The suburb noone wanted to buy in that’s about to go boom!
News Corp Australia Network
Michelle Pearce and her teenage children, Ryan, 14, and Emily, 16, at the house they have just bought in Caboolture, which has been identified as a suburb set to boom in 2022. Picture: Jamie Hanson.
TWO years ago, Caboolture local and real estate agent Matt Stone had his work cut out trying to sell a home in the suburb.
“It was really tough,” Mr Stone said. “It would take 45 days to get an offer and I’d do six open homes before getting close to selling a place.”
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But in the past year, sales have trebled and prices are up some 30 per cent, with the median price still a very affordable $385,000.
“In the last 12 months, I’ve had multiple offers on every property and the inquiry level would have to be 15 times more,” he said.
“Very rarely did I ever deal with interstate buyers before, but now local buyers are having to compete with a lot of NSW buyers — not necessarily from Sydney, but regional NSW.”
This property at 46 Oneill St, Caboolture, is for sale.
Mr Stone, who grew up in Caboolture and now works for First National Real Estate Moreton, said the suburb used to jokingly be referred to as Gympie because it was considered to be so far from Brisbane’s CBD.
“It’s actually only 51 mins by train to Central Station,” he said. “I’ve never seen the market so strong. Something worth $400,000 last year is now attracting offers over $550,000.
“Interstate buyers are looking for nice, family homes to buy now and put a tenant in until they can move up here.
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“I just sold a three-bedder for $717,000, not on acreage. Two years ago you could have bought in Wavell Heights for $700,000.”
Mr Stone has just sold a house in the suburb offmarket to mother-of-two Michelle Pearce, who considers herself lucky to have been able to get in before prices get much higher.
Ms Pearce and her two teenagers are downsizing from acreage in Elimbah, just north of Caboolture.
“I got the house before it came on the market by making an offer before anyone else could look at it,” Ms Pearce said.
“You really need to get in with the agents. I had sold my other house and didn’t realise how (hot) the market was. Everything I liked was already under offer.”
The four-bedroom house on an average-sized block is walking distance to her children’s school at St Columban’s College.
“For me, the property is the perfect investment because I can bring the kids up here where it’s a nice neighbourhood, but cheaper than the city, and then when it’s just me as an empty nester, I can reevaluate.”