Redlands property prices have exploded in the past decade, according to new data, with two suburbs recording an increase of more than 100 per cent and the rest of the mainland also enjoying significant gains.
It comes as the national market shows signs of strengthening, with Australian property values growing 0.6 per cent in March and 0.5 per cent in April after a 9.1 per cent fall between May 2022 and February 2023.
Data from realestate.com.au reveals the staggering extent of price growth in Redlands between 2013 and 2023, with Sheldon and Thorneside reporting the biggest gains for the period, followed by Birkdale and Wellington Point.
Sheldon’s median price jumped a whopping 131.3 per cent from $670,119 to $1.55m, while Thorneside climbed from $452,500 to $910,000, representing an increase of 101.1 per cent.
Birkdale increased 93.4 per cent from $455,000 to $880,000 and Wellington Point 86.4 per cent from $515,000 to $960,000.
Redlands estate agent Ben Tafolo of Team Tafolo said acreage properties in Sheldon which were once selling for about $600,000 were now going for more than $1.2 million.
“Sheldon is an unusual suburb,” he said.
“Geographically it is one of the largest suburbs because it is all acreage and some of those parcels are 20 acres or 40 acres and it’s a very thickly-wooded area.
“However, demographically, it is one of the smaller suburbs.
“Take for example Alexandra Hills. Geographically that suburb, I would presume, is smaller in size than Sheldon but would have 10 times the population.
“Sheldon is almost exclusively acreage, meaning on average there are fewer sales and fewer low-end properties to skew the numbers.”
All mainland suburbs recorded growth of greater than 65 per cent for the decade, with Ormiston registering an 84.8 per cent increase, Alexandra Hills 84.4 per cent and Victoria Point 80.2 per cent.
Redland Bay, Mount Cotton and Capalaba all recorded gains of greater than 70 per cent, while there was more modest growth in Cleveland and Thornlands.
Mr Tafolo said interstate migration, particularly from the southern states, was among the main drivers.
“Everyone’s at home during COVID and we’re all stuck, especially down there in Victoria where they had lockdowns,” he said.
“So that meant that people weren’t able to spend their money on travel or personal entertainment, such as wining and dining, and they weren’t able to travel anywhere and were probably restricted with what they could spend on properties as well.
“Then all of a sudden you release those floodgates and everyone’s got money that they’ve been saving and the ability to go out and burn it, so I think the southern impetus was considerable.”
Mr Tafolo said the market had stabilized and he expected it to largely remain that way over the next couple of years.
“Then you’ll probably see a bit of gentle growth leading towards the Brisbane Olympics,” he said.
“I think at least two or three years out from that you should see a bit of activity and action hopefully on the positive side.”
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