Mount Gravatt has witnessed an unprecedented surge in house prices, ballooning by $206,605 in the 12 months leading to March 2024, according to the latest CoreLogic report.
Nationwide Boom
The Australian housing market has experienced a robust growth of 8.8% over the past year, a significant indicator of the country’s economic resilience and the real estate sector’s buoyancy. CoreLogic’s monthly housing report, examining the period up to March 2024, has revealed 10 areas that have seen the most considerable increase in house prices by dollar value, highlighting the diversity and potential of the Australian real estate landscape.
The Top 10 Surge
Mount Gravatt in Queensland leads this exceptional growth, marking a pivotal moment for the Brisbane housing market. Below is a table showcasing the top 10 suburbs nationwide, experiencing the highest increase in house prices:
| Rank | Area | Location | Price Increase |
| 1 | Warringah | Sydney | $254,195 |
| 2 | Carindale | Brisbane | $236,277 |
| 3 | Mount Gravatt | Brisbane | $206,605 |
| 4 | Eastern Suburbs – South | Sydney | $204,715 |
| 5 | Pennant Hills and Epping | Sydney | $202,600 |
| 6 | Burnside | Adelaide | $186,868 |
| 7 | Marrickville, Sydenham and Petersham | Sydney | $186,264 |
| 8 | Nathan | Brisbane | $179,013 |
| 9 | Sunnybank | Brisbane | $178,222 |
| 10 | Canada Bay | Sydney | $174,588 |
Market Insights
CoreLogic’s Head of Research, Eliza Owen, shared insights into the housing market’s performance, noting significant value growth across various suburbs.
“Some of the best value markets have floated to the top of the league tables when it comes to percentage capital growth,” Ms Owen stated.
Percentage growth vs. dollar value growth provides a new perspective on markets. Warringah in Sydney saw a 14% increase, resulting in a $254,000 rise in home value. Even small percentage gains can lead to significant dollar gains in high-value areas.
Ms. Owen emphasised the potential of lower-priced markets, which have shown higher rates of capital growth. The “lower quartile” home value index rose by 3.1% in the March quarter, showcasing the vibrancy of more affordable markets.
Market Conditions and Outlook
The real estate market in Australia is constantly changing, which affects investors, homeowners, and analysts. With interest rates rising rapidly, borrowing capacities are adjusting, and demographic shifts are influencing market demand.
Over the past year, the real estate sector in Australia has realized the significance of strategic investment and market awareness. Suburbs like Mount Gravatt in Brisbane have emerged as leaders in this regard. Going forward, the adaptability and resilience of this sector will be tested as economic conditions and consumer preferences evolve.
Published 11-April-2024