In the suburbs of Queensland, where home prices have risen almost 200% over the last five years, an additional $ 557,000 will be added to its value by 2027.
With some of Australia’s wealthiest and most famous faces, Sunshine Beach currently has a median home price of $ 3.5 million and is expected to surge $ 557,000 to $ 4,057,000 by 2027.
This was after a $ 2.3 million price increase since 2017.
This forecast is based on an estimated growth rate of 3% per year, which is far more conservative given that home prices on the outskirts of the Sunshine Coast have skyrocketed 192% since 2017.
Following Sunshine Beach is Surfers Paradise, where median home prices are projected to rise another $ 416,000 to $ 2.61 million by 2027.
Mermaid Beach, a suburb of Millionaire Arrow and Hedges Avenue, is also expected to rise by $ 382,000 over the next five years, while Brisbane’s New Farm and Hamilton are expected to rise by $ 357,000 and $ 336,500, respectively.
Ascot (+ $ 311,000) and Hawthorne (+ $ 291,000) on the outskirts of Brisbane will also be on the top 10 list of projected growth rates over the next five years, but the Sunshine Coast will continue to be Alexandra Headland (+327,000) and Minyama (+ $). 319,000) dominates. Among the top performers is Noosa Heads (+ $ 303,5000).
“The combination of unusual events has led to significant price increases over the last five years,” said Paul Ryan, economist at PropTrack.
“Take 2021. This alone has shown the strongest annual growth rate in over 30 years.”
According to REA, this was the third fastest growing period in history.
For units, Sunshine Beach is once again outstanding, adding $ 240,5,000 to the value of the apartment, Noosa Heads (+ 224,500), Twin Waters (+ $ 167,000), Holywell (+ $ 166,000), Sunrise Beach (+ $ 166,000). + $ 165,000) follows. ).
Also, the list of units was created in Billinga, Burleigh Heads, Main Beach, Perry Jean Beach, and the suburbs of Miami.
The list suggests that while the growth rates seen during the pandemic real estate boom ease, the insatiable desire for Queensland’s coastal and lifestyle locations continues.
Exclusive data also revealed the top 10 suburbs where the Sunshine Coast was shining brightly and recorded the largest price increases since 2017.
In addition to Sunshine Beach, the suburbs of Sunrise Beach, Minama, Dunan, Warana, Alexandra Headland and Markura have all recorded price increases of over 110% over the last five years.
The Gold Coast’s Miami and Currumbin also ranked in the top 10, and the mining town of Moranbah saw a surge in value after a slump in resources, recording growth of 120%, or $ 172,200.
In terms of units, the Sunshine Coast was once again dominant, with seven of the top ten companies performing in the suburbs to raise prices.
On the Gold Coast, Palm Beach, Miami and Clear Island Waters were also on the list.
Ryan said the last few years have combined a series of fairly unprecedented factors to drive extraordinary growth.
“Interest rates have fallen to record lows as pandemics and other shocks have hit the economy,” he said.
“This increase in borrowing capacity has pushed prices up very rapidly, along with unprecedented changes in lifestyle locations and unprecedented tastes for larger homes.
“Pandemic is becoming more and more likely to go to places like Byron Bay and Noosa. More flexibility in remote work requires larger homes and, of course, beaches.”
But will we see such a boom again? In short, Mr Ryan said “no.”
“Nationwide, home prices have risen significantly by as much as 40% over the last five years,” Ryan said, adding that such growth is simply unsustainable.
“To see the repeats of the last five years, we need another rare combination of exceptional events.”
QLD Properties: What Is Your Home Worth By 2027?
https://www.realestate.com.au/news/qld-property-what-your-house-could-be-worth-by-2027/ QLD Properties: What Is Your Home Worth By 2027?