Value of units in Mansfield, Brisbane - I don't think so...

I know that the south eastern suburbs of Brisbane have been doing well, but did I miss something? Almost $3 million as the median price for a 2-bed unit in Mansfield….

 

That can't be right. I wish it was though, I have a house in Mansfield...

 

If anyone keen, I am happy to sell them a house in mansfield for 2 bed unit price of $3 million

 

Nah!

 

I just came back from a holiday there. A decent house is going for around $800,000. Lots of auction and sold signs everywhere. Couldn't see any for sale signs. Tradies working on properties I saw for sale a year ago...Thought it was cute the local shops have a coffee shop. Bakery wasn't bad.

 

It is an interesting market and there's now a bit of frenzy happening out there as well with plenty of people complaining about being priced out overnight etc. etc..

If CBA property app valuations are to be believed, my recent purchase in the area is up $30k in value within weeks of settlement so I am not complaining. Would it grow like Sydney property prices? I am not so sure but it's a decent diversification buy.

If you are looking to buy in the area, start by ignoring RE site listings. Most houses have already been sold but agents will keep the listings for months to capture leads. A decent house will get sold on first open so make sure every agent in the area knows that you are a serious buyer with ready finance. There are large price variations for property values depending upon the catchments, house type, flood zoning etc. etc. and you need to pay very good attention to these little things. Most house stock is 30-40 years old so make sure to get a structural engineer report if you end up buying there.

 

it definately isnt a true reflection.
houses in mansfield are averaging about 630k or so.
Like with a lot of brisbane suburbs, increasing supply has suppressed (potentially runaway) growth; Mansfield like its neighbors also has demand well in excess of supply, and that will see prices only go up. As this supply gets absorbed ( and assuming demand stays the same), expect a much more rapid acceleration of price.

 

Mansfield been driven a lot by the high school catchment - Top Public High Schools in Brisbane - 2016

 

It has.. But not that high.
As I mentioned above, there is a bit of supply there and surrounding areas, which have capped growth a bit. Since demand is strong, this supply will dwindle and you will then see stronger cg. Suburbs like Mansfield and surrounds are buy n hold Territory. in 5-7 years time, these areas will make a fair chunk of Sydney and Mel look like chumps.

 

What borders Mansfield? Mount Gravatt East. Just saying. Still cheaper and closer to town.