What Are the Fastest Growing Suburbs in Queensland?
In the last few years, Queensland has led the property price surge across Australia with the Wide Bay region in particular experiencing a soaring 80.5 per cent growth, with median house prices now holding the cost of $542,000. As a close contender, Ipswich saw a 79.7 per cent jump, with homes now floating around $636,000.
In Brisbane, we have seen a 55.2 per cent change, and it doesn’t seem like these value growths are going to stop anytime soon. For the foreseeable 2024, Domain has predicted a 7 to 8 per cent growth in Brisbane – but what are the fastest growing suburbs in Queensland as we speak?
For more Springfield real estate, continue reading below, or give the Brookwater Residential office a call on 07 3814 5177 to discuss property on offer, and how Dress Circle can transform the way you live your life.
The Fastest Growing Suburbs in Queensland 2024
Cannon Hill
10km east of Brisbane, Cannon Hill has a growing reputation with young families, offering value for money whether it’s for forever homes or investment opportunities. Conveniently located nearby to the Gateway Motorway and Brisbane Airport, Cannon Hill is an easy-to-access suburb, it’s central, and close enough to the city that homeowners get to enjoy that inner-city lifestyle with the peace and quite of a tranquil suburban estate.
For Cannon Hill, Realestate.com.au shows a median property price over the last 12 months ranging from $1.13 million for homes, and an eye watering $530,000 for units. If you’re a savvy investor, this market is perfect for you, with homes renting around $650 a week with an annual rental yield of 3.3 per cent, and units at $550 with a yield of 5.1 per cent.
Ripley
43km south-west of Brisbane and only a short drive from Ipswich, Ripley is being carefully watched as its predicted to become the countries largest area for urban growth. The Queensland Government has voiced its expectation that Ripley’s population will boost to more than 120,000, implementing a plan for an additional 50,000 dwellings to assist the towns growth.
To add appeal, the Ripley area is undergoing its first stage of a $1.5 billion development project, with Ripley Valley becoming a favoured location for first homeowners and young families alike. Looking at data from Realestate.com.au, house prices in the area have been moving upwards by 12.2 per cent in the last 12 months, with a median house price of $620,000 and median weekly rents sitting at $510 with a rental yield of 4.6 per cent.
Bellbird Park
Considered an investment gold mine, Bellbird Park is one of the few locations known for being one of the fastest growing suburbs in Queensland. With interest rates climbing for much of the last 12 to 18 months, Bellbird Park climbed 20 per cent in property value regardless. This growing suburb is now referred to as one of Queensland’s most desirable investment locations, boasting a median home value of around $600,000, with rental yield coming in at approximately 4 per cent.
Making it an ideal place for new families, Bellbird Park is set to open an $85.5 million primary school in 2024 in time for new enrolments and has a number of new developments underway that aim to enrich the community and take infrastructure to new heights.
Brookwater
Within the first four months of homes hitting the market in Brookwater, more than half were sold, each fetching above $1 million and hitting a new record sale for the area of $2 million. This suburb is now fast approaching the crown of becoming Brisbane’s next million dollar location. More than 3,000 people now call Brookwater home since its beginnings in 2001, and it’s all thanks to its luxurious living opportunities and convenient location to everything one could need.
Within Brookwater, the median house price rose from $979,000 in 2020 to a staggering yet unexpected median of $1.2 million – an increase of 5.7%. Within just a 10 minute drive from Brookwater Dress Circle, homeowners get to enjoy the proximity of 11 schools, universities, a shopping precinct and multiple villages, a hospital, and Queensland’s leading golf course surrounding by beautiful and diverse restaurants as well as entertainment choices for all ages.
Springfield
With a population of over 50,000 people, Springfield is quickly charging towards smashing a population milestone of 100,000 by the end of the decade, making itself one of the fastest growing suburbs in Queensland. Conveniently located less than 35 minutes from the Centenary Highway and only 40 minutes to the CBD, Springfield is considered a hub of innovation and sits as one of the fastest growing suburbs in the country. Over the last year, Springfield has experienced a 9.3% median price growth to $765,000 for homes, with an average of $480,000 on offer for units.
For new or growing families, Springfield is a location dedicated to education, home to 17 early learning centres, 12 schools and the University of Southern Queensland, encouraging the community in becoming lifelong learners. 30 years in the making, this region has become the blueprint for a 21st century city.
Live Life Unlimited at Brookwater Dress Circle
Transform your lifestyle the right way by making the move to Brookwater, conveniently located to all things Greater Springfield with stunning high end real estate on offer. To discuss a tour around the Dress Circle, reach out through our online form, or give our office a call on 07 3814 5177 today. We look forward to welcoming you into our thriving community.
