Chermside Property Market Continues Steady Growth for Q3 2021

Chermside property market
Photo Credit: Google Maps

House prices in the Chermside property market continue their upward trajectory, with the median house price increasing by 14.28% for the period covering October 2020 to September 2021. Despite a shortage of stocks and the imbalance between supply and demand, the competition among buyers with urgent demands has been putting much pressure on prices to scale up.


Highlights

  • The property market in Chermside has increased by 14.28 per cent for October 2020 to September 2021.
  • House prices have settled at a median price of $746,250 whilst the median unit price is at $630,000.   
  • In Chermside, the imbalance between demand and supply has contributed to the rise in property prices. 

House Price Growth

For the said 12-month period, Chermside’s property growth is up by 14.28 per cent compared to the same period in 2020 and the median house price has settled at $746,250, up from $653,000 last year, according to Property Market Updates.

From October 2020 to September 2021, market transactions in Chermside have been fast-moving at 61 days with 79 houses sold. More than half of these were three-bedroom homes with an average house price of $718,750. 


Photo Credit:  Property Market Updates

A three-bedroom, one-bathroom house on Henry St sold for the highest price in July 2021. Though largely without any renovations or upgrades, this transaction closed at $2,670,000. The house, with a fully-fenced yard and plenty of storage and a laundry room underneath the house, has not been on the market since 2021 when it sold for just $430,000. 



Unit Price Growth

On the other hand, downsizers and young professionals working in offices and medical hubs in and around Chermside, who are also in the market for dwelling options, have pulled the unit market’s growth up by a modest 3.75 per cent. In the past five years, Chermside’s property market has had impressive growth due to its gentrification as a medical and commercial hub. 

There were over 314 properties apartments sold within an average of 74 days on the market from October 2020 to September 2021. 

Photo Credit:  Property Market Updates

The unit median price is now at $630,000. Two-bedroom units were high on demand with 176 sold for the 12-month period, as opposed to one-bedroom apartments where 23 transactions took 133 days to close on the market. 

About Chermside

Chermside has slowly been gaining a reputation as a mini-CBD with many high-density developments around Westfield Chermside, the largest Westfield shopping complex in the country. The Chermside area also has numerous medical hubs and a major transport corridor in the suburb. 

Photo Credit: Google Maps

Chermside has been attracting investors as well because of increasing job opportunities in and around the suburb. Since this North Brisbane suburb is still within the city fringe, properties are viewed as attractive, yet prices are still more affordable. Amidst the gentrification, there are still plenty of houses with sprawling backyards that drive demand, particularly in the last two years when a trend towards more spacious dwelling options became more popular among buyers stuck at home due to COVID-19.  



“We love its lovely green, tree-lined area that is very convenient to everything. We have great neighbors, there are a lot of established older houses that have been built well back in the 70s when they used hardwoods so they are built to last, not like the rubbish they throw up in 15 weeks these days. Perfect for a renovation or if you’re like us, buy something that has already had the work done. Definitely on the radar for most northside buyers as the surrounds are still close to the CBD/Milton for commuting and homes are still somewhat reasonably priced.”

Quizl

“When my parents bought here twenty plus years ago it was definitely lower socio-economic, many more migrant families, and single parents etc. Now the area is mostly younger white families.”

AussieMakeupFan

“I live in Chermside and find the suburb differs so much depending on where you are, it’s quite interesting. Lots of old houses getting bought and knocked down though.”

Sam