The Emery family, Hugo, Alison and Marcus are selling their house in Yeronga, where house price growth has outstripped wages growth in the past three years. Picture: Jerad Williams.
FOR the past 12 months, Alison and Marcus have watched the equity in Yeronga home increase as property values rose more than the average wage in the inner Brisbane suburb.
This five-bedroom property at 60 Days Ave, Yeronga, goes to auction later this month.
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Despite sluggish wages growth, house prices have soared on the back of ultra-low interest rates, high savings rates during lockdown, government stimulus measures and tax cuts.
The effect is pronounced in certain inner-city suburbs like Yeronga, where property values have risen by $91,250 in the past year and the average wage is only $69,270, according to new data from REA Group.
This property at 60 Days Ave, Yeronga, is for sale.
The Emerys have decided to take advantage of the hot market conditions and list their five-bedroom property at 60 Days Avenue for sale.
“It’s an opportunity for homeowners like us to be given a boost in these uncertain times,” Mrs Emery said.
“We may not see this spike in the property market again for some years to come, so we’ve decided to take advantage of it now.”
The property was architecturally designed by renowned architect James Russell.
Ms Emery said they would have preferred to stay another year in the architecturally-designed home on almost 800 sqm, but could not resist the opportunity to consolidate their future.
Elisa McMahon from Hutton & Hutton Real Estate, who is marketing the property, said she was not surprised house price growth had outstripped wages in Yeronga, which now had a median house price of just over $1 million.
The house is designed around an internal courtyard.
“It’s definitely happening in particular suburbs that have increased in popularity, like Yeronga and Clayfield, where home values have grown by close to 20 per cent in the past year,” Ms McMahon said.
“They could be referred to as bridesmaid suburbs because they are in prestige locations but are that bit more affordable than the neighbouring suburbs of Tennyson and Ascot.”
Ms McMahon said home values outstripping wages could have a positive flow-on effect for the economy, even though it made buying a property more challenging for certain segments of the market, such as first homebuyers.
Elisa McMahon, lead agent at Hutton & Hutton Real Estate. Image supplied.
“It means homeowners can leverage that growth to buy a new car or invest the money back into their property by doing further renovations or improvements — or allow them to buy a second home,” she said.
Ms McMahon said more people were looking at Yeronga as an attractive living option, underpinned by urban renewal in the area, with developments like Yeeroongpilly Green down the road. “Also, the market’s just realising the suburb is only 6km from the CBD,” she said.
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