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PROPERTIES in some of Brisbane's blue-chip suburbs have suddenly become more affordable to a wider range of buyers, according to new market research.
And there's been a shift in the regions too.
Cameron Kusher, executive manager of economic research with the REA Group, said traditionally higher-priced property markets - such as those in Robertson, on Brisbane's southside - had experienced greater falls than properties in suburbs know for being more affordable.
He said those price drops, along with interest rate cuts and the relaxing of some lending policies meant savvy buyers might be well placed to finally buy in their dream suburb.
"So for people looking to upgrade into better properties, it has been kind of a unique opportunity to upgrade into a better home, relatively speaking," he said.
SCROLL DOWN TO SEE WHAT THE MEDIAN VALUE OF YOUR HOUSE OR UNIT IS
The median price for a house in Robertson dropped to $1 million - a 12.1 per cent decrease over the year.
Similarly, house prices in nearby Sunnybank fell 13.4 per cent to a median price of $700,000.
Mons on the Sunshine Coast, also saw a price drop. Median house prices there fell 15.4 per cent over the year to hit $782,500.
The report also revealed the Moreton Bay region has become popular, with many areas experiencing price increases, including Clear Mountain, where houses were priced at a median $801,000 - an 11.6 per cent increase.
On the Gold Coast, houses in Surfers Paradise were sitting at a median $1.65 million over the year - an increase of 11.7 per cent.
In stark contrast, you can snap up a unit in the beachside suburb for $370,000 - a 2.6 per cent decrease over the year.
In the Wide Bay region, houses in Bundaberg West experienced one of the most dramatic drops with a -22.6 per cent decrease in the median price this past year. You can now snap up a bargain there for a median $209,000.
In fact, it is now more expensive to purchase a unit in Bundaberg West after the market grew 16.7 per cent in the past year to $245,000.
In contrast, Wondunna, also in the Wide Bay region, had a 28.2 per cent median price increase in the housing market, with prices now sitting at $477,500.
Further north, in South Townsville, the median house price was $313,500, a 1.1 per cent increase over the year, while units in the same suburb averaged $292,500 - a whopping -18.8 per cent decrease.
Houses in Townsville's West End grew 8.7 per cent in the past year, to $350,000, while units were priced at $220,000 - a huge 38.8 per cent increase.
Mr Kusher said most price decreases appeared to be in the unit market and in regional areas.
"The units are really struggling because there has been a lot of supply," he said.
"Also, in regional areas the difference in price between houses and units are not that great, so if people are going to buy, they'd probably be inclined to pay a bit more and buy a house instead of a unit.
Mr Kusher said more job opportunities in the southeast corner meant that region's property market property market was performing better than its regional counterparts.
"Others (locations) outside of southeast Queensland are linked to one or two employment sectors, like mining or tourism," he said.
HOUSE PRICES UNDER THE SPOTLIGHT
- Undullah fell 5 per cent to a median $380,000
- Cedar Grove increased 8.5 per cent to $493,000
- Yorkeys Knob increased 2.1 per cent to $406,000
- Bentley Park grew 3.5 per cent to $357,000
- Chuwar dropped -14.5 per cent to $465,000.
- Goodna fell 6.5 per cent to $290,000
- Thangoona in Ipswich grew 13.1 per cent to $410,000
House prices in West Woombye dropped 12.2 per cent to $570,000