Supercharged property prices push suburbs up by $141,000 in just three months

Thirty-two suburbs across Australia have joined the million-dollar club for the first time, as a supercharged spring property market sends house prices soaring in some areas by up to $141,000 in just 90 days.

The latest Domain House Price Report, released on Thursday, revealed a whopping 32 suburbs where median property prices have reached – and in many cases exceeded – the magic $1 million threshold.

NSW and Queensland had the most suburbs on this list, while Western Australia featured only East Victoria Park, and Victoria was represented only by Carrum.

$1,190,000 - $1,290,000

5/711 Nepean Highway, Carrum VIC 3197

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“It doesn’t surprise me that it’s being dominated by Brisbane suburbs,” says Domain chief of research and economics Dr Nicola Powell.

“Brisbane’s momentum has been there for some time, and I think pushing more and more suburbs to breach that million-dollar milestone.”

Powell notes that with Sydney’s median house price exceeding $1.7 million, there is an increasing number of million-dollar suburbs emerging in outer areas. “It’s areas like Picton, which is regional, [and] Austral as well,” she says. 

Woody Point in Greater Brisbane experienced the most significant increase in median house prices in this list, rising by $141,250 over the past three months. 

Jan Jones Real Estate agent, Rachele Jones, says demand for properties in Woody Point has been growing steadily for some time.

$1,089,000+

32 Donald Street, Woody Point QLD 4019

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Offers Over $1,350,000

111 Oxley Ave, Woody Point QLD 4019

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“We have seen a lot of quality homes being renovated there, and also knockdowns and rebuilds,” she says. “There’s also a lot of development, with high-end units being built as well.”

Jones lists the suburb’s beaches, festivals and easy commute to the city as its biggest drawcards. “[It’s] a very family-friendly area,” she says. “You can walk to the local cafes, fish on the jetty, [go to] the Belvedere Hotel.”

Jones recently sold 15a Annie Street in Woody Point after strong buyer interest. 

The second-highest price increase was in Highland Park, Queensland, where the median house price climbed by $129,000.

“I think Highland Park has been undersold for a long time,” says local agent Jane Doogan from LJ Hooker Nerang. “It’s elevated, [is] the hub of the Gold Coast; there’s so much infrastructure … [and] it’s close to the M1.”

Doogan sold a property in Highland Park for $1.2 million, and another recently in neighbouring Nerang, at 20 North Street, for $1.116 million. “That’s a record for a three-bed, one-bath house,” she says. “We had 28 offers. Four offers were over $1.1 million.”

Offers over $1,449,000

31 Ben Lomond Drive, Highland Park QLD 4211

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Doogan says that although the address was not technically in Highland Park, it’s still “crazy” for the area. “We have seen numbers increase …. [but] we did not expect it to get that high,” she says. 

“I think people have suddenly thought, ‘OK, look, [Highland Park] may not be Robina or Varsity [Lakes], it may be that little bit further out, but I’m getting so much more bang for my buck,’” she says.  

Ray White Malan + Co’s Broadbeach-based Augusta Swayn agrees that Highland Park is “definitely a growing area”. She sold 77 Armstrong Way in July for $1.255 million, noting that it had a “lot of interest”. 

Southern Gold Coast suburb Currumbin hit the million-dollar mark for unit sales. 

$1,500,000

2/738 Pacific Parade, Currumbin QLD 4223

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“When you’ve got a unit market that is edging above a million bucks, particularly when it’s outside Sydney, I think that’s when it becomes quite a surprise,” Powell says. 

Ray White Tugan agent Josh McKenzie says that Currumbin “has always been pretty tightly held”. 

“To get into that suburb for a house, it’s up past $2 million now … so I guess, due to the affordability, everybody’s falling back on [units] and driving those prices up,” he says. 

McKenzie says there’s been strong interest from buyers in Brisbane who are initially purchasing units in Currumbin for investment, but plan to retire there in the future. 

Auction

7/26 O'Connor Street, Tugun QLD 4224

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He recently sold 7/36 Duringan Street at auction in August for $1.6 million. “We had six bidders at that auction and that one folded above reserve,” he says.

Powell believes the momentum towards more million-dollar suburbs will continue. “There’s many suburbs that are almost breaching that million-dollar mark,” she says. 

“And with momentum broadening across different cities, it is likely to push more suburbs into that milestone of a million bucks.”