The recent rate hikes have dampened housing demand across Australia but several suburbs in the sunshine state are still witnessing heightened demand.
Brisbane’s property market was insulated from the slowdown that started early this year.
However since the Reserve Bank of Australia (RBA) began its tightened monetary policy cycle, the city has followed its contemporaries and reported a 0.8% drop in prices in July - its first decline in almost two years.
Recent figures from CoreLogic showed that this decline extended in August, as Brisbane reported a 1.8% monthly fall in median dwelling values.
Despite this apparent cooling of Brisbane’s market, there are some suburbs that seem to be getting an unusual spike in buyers' interest.
Locate Buyers Agency revealed the suburbs that recorded increased buyer demand since the first interest rate increase announced in May.
In determining these suburbs, Locate Buyers Agency analysed Google Search Volume data for the search phrase “houses for sale” for all Brisbane suburbs for the period between May and July.
The standouts that recorded more than 50% growth in search volume over the period were Chelmer, Newmarket, Holland Park West, East Brisbane, Auchenflower, Stafford, and Holland Park.
In terms of overall search volume, however, Forest Lake and Inala were still the most sought-after places with 2,400 and 1,900 respective Google searches.
The table below shows the suburbs with the highest growth in Google Search volume:
|
Queensland markets with biggest growth in Google Search volume |
||
|
Market |
Search Volume |
Three-month change (%) |
|
Chelmer |
170 |
89 |
|
Newmarket |
140 |
89 |
|
Holland Park West |
140 |
86 |
|
East Brisbane |
170 |
56 |
|
Auchenflower |
170 |
53 |
|
Stafford |
320 |
52 |
|
Holland Park |
480 |
51 |
|
Wynnum |
1,300 |
30 |
|
Chuwar |
210 |
24 |
|
Newstead |
210 |
24 |
|
Taringa |
210 |
24 |
Meanwhile, the table below shows the most searched suburbs in Queensland over the period.
|
Queensland markets with highest Google Search volume |
||
|
Market |
Google Search Volume |
Three-month change (%) |
|
Forest Lake |
2,400 |
0 |
|
Inala |
1,900 |
0 |
|
Seven Hills |
1,600 |
23 |
|
Hamilton |
1,300 |
0 |
|
Wynnum |
1,300 |
30 |
|
Jindalee |
1,000 |
-23 |
|
Bracken Ridge |
1,000 |
-12 |
|
Carindale |
1,000 |
0 |
|
Kuraby |
880 |
0 |
|
Paddington |
880 |
0 |
|
Bridgeman Downs |
880 |
0 |
|
Carseldine |
880 |
0 |
|
Calamvale |
880 |
0 |
|
Mansfield |
880 |
22 |
|
Algester |
880 |
22 |
—
Photo by EVG photos from Pexels.
