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.
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
Photo Credit: Google Maps
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.
Year-end figures show that Median house and unit prices in the Kenmore property market continued to soar in 2021 with upticks in the double digits amidst a growth spurt in the Brisbane property market due to accessible credit, low stocks, and increasing interstate migration. All these, despite talk of a predicted downturn in the coming months.
Highlights
Kenmore experienced a 21.34 per cent median house price growth from January 2021 to December 2021, with the median ending up at $919,944 by year-end.
The unit market tracked high growth as well 19.54 per cent for the same period with the median unit price closing at $777,000.
Kenmore’s booming property market is low on supply with cheaper interest rates but at under a million for the excellent location, it remains one of the better value buys in Brisbane.
Kenmore Median House Price Growth
According to Property Market Updates, Kenmore median house price grew by 21.34 per cent for the period of January 2021 to December 2021, remaining just under a million and still within the price range of many buyers compared to other suburbs.
For a median house price of $919,944, buyers could acquire a beautiful family home on a large block of land within this well-placed suburb. Kenmore remains one of the locations in the country where homeowners spend less of their annual income for mortgage repayments. Thus, more than 80 per cent of residents could afford to be owner-occupiers as opposed to renters.
During the said 12-month period, 214 properties were sold in Kenmore for an average market listing of 26 days. Four-bedroom properties landed the most deals and closed on the market in under three weeks.
Buyers of Kenmore homes are mostly established families on their second or third property who are likely long-stayers with kids that go to go schools within the catchment. Thus, the Kenmore property market remains strong and high in demand with double the average of property visits for Queensland homes in general, according to realestate.com.au.
Kenmore Median Unit Price Growth
The unit market in Kenmore picked up by 19.54 per cent for the same time period, with the median unit price closing at $777,000. Since stocks are down, only 45 unit properties were sold with an average of 16 days on market.
Some unit investors pick Kenmore during their transition from urban living in the inner cities to a more family-focused suburban lifestyle. Interstate buyers, on the other hand, go for this suburb when they’ve been locked out of markets like Indooroopilly.
The unit market growth in Kenmore reflects how it is playing catch up to the divergence between houses and unit prices in Brisbane’s two-speed market.
About Kenmore
More than five years ago, this humble suburb in the west had a median house price under $500,000 and whilst its growth has been tracking upward since then, properties in Kenmore remain very reasonable and affordable for many buyers. Thus, Kenmore’s appeal as a well-priced family suburb has made it one of the sought-after locations in Brisbane.
Photo Credit: Google Maps
This locale is highly-regarded for having everything residents want — good schools, sporting fields, dining and shopping precincts, parks and recreational spots.
Kenmore draws a feeling of community without that disconnect from urban living. It has a substantial transport system with buses frequently plying along Moggill Road, taking residents to their jobs in the city or the university. It’s also quite near the train station in Indooroopilly and very accessible to the western suburbs’ major road networks.
Kenmore is dotted with plenty of brick houses originally built in the 50s or 60s, with residents who have the money to do renovation projects to upgrade their homes and improve their gardens.
“Mostly big yards, separate houses and super friendly community. Leafy tree-lined streets, suburban walking and close to both Mount Cootha and Brisbane. Very central for access to other suburbs. Good cafes, churches, sports grounds and clubs. People stop and talk in the street. Low crime.”
Jason
“Excellent suburb within 10 kms from the city centre. Large leafy suburban lots and homes are perfect for the family. Top-rated public and private schools in the suburb. Homes still affordable as compared to homes in Indooroopilly & Fig Tree Pocket just one suburb over.”
Tej
“We moved from Toowong, reluctantly, when we bought here in late 2011. I am so glad we did. It is a great suburb for families, very safe, 3 primary schools to choose from just in the suburb and two excellent high schools in it or nearby (Indooroopilly State being the second). People are actually friendly, not in your face, but friendly. Much more so that in the more student/young professionals domain of Toowong. The buses are great, regular and able to connect you to everywhere via the Indooroopilly bus station. There is a bus that goes straight to UQ (University of Qld) too. There is an abundance of shops, farmers markets etc for groceries (including the 3 major supermarkets) and it is a short drive to either Indooroopilly or Mount Ommaney for everything else.”
