Australia’s housing boom has welcomed hundreds of suburbs, including the Kenmore property market, into the million-dollar club for 2021. However, economic experts predict that the red-hot market may be due for a slow down.
Kenmore House Price Growth
Figures from Property Market Updates showed that Kenmore experienced a 27.98 per cent median house price growth from April 2021 to March 2022. This has placed the median house price at $1,005,000, up from $785,250 in the previous period.
There were 204 houses sold for this period at an average of 23 days on market, indicative of a strong market. The brisk sales were driven by demands for comfortable and family-friendly homes in safe areas with good schools and accessible amenities. More families with older kids and professionals in their mid-30s are also looking into Brisbane’s western suburbs for their potential forever homes.
Whilst the growth has been positive for sellers, there have been some downsides for first-home buyers who are more sensitive to the house price increase.
This period has reflected a marked decline in property purchases from entry-level or first-home buyers. Most buyers in Kenmore are also on to their second or third home, with the intention of staying for the longer term.
Kenmore Unit Price Growth
Kenmore’s unit market from April 2021 to March 2022 reflected strong median growth of 18.56 per cent, pulling the median unit price to $805,000 from $679,000.
As interstate migration into Queensland reached record highs, buyers who want to move their families into areas with good schools have been fueling the demand.
For this period, 47 units were sold within 20 days on market. However, Kenmore’s unit volume has been shrinking alongside the rental vacancies. Not a lot of people, especially downsizers and retirees, are prompted to leave this suburb; they are staying put in their houses and units.
Kenmore Property Market — Post-Flood
Whilst median prices experienced an uptick, property market experts are seeing a shift with some homes selling less for their asking price after the February 2022 floods, especially in areas around Kenmore, Brookfield, and Moggill.
However, it’s a trend that the experts believe will not yet trigger forced sales as prices are still significantly elevated despite the slight fall.
After the 2011 floods, Kenmore and several riverside precincts in the west experienced the steepest price drops as well but most recovered within three years. These areas are still attracting premium values because of their livability, with its quiet tree-lined streets, friendly neighbours, and a strong community vibe.