Rising median house prices have made properties in Brisbane’s inner-ring suburbs quite unreachable for many first-home buyers and many locals even complain that they’re being priced out of their own suburb. This has fueled interest in other areas, such as Springfield Lakes and other suburbs outside Brisbane that show growth but are considered more affordable.
Data from Property Market Updates revealed that from July 2020 to June 2021, 399 properties were sold in Springfield Lakes, driving an 8.69 percent growth, with median house price currently sitting at $456,512, well on its way to the half-million mark.
Most house listings in Springfield Lakes stayed an average of 51 days on market. The highest sale within this 12-month period was a six-bedroom, 748-square metre dwelling on Falcon Circuit for $930,000, which was positioned on a prime lakefront spot that offered the best views.
With rising interest in the suburb, industry observers have been seeing higher capital gains in Springfield Lakes in 2021, versus the growth that the suburb has shown from 2018 to 2020.
Unit Price Growth
The unit property market in Springfield Lakes shows slightly more robust growth than the housing market, with 9.28 percent up-tick over last year and a median unit price of $422,900. Stirred by the rise in job demands in Springfield Lakes, many first home-buyers (FHB) make apartment-hunting for a suitable living space their first stop.
Similar to the housing market, unit performance is on the rise, in much more dramatic fashion versus the housing market, with unit median prices showing a distinct upward trend from July 2018 to June 2021.
Unit listings take an average of 60 days on the market, almost at the same pace as the housing market. First-home buyers are getting some tight competition from seasoned investors looking for longer capital gains on their apartment properties but stocks are lower with just 34 unit properties sold within the 12-month period.
FHB : Future Driver of Economic Activity
Springfield Lakes, Springfield, Springfield Central and other suburbs in the 4300 post code, namely Augustine Heights, Bellbird Park, Brookwater, Camira, Carole Park, Gailes, and Goodna are catching the eye of first-home buyers, with their mix of affordable dwellings, accessibility, and job opportunities.
Young families moving in to these neighbourhoods would be great drivers of economic activity in the area.
The same pattern is happening elsewhere in QLD. In Brisbane, industry observers have noted similar patterns of rising investment and interest from first-home buyers in Sunnybank, Sunnybank Hills, Robertson, MacGregor, Camp Hill, Carindale, Carina Heights, among others.