Brisbane’s growth superstar suburb breaks into national top two list

A BRISBANE growth superstar suburb has cracked the national top two for fastest price growth in the country.

Nationally, three suburbs saw their median house prices grow by more than a third in over the three month period to May, according to CoreLogic August Market Trends report, released this afternoon.

Trundle in Parkes, New South Wales, was on top by the narrowest of margins (0.2 percentage points) at 34 per cent growth, with Sea Lake in Buloke, Victoria, and Spring Mountain in Ipswich, Queensland tied in second spot with 33.8 per cent growth.

That’s a massive surge for all three, but while Trundle was 5.5 hours from the Sydney CBD and Sea Lake was almost 18 hours away, Spring Mountain was just over half an hour away from the Brisbane CBD.

NATIONAL TOP 3 (3 Months):

Trundle (Parkes, NSW) Median price $167,500 34%

Sea Lake (Buloke, VIC) $95,000 33.8%

Spring Mountain (Ipswich, QLD) $432,500 33.8%

(Source: CoreLogic August Market Trends)

Queensland’s star performer, Spring Mountain, which pulled a massive 33.8 per cent quarterly surge in median price, was the new hub for developers in the Springfield area.

Freedom Property James Hurley, whose recent sales were focused on Spring Mountain, said it had a higher entry level than most new development zones.

Among properties he’s sold in the past few weeks was Lot 5069 Steamer Way, Spring Mountain — a four bedroom, three bathroom, double garage property that fetched $519,900 on July 19.

“Moving forward Spring Mountain is going to be the new Springfield Lakes. All the new display homes have been sold at Springfield Lakes and all the developers have moved to Spring Mountain and they have a wide range of Hamptons homes, luxury houses and the like. Spring Mountain is going to be the new inner-city hub of Springfield. It’s walking distance to shopping centre, USQ campus and all the activities. All the new homes in that part are a bit more expensive than the older parts of Springfield.”

QUEENSLAND TOP 10 (3 Months):

SPRING MOUNTAIN (Ipswich, Brisbane) $432,500 33.8%

MILES (Western Downs, Darling Downs) $167,500 25.7%

JOYNER (Moreton Bay, Brisbane) $670,000 22.4%

WONGAWALLAN (Gold Coast) $990,000 20.0%

KANDANGA (Gympie, Wide Bay-Burnett) $355,000 18.3%

MIRANI (Mackay) $337,000 18.2%

MOUNT MELLUM (Sunshine Coast) $675,000 17.2%

BENARABY (Gladstone, Fitzroy) $511,500 17.0%

BLACKBUTT NORTH (South Burnett, Wide Bay-Burnett) $227,500 16.7%

PEACHESTER (Sunshine Coast) $575,000 16.2%

(Source: CoreLogic August Market Trends)

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