Suburb’s unit prices increased by $150k in a year,
Sales manager Adam Towell seized the opportunity presented by rising home prices in his area to buy his dream acreage property.
He had previously built a house in Logan in 2022 for his new daughter, following a well-thought-out savings plan.
Mr. Towell originally aimed for a larger upgrade in about five to six years, but circumstances changed sooner than expected.
“Initially, our plan was always to acquire acreage,” he explained. “However, about two years in, a few neighbors sold their homes.”
As prices surged in his area, he and several others decided to capitalize on the market and fund their new homes.
PropTrack’s latest quarterly report indicates significant surges in home prices across various Queensland markets over the past year.
Notably, the City of Logan experienced some of the most substantial price increases during this time, attracting attention from buyers.
Slacks Creek saw the highest jump, with a remarkable 47.2 percent rise in median unit prices from the previous year.
The median unit price in Slacks Creek now stands at $473,334, reflecting an increase of $151,865 in just one year.
Similarly, Woodridge experienced a significant 46 percent rise in median unit prices over the past twelve months, showcasing the market’s strength.
Other suburbs, including Waterford West, Edens Landing, and Logan Central, also reported increases of around 43 percent during this period.
Agent Rachel Hobbs from Ray White Marsden highlighted that this housing boom offers homeowners a prime opportunity to upgrade their living situations.
She noted that the rising percentages in prices resemble trends observed during the Covid period, indicating strong market activity.
“I believe investors are now recognizing the growth potential in this area, which surpasses that of many surrounding suburbs,” she added.
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Mr. Towell’s previous home was located in Bahrs Scrub, which experienced an 11.9 percent increase in house prices recently.
While this increase was smaller compared to others, it still allowed him to capitalize on the current housing market conditions.
“The house sold before it was even listed for 24 hours on realestate.com.au,” he remarked, “resulting in nearly $300,000 profit over two years.”
In contrast, houses in his new suburb of Jimboomba saw a 9.9 percent rise in prices during the same timeframe.
However, Mr. Towell believed that acreage properties had been undervalued, leading him to discover an affordable home that met his family’s needs.
“I am genuinely shocked at how much smaller houses are selling for,” he stated. “The price surge in Logan enabled us to achieve our dream of acreage living sooner than anticipated.”
Ms. Hobbs noted that various suburbs in the Logan area have become highly sought after due to their growth potential.
Furthermore, she emphasized that acting quickly is essential to stay ahead in this rapidly changing marketplace.
“The sooner you make an offer, the sooner you’ll likely secure your place in the market,” she advised.
“In three months, you won’t regret that decision; rather, you will regret not buying, as prices will likely rise.”
Mr. Towell expressed his gratitude for building a home when he did, realizing he could not afford current prices now.
“I have friends and family struggling to enter the housing market due to these price increases,” he explained.
“They probably could have bought a house three years ago when I made my purchase, but now they’ve been priced out.”
