/2018 a stellar year for growth at Chapel Hill

2018 a stellar year for growth at Chapel Hill

The house at 99 Burbong St, Chapel Hill, sold for $1,020,000 this year.

A record low interest rate teamed with increasingly popular school catchments has seen a boost to the median house sale price of Chapel Hill.

McGrath Paddington agent Reuben Packer-Hill believed inner-city buyers, who would traditionally consider suburbs like Indooroopilly, had moved out a little further to get more bang for their buck.

“As the market has improved over recent years, we have seen more inner-city buyers step out from the likes of Toowong or Indooroopilly to find better value for money,” Mr Packer-Hill said.

McGrath Paddington agent Reuben Packer-Hill has seen strong growth in Chapel Hill.

According to CoreLogic data, the suburb median house sale price for Chapel Hill was $832,500 — a 6.4 per cent rise in the 12 months to September and a massive 37 per cent in the past five years.

At the same time last year, Toowoong and Indooroopilly both had a median of $850,000, while Chapel Hill had a median of $782,500, making it far more affordable.

However, while Indooroopilly’s median continued to rise to $865,000 this year, Toowong had, in fact, fallen below that of Chapel Hill, now sitting at $797,500.

QLD_CM_NEWS_UKULELETEACHER_5OCT15

Popular schools, such as Chapel Hill State School, are driving growth in the suburb.

Mr Packer-Hill said school catchments and recent upgrades in infrastructure had also contributed in the suburb’s rise in popularity.

“The incredible schooling options in the area continues to be one of the key criteria for most of our buyers, trying to secure placement in either Chapel Hill State School, Indooroopilly State School and Kenmore Primary or High Schools,” the agent said.

“The rezoning of Indooroopilly, opening of Legacy Way and redevelopment of local retail precincts have also had a positive impact on prices over the years.”

Mr Packer-Hill said having more buyers than product available was boosting prices, and he expected this growth to continue into 2019.

“It is important that I add context by explaining, this growth has been manageable and more importantly, sustainable.

“I believe Chapel Hill still remains relatively undervalued compared to some surrounding suburbs, and that there are key fundamentals for further price growth in the medium-long term.

“The first half of 2019 may be a little slower than expected, with school holidays, federal election and completion of the Banking Royal Commission (but) we have very strong fundamentals for continued price growth.”