The property market in Chermside has been riding the Brisbane boom in recent months, performing even better from July 2020 to June 2021, with the median house price showing a double-digit rate increase for the period.
Despite previous undersupply, 94 houses sold in Chermside within a 12-month period, triggering a 12.90 percent growth in the median house price, now up to $725,000, per data from Property Market Updates. Two years ago, Chermside’s median house price was $590,000.
In May 2021, a five-bedroom modern family home on Mylne Street, built on a corner block with stunning kitchen space, relaxing outdoor area, and an inground pool, became the year’s highest-selling Chermside property for $1,240,000. Located at the border of Chermside-Wavell Heights, the house is close to an eclectic mix of local cafes, parks, and schools from prep to secondary levels. It’s also a short walk to Westfield Chermside and the bus interchange.
- Chermside’s property market has been catching up with the rest of Brisbane, with the median house price up by 12.90 percent from July 2020 to June 2021 versus the previous period.
- The current median house price is now at $725,000, compared to $590,000 in 2019.
- Unit price growth is a modest 3.74 percent, with 290 properties sold within the same 12-month period.
Unit Price Growth
Even though Chermside’s unit property choices are smaller compared to other markets, 290 units were sold from July 2020 to June 2021. The market saw a lot of downsizers look towards unit properties as they transition to lower-maintenance dwellings.
As of June 2021, the average median price of units in Chermside is $415,000, a 3.75 percent increase from last year.
Chermside’s growth in the past five years has created a ripple effect on Chermside West, which has been projected to grow in 2021 following increasing gentrification.
Chermside West is now at its prime as the market heats up in Brisbane, despite the economic impact of COVID-19. The median price of a Chermside West house is $680,000 as of 30 Aug 2021.
Apart from its proximity to Chermside, the suburb has two hospitals providing local employment, along with the popular Craigslea State School. Recent improvements in Westfield have also provided accessibility and convenience without the busyness of a city hub.