Amongst Brisbane’s suburbs, Seven Hills has remained under the radar, but this quiet, leafy suburb has been steadily experiencing surprising price growth especially in the entry-level homes market.
Domain reported that Seven Hills has experienced an increase of 7.4 per cent in 12 months for a new median of $870,000. The report said that entry-level homes are in short supply, and buyers—who are mostly young couples or couples with one small child— had to compete for a handful of houses.
Such is the case of a property in Ferguson Road which had 16 written offers at its first open house. Its marketing agent described it as phenomenal given that the property has no garage, yet buyers were not put off. The house sits on a 549-sqm parcel of land and has three bedrooms and one bathroom. Buyers seemed to love it and the fact that it is located close to the city. This cute and charming cottage was sold for an undisclosed price last 24 October,
Another property in D’Arcy Road was said to have been sold for $749,000, which is already considered a bargain. The realistic entry-level price, the report said, is about $700,000 whilst a buyer may get one that is somewhere in the $500,000s or $600,000s, although, that could be a property which is a little less desirable like one that is sitting on a busy road, for example.
CoreLogic and homesales.com.au are also showing quite impressive numbers for Seven Hills. CoreLogic shows the median sale price for houses is at $940,000 with a one-year price change of 10.46 per cent, whilst homesales.com.au reports a three-year houses price growth of 4.74% and 1.88% from May last year with the median house value at $802,873.
So, what makes Seven Hills so desirable for home buyers?
Marketing agents believe that people who live here like that this place is unknown to many. There are no huge commercial precincts nearby which make this quiet suburb a desirable place to live in. The local Seven Hills State School, which boasts of impressive NAPLAN results, has also been attracting many home buyers to Seven Hills.