Kenmore was one of the top suburbs with most growth in 2018 as Brisbane topped capital growth over the last 12 months. This is according to CoreLogic’s Hedonic Home Value Index – December 2018.
Four of Brisbane’s subregions were among Australia’s top 10 in terms of increase in dwelling values over the 12 month period. This, whilst the Australian housing market recorded its largest quarter-on-quarter decline since December 2008, with half of the eight capitals recording declines in dwelling values.
The downward trend, however, is not happening in Kenmore and Centenary suburbs, which contributed to significant value growth in Brisbane West.
Kenmore and Centenary suburbs have become more attractive to families looking to upsize. Home price in these areas are cheaper by as much as 20 percent compared to other suburbs. The same holds for other Brisbane regions like Brisbane East and Moreton Bay regions, thereby contributing to increase in values.
According to realestate.com.au, the median house sales price in Kenmore from 1 January to 31 December 2018 was $743,000, an increase of 30.4 percent from the same period five years ago, with a total of 134 homes sales. Kenmore housing prices, whilst comparatively cheaper, is already a sought-after suburb and experts believe it is likely to ride along Brisbane’s property growth in 2019.
Through 2018, Australian dwelling values declined by 4.8 percent and slipping 2.3 percent over the December quarter. CoreLogic attributes the overall weak market conditions to access to credit, as lenders become more conservative than ever with their lending practices.
Among the top performing subregions for change in dwelling values, Brisbane had four that recorded an increase: Brisbane West by 3.1 percent, Brisbane East by 1.4 percent, Moreton Bay North by 1.3 percent, and Moreton Bay South by 0.7 per cent.
Whilst other capitals cities managed to record growths, the rise in values were achieved despite a slower pace of increase or accelerating rate of decline. The soft growth in these capital cities proves that the weakening housing market is not confined to just Sydney and Melbourne but is also being felt in most regions across Australia.