Where the average home now costs more than $1m
It'S grim news for those trying to break into the market, but the average house in Brisbane's inner ring is now likely to set you back more than a million bucks.
House prices in 22 suburbs across Brisbane and regional Queensland broke through the $1 million median barrier in the first three months of this year - 16 joining the million dollar club for the first time ever.
Across Queensland, there are now a whopping 78 million-dollar suburbs, according to the latest data from property analysis firm, CoreLogic.
The inner Brisbane suburbs of Seven Hills, Red Hill, Toowong, Herston, East Brisbane, Camp Hill, Coorparoo, Windsor, Lutwyche and Wooloowin all recorded median house prices of more than $1 million this year for the first time in history.
On the Sunshine Coast, four suburbs made the million dollar club, including Noosa Heads for units, with the median unit price there rocketing to a whopping $1.05 million.
Burleigh Waters and Tallai on the Gold Coast also topped the $1 million mark for house prices in the March quarter.
Graceville, Newmarket, Taringa, Indooroopilly, Yeronga and Sherwood had previously broken through the $1 million barrier and slipped under before joining again this year.
Among the newcomers is the little-known suburb of Bokarina on the Sunshine Coast.
House prices in the beachside haven climbed 9.3 per cent to $1.03 million during the March quarter, according to the latest figures from property research firm, CoreLogic.
Cricketer Chris Lynn is among the buyers seeing value in the suburb, having recently bought a beachfront property there.
Elite Lifestyle Properties owner Jordan Lund says he was not surprised Bokarina had joined the million dollar club.
Mr Lund, who has lived in the suburb for the past 12 months, believes "Bokarina has been
undervalued for some time when it comes to real estate".
"Not only is there the appeal of living on the beach in a beautiful part of the Sunshine Coast,
but there has also been incredible growth in surrounding areas, and developments like the
new Maroochydore CBD and Sunshine Coast Hospital," Mr Lund said.
"When you consider what buyers are paying for property in the capital cities like Sydney and
Melbourne, it is absolutely incredible that you can outlay a couple of million dollars for a
house at Bokarina with your own private walkway to the beach."
Mr Lund said he recently sold a 26-year-old house needing a "full renovation" at Driftwood
Court for more than $2 million.
"I had an amazing number of inquiries in relation to that house, which was ultimately bought
by a buyer in Sydney," he said.
"While Bokarina is now a sought-after suburb, and there are plenty of potential buyers - like
most other areas at the moment - there is also a shortage of stock that is helping drive up
Buyers agent Michelle Lacey of Lacey & Co has been helping the Chaplins find a house by using her networks, inspecting properties before they hit the market and offering her negotiation skills.
"For buyers like Lee and Josh, it's really difficult to hold down the jobs (to pay for the home) and look after a young family whilst traipsing around the suburbs in search of a home," Ms Lacey said.
"Lee and Josh are also worried, since it's so emotional, that once they do have the opportunity to purchase a home, that it's the right decision, and not one made in emotional haste."
She advised building a relationship with a good mortgage broker and looking outside the big four banks for a loan.
"Outside the 'Big 4', buyers are getting faster approval and better customer service," she said.
QUEENSLAND'S NEWEST MILLION DOLLAR CLUB SUBURBS
Suburb SA4 region Property type 3m change Median value
in home value
Burleigh Waters Gold Coast Houses 12.6% $1,053,577
Seven Hills Brisbane Inner City Houses 11.1% $1,088,950
Red Hill Brisbane Inner City Houses 10.2% $1,066,711
Toowong Brisbane Inner City Houses 10.1% $1,071,209
East Brisbane Brisbane Inner City Houses 10.0% $1,061,595
Camp Hill Brisbane - South Houses 9.4% $1,033,873
Bokarina Sunshine Coast Houses 9.3% $1,030,795
Newmarket Brisbane Inner City Houses 8.7% $1,009,155
Taringa Brisbane - West Houses 8.3% $1,120,970
Indooroopilly Brisbane - West Houses 7.8% $1,085,035
Noosa Heads Sunshine Coast Units 7.6% $1,052,653
Sherwood Brisbane - West Houses 7.3% $1,040,195
Mons Sunshine Coast Houses 6.6% $1,069,094
Twin Waters Sunshine Coast Houses 6.6% $1,007,607
Tallai Gold Coast Houses 6.4% $1,035,935
Yeronga Brisbane - South Houses 6.4% $1,031,143
Coorparoo Brisbane - South Houses 5.9% $1,059,589
Windsor Brisbane Inner City Houses 5.6% $1,008,071
Lutwyche Brisbane Inner City Houses 4.6% $1,029,765
Wooloowin Brisbane Inner City Houses 4.1% $1,006,561
Graceville Brisbane - West Houses 3.5% $1,046,012
Herston Brisbane Inner City Houses 2.8% $1,028,841
Originally published as Million dollar club: Where the average home now costs more than $1m