With listings spending an average of just 15 days on market in the 12-month period ending March 2022, the Albany Creek property market is going from strength to strength, despite indications of a cooling down trend observed in some property markets in Brisbane.
Albany Creek House Price Growth
According to Property Market Update, the median house price growth for Albany Creek saw a 32.31 per cent increase for the period covering April 2021 to March 2022. With 284 houses sold within an average of 15 days, this suburb’s property market has been busy with very tight competition among investors and buyers.
Albany Creek’s median house price is now at $860,000, up from $650,000 in the previous year. The price increase may be a hurdle for entry-level buyers looking to invest in their first home. Upgrading from a unit to a house is proving to be challenging as well.
Despite the rise in house prices, demand in Albany Creek continues to outstrip supply. Advertised home sales for the year remain low and the volume of choices has been problematic, if not highly competitive for interested buyers.
Albany Creek Unit Price Growth
The unit market in Albany Creek has had slower growth compared to the housing market with just 2.65 per cent for the same period. The median unit price is up at $522,500 from $509,000 last year. However, demand is still elevated and competitive with 62 units sold for an average of 21 days on the market.
With more buyers entering the property market in Queensland since the pandemic, interest has shifted to affordable homes than units. Consequently, most units with tenants also prefer to keep or extend their leases, thus affecting unit supply. However, industry experts see the unit market repositioning with the return of international migrants.
Albany Creek Property Market Post-Flooding
Following the February 2022 rain bombs, Moreton Bay Council prepared a flood check property report for existing flood conditions in certain lots and streets in Albany Creek to appease market confidence. However, industry experts believe that the market will stay resilient and will be boosted by the continued arrival of overseas and interstate buyers.
The downturn post-flooding will be short because even some of the locals will be looking into the Albany Creek Property Market for bargains. Insurance payouts for renovation and rebuilding will make more properties attractive to potential buyers.
