How to enter the Queensland property market’s top two per cent

Buyers, Industry News, Property Market, Sales, Sellers,  Buyers and sellers,  Salespeople

The state of Australia’s wealth inequality has been widely reported on over the years, with current research suggesting that the nation’s richest 1 per cent own more wealth than the bottom 70 per cent combined. A gap that continues to widen.

Landing in the top percentile in terms of overall wealth is an unattainable dream for most – but what does it take to own a property in the top 2 per cent of the Australian market?

The answer, according to the latest data from CoreLogic, is to own a home worth $2.16 million, a value more than $1.6 million above the national median.

For Queenslanders though, joining the ‘top two per cent’ club is a little easier, with homeowners entering the 98th percentile if they own a house worth $1.3 million, or a unit worth $864, 015.

Houses: 98th percentile v median

Source: CoreLogic

The national figure is skewed higher by Sydney and Melbourne, where entry into the top two per cent starts at $3.2 million and $2.5 million respectively.

Units: 98th percentile v median

Source: CoreLogic

“This data is an interesting insight into the distribution of house values around the median,” says REIQ General Manager, Josh Callaghan.

“At a national level we can see the impact that the Sydney property market has in lifting the average price point, however in Queensland, being in the top 2 per cent is a little more achievable.

“In fact, consumers can be in the top 2 per cent in Queensland for almost $2 million cheaper than in Sydney.

“Add to this the lifestyle and weather advantages, plus the quality of some of our premium stock and it’s no wonder southerners are moving into our state in droves.”

But capital cities only tell part of the story. Look a little further and the demand for the Queensland lifestyle becomes clear.

The 98th percentile for regional Queensland sits at $1.049 million, well above regional Victoria and on par with regional New South Wales, which sit at $900,000 and $1.5 million respectively.

“The demand for the Queensland lifestyle is particularly evident when looking at prices outside of the southeast,” says Mr Callaghan.

“In fact, the top spot in Queensland is 20 hours north of Brisbane in Port Douglas, where being in the top 2 per cent will set you back over $9.4 million.”

In the southeast, the highest 98th percentile entry point can be found at Noosa on the Sunshine Coast, tracking at $1.87million in September.

Brisbane follows, with its entry point sitting at $1.52million, followed by the Gold Coast at $1.33 million, and Redland at $1.08 million.

Across the council regions, price entry into the top two per cent of the market varies, with Logan sitting at $783,613, while in Ipswich, your property will make the cut for less than $600,000.