More regional QLD suburbs poised to join the $1m-plus club

The exodus of cashed-up interstate buyers into Queensland has seen the number of million-dollar suburbs outside of Brisbane soar to new heights, with many more set to join the prestigious club.

There are now 41 million-dollar suburbs outside of the capital, with all but one located on the Gold Coast and Sunshine Coast.

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Standing out from the southeast crowd is Castle Hill in Townsville, where median house values soared 24 per cent over the 12 months to the end of June, reaching a median of $1.095 million.

For July, house values on Castle Hill continued to climb, rising to $1,097,500.

That’s up from $857,500 a year ago, but still down on the peak during the last boom of $1.15 million.

M Property agent Martin McDonough, who recently listed 8 Yongala Court on Castle Hill, said the suburb was popular with medical professionals and farming families in particular.

Another Castle Hill property recently sold for $3.2 million to a farming family who intend to use it as a weekender.

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“There is a lot of money in the local community at the moment and people are selling and upgrading out of other sought-after suburbs like North Ward and Idalia,” he said.

“We are also getting some interstate interest, mostly medicos moving for work to the region.

“And for someone out of Sydney, something like $2 million is entry level down south.

“That’s putting pressure on prices and pushing the suburb median back towards peak highs.”

Down south, the Gold Coast has 22 suburbs with median house values above $1 million, while the Sunshine Coast has 18.

Sunshine Beach, which is home to Queensland’s highest ever residential sale, has the highest median value – a staggering $2.5 million, a rise of 33 per cent in a year.

There, a beachfront residence, widely rumoured to have been purchased by mining magnate, Gina Rinehart, recently sold for an eye-watering $34 million.

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But many Sunshine Coast suburbs have joined the million-dollar plus club in the past year, with the region attracting high-net worth individuals cashing out of multimillion-dollar suburbs in Melbourne and Sydney.

It, like the Gold Coast, has also been a magnet for wealthy expats returning home during the Covid-19 pandemic.

Maroochy River homeowners have seen local values rise by 47 per cent over the year, with the median sales price rising from $784,000 to $1.15 million – the first time the suburb has joined the million-dollar-plus club.

Also entering the exclusive club for the first time is Dicky Beach, North Maleny, Doonan, Mons and Buddina.

Charging towards a median value of $1 million is Twin Waters ($980,000), Moffat Beach ($966,500) and Mudjimba ($960,000), up from $811,000, $920,000 and $790,000 respectively a year ago.

On the Gold Coast, the rural locality of Kingsholme is now a million-dollar-plus suburb.

The suburb, which had a population of just 286 at the 2016 census, is now home to architecturally-designed homes on acreage.

Sixteen properties changed hands in the 12 months to the end of June, with median values skyrocketing by 72 per cent, according to data from REA Group.

Elsewhere, homeowners in Guanaba must be rubbing their hands together, with house values up 41 per cent in a year.

That heedy growth has seen median house values rise from $895,000 a year ago to $1,257,500.

Massive price growth is also being seen in Burleigh Heads, where median house prices have risen from $890,000 a year ago to $1.17 million.

All up, 15 suburbs have seen their median house values surge past $1 million in the past year including Burleigh Heads, Burleigh Waters, Tallebudgera, Tallebudgera Valley, Tallai, Miami, Palm Beach, Currumbin, Currumbin Valley, Benowa, Mermaid Waters, Hope Island and Coolangatta.

While each suburb has recorded some high-end sales, it is the first time the median value across the whole suburb has breached the million-dollar mark.

Bonogin is also poised to break through the $1 million barrier, with a current median value of $972,500, up from $855,000 a year ago.

Outside of the southeast corner, median house values in the holiday hamlet of Airlie Beach have soared $200,000 in a year, from $655,000 to $861,250.

But there have been a number of sales north of $2 million in recent months.

Ray White Whitsunday agent Steve Marks recently listed a four-bedroom residence with spectacular views on a 4700sq m block at Airlie Beach. It is expected to fetch “$4 million-plus”.

“We have had an exceptional run on land in particular in the past six months,” Mr Marks said.

“And our office recently sold two houses off-market for $2.8 million each.

“I would expect to see Airlie become a million-dollar suburb in the next quarter.”

Mr Marks said the postcode was drawing in investors, holiday home buyers and people relocating to the area.

”Our vacancies are 0.5 per cent, with rents up 20 per cent, so exceptional yields,” he said.

“We are selling houses for $2 million that are being rented out as holiday homes for $130,000 a year, extraordinary.”

REA Group economic research executive manager Cameron Kusher said while it was unlikely there would be a rush on million-dollar suburbs outside of the southeast corner, prices were on the move on the back of demand.

“Wide Bay is strong, Cairns has strengthened, as has Townsville,” he said.

“We are also seeing big increases in demand for the Mackay-Whitsunday region.

“If people don’t need to be tied to the capital cities, they are looking for value for money, and you can get that in the regions.”

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