Little-known Murarrie the top-performing Brisbane suburb for house prices over past 12 months: REIQ
Murarrie, a semi-industrial suburb on the southern banks of the Brisbane River about eight kilometres east of the city, has been Brisbane’s best-performing detached suburban housing market over the past year, according to the latest figures compiled by the Real Estate Institute of Queensland (REIQ).
House prices in Murarrie, where News Limited prints the Courier Mail and Sunday Mail, have risen 9.6% over the year to September to a median of $509,500.
In comparison, Brisbane house prices, while gaining 1.6% over the September quarter rising to $508,000 are still down 1.9% year-on-year to a median just below $510,000.
According to murarrie.com, the suburb has until recently consisted of light industrial development, but its proximity to the city has made it more attractive to office and residential developments.
The suburb is serviced by buses and trains into the city, while it takes about 15 minutes by car to get to the city.
The stock of houses is a mix of post-war weatherboard and chamferboard cottages, tin roof houses and new estates being "typically low set and high set brick and tile homes".
According to a Belle Property suburb profile, Murarrie has had an "interesting past", playing host to a variety of industries over the years including sugar cane, cotton, meatworks and boatbuilding.
As a residential suburb it is situated close to the GatewayMotorway and the main thoroughfares of Wynnum and Creek Roads with Cannon Hill and Carindale shopping centres close by and local shops on Queensport Road.
The suburb is popular with families and offers "stunning views of the Gateway Bridge and the Brisbane River" as well as the large Murarrie Recreation Area with bike tracks, barbecue areas, skate parks and canoe ramps.
Recent sales have included this 1940s-built three-bedroom weatherboard home on a 1,200-square-metre block (pictured bel0w) sold by the Queensland Public Trustee for $480,000, according to RP Data records.
Current listings include this modern three-bedroom Queenslander on Queensport Road (pictured below), which last sold for $379,000 in 2006 and is listed through Glenn Bool of Re/Max-Morningside.
An older-style propery up for sale is this "cavity" brick home with two bedrooms, high ceilings and large backyard (pictured below), which is listed at $349,000. RP Data records show it last sold for $92,000 in 1994 and for $44,500 in 1985.
Aspley, about 13 kilometres north of the city, is the next best performing suburb over the past 12 months with median house prices up 8.7% to $500,000
The best-performing inner-city detached housing markets are Taringa, a few kilometres south-west of the city, and West End, just outside the CBD, where prices are up 8.2% and 7.5% respectively.
Region | Median Sale 12mths Sep12 | 1yr change | 5yr change |
$509,500 | 9.6% | 22.8% | |
$500,000 | 8.7% | 20.9% | |
$700,000 | 8.2% | 14.3% | |
$747,000 | 7.5% | 22.0% | |
$630,000 | 7.4% | 23.0% | |
$515,000 | 6.5% | 45.8% | |
$500,000 | 4.2% | 16.3% | |
| $580,000 | 3.6% | 21.0% |
| $490,000 | 3.2% | 19.8% |
$574,450 | 2.5% | 18.4% | |
$407,629 | 2.0% | 16.5% | |
$835,000 | 1.8% | 14.4% | |
| $737,500 | 1.7% | 20.6% |
$403,000 | 1.4% | 15.1% | |
$402,000 | 1.3% | 23.7% | |
Source: REIQ
The REIQ notes that Brisbane house sales activity picked up notably over the quarter, with a 35% increase recorded compared with the June quarter.
“Brisbane’s market continues to improve as buyers turn their attention to our affordable capital city property prices, as well as the continued strong demand for rental properties which is attracting investors,” says REIQ chief executive Anton Kardash.
