Buderim is QLD’s Wealthiest Suburb !

Queensland’s wealthiest suburbs have been revealed, with hundreds of thousands of mortgage-free homeowners sitting on gold mines in some surprise locations.

The analysis by SuburbTrends, derived from Census and current market data, found Buderim on the Sunshine Coast tops the list with more than 4,400 homes owned outright, with an estimated unencumbered property wealth of $4.8bn.

The results also reveal a striking concentration of wealth in the Gold Coast suburbs of Robina, Surfers Paradise, Broadbeach, Ormeau, Burleigh, Coolangatta and Southport.

In Brisbane, Carindale has the largest number of homes owned outright and estimated property wealth of $3.8bn, followed by Kenmore, Brookfield, and Mount Gravatt.

SuburbTrends founder Kent Lardner said the data underscored the immense potential wealth in Queensland’s property market.

“As the property market evolves, these areas are set to remain bastions of wealth, heritage, and financial security for generations to come.”
Mr Lardner said Buderim was a standout, with around 4,483 properties owned outright and a rapidly rising median house price of $1.2m.

“It will remain one of Australia’s standout suburbs for decades when it comes to property wealth,” he said.

The Gold Coast features eight out of the top 10 suburbs in Queensland, making it the standout region for unencumbered property wealth.

“Considering the level of demand from southern buyers and ongoing price growth, the Gold Coast is likely to push past many Sydney and Melbourne suburbs in the coming years,” he said.

Gold Coast real estate agent Ben Ada, of Amir Prestige, said rapid growth in once-affordable neighbourhoods since the pandemic had turned many families into asset-rich homeowners.

“We’ve seen a huge spike in migration to the Gold Coast, with a lot of interstate buyers flocking here, and that has been a big factor in pushing up prices,” Mr Ada said.

“The coastal suburbs like Surfers Paradise, Broadbeach, and Burleigh have been very popular as a lifestyle choice for people wanting to be near the beach, but on the other hand, areas such as Robina and Southport, which are close to the hospitals, have also been performing very well.”

Mr Ada said older homeowners were increasingly helping the next generation to purchase property, either by gifting a deposit from equity in their family home, or by acting as a guarantor.

“Parents are putting their hands in their pockets now to help their children enter the market, given how property prices have skyrocketed over the last few years,” he said.

Mr Lardner said intergenerational wealth transfer via property was crucial to help younger generations in gaining financial stability and enter “a very tough housing market”.

“Grandchildren, currently locked out of the housing market, stand to benefit most from future wealth transfers,” he said.

Ideally, the third generation would gain a foothold in the housing market in the coming years through this transfer, however, given the mismatch between new supply and high population growth rates, the reality may be an even wider wealth gap — depending on your family’s postcode.

“It’s vital to acknowledge those without access to this wealth, highlighting the need for ongoing broader economic and housing reforms, including social housing.”