YOU don’t have to be a millionaire to be top dog in your neighbourhood, with latest figures showing only five Queensland councils where owning a $1m-plus home is compulsory to be elite.
In fact in some council regions like Bulloo, all you need is a spend of $102,829 on a house, and you are the elite.
In Queensland, the highest 98th percentile house value was at Noosa on the Sunshine Coast, where you need to have bought a home for $1.87million or more to be the cream of the crop, according to CoreLogic data.
In Brisbane council region the figure was much less at $1.52m while the Gold Coast was $1.33m and Sunshine Coast was $1.06m.
But the real surprise was Redland council region where you have to spend about a million to be among the elite top 2 per cent of homes in the area, with the minimum spend required at $1.079m, about $20,0000 more than the Sunshine Coast.
CoreLogic research headTim Lawless said that what stood out the most was the affordability within Queensland’s richlist areas.
“Brisbane has a significantly more affordable entry point to the ultra-high end of the housing market compared with Sydney and Melbourne,” he said.
He said while Sydney’s median house value was 67 per cent higher than Brisbane’s, at the top end of the housing market the value difference was 148 per cent.
Melbourne’s median was 35 per cent higher than Brisbane, he said, while among the top 2 per cent of homes, its value was 95 per cent higher.
“Brisbane hasn’t seen the same level of value appreciation in housing values that has been evident in Sydney and Melbourne over the past decade,” Mr Lawless said.
The factors helping keep Brisbane affordable were weaker economic conditions in SEQ compared to the other two big capitals, and not having as high a global profile or iconic locations.
That was not likely to change over the next few years, he said.
“To see the 98th percentile rise above $2m implies growth of 55 per cent. Brisbane may get there eventually, but not over the next few years.”
A 98th percentile house would set you back at least $3.21m in Sydney ($2.3m above the median) and $2.53m in Melbourne ($1.8m above its median), according to CoreLogic.
If you paid this much for your house in these areas, you are top dog there:
Cassowary Coast $482,986
Central Highlands $405,143
Charters Towers $419,131
Fraser Coast $528,902
Gold Coast $1,333,354
Hope Vale $554,932
Lockyer Valley $520,059
Moreton Bay $889,483
Mount Isa $333,116
North Burnett $288,866
Scenic Rim $808,953
South Burnett $351,457
Southern Downs $500,081
Sunshine Coast $1,062,828
Western Downs $398,943