, compared to other markets, especially for first home buyers. It’s also a viable option for second and even third home buyers who are keen to invest in the property market.
“I have lived in Mt Gravatt for 8 years. Have to say I have hit gold moving here! Have fantastic neighbours and there is a real good community vibe here. If you like nature, greenery, lots of trees and wildlife and community-minded people, this is the place for you! We are within walking distance to all the Mt Gravatt Mountain and Toohey Forest bushwalking trails which we enjoy on a daily basis.”
ShaneTaylor
“Well, what can I say has lots of local restaurants Pizza, pasta, Thai food and coffee club etc local shops have Target and a few specialty shops but just down the road is Westfield Garden City Shopping Centre and we have two Uni’s near us Griffith Mt Gravatt campus and Nathan. The freeway is easily got to for travelling up or down the coast and into the city on the Busway which has Holland Park Busway and Mt Gravatt Busway close by. Bushwalks in the forest. There is plenty of choice for schools in Primary and High schools for Public and Private. Not much more to say really. Enjoy our suburb.”
Sonia
