Hot property: What Qld buyers want in their home

Queensland summers may be hotter than a shearer’s armpit so it is no real surprise that pools and airconditioning top buyer’s wishlists but there is an even hotter issue that is changing the way buyers hunt for property.

The ongoing housing and cost of living crisis is driving a surge in searches linked to multigenerational living and income streams across Australia, with the search terms ‘dual key’ tying with ‘water view’ in Queensland, recording growth of 31 per cent in the past 12 months.

Searches for ‘dual living’, ‘granny flat’ and ‘dual occupancy’ also increased by 23 per cent, 18 per cent and 14 per cent respectively.

61 Elwood Street, Kenmore Hills, ticks a lot of boxes

PropTrack senior economist Eleanor Creagh said people were looking for financial flexibility on the home front.

“It’s no surprise that we have seen this increase at a time when mortgage rates remain at current high levels and the cost-of-living crisis has had an effect on many households,” Ms Creagh said.

PropTrack senior economist Eleanor Creagh Photo: Supplied

The economist added that with the rental market also increasingly challenging, it was probable this reflected a growing sense of opportunism among homebuyers seeking a tenant to help them pay their mortgage.

The latest PropTrack Market Insight report revealed that the rental vacancy rate in Brisbane was down 38 per cent since March 2020 to sit at 1.07 per cent.

It was even worse in regional Queensland, where vacancy rates sit at 0.96 per cent – a staggering 52 per cent below those recorded in March 2020.

This duplex at 2B Gowrie Street, Mundingburra, is listed for offers over $1.25 million

Deakin University associate professor in property Dr Ameeta Jain said that granny flat searches were a sign of rising concerns about affordability, driven by families looking to support ageing grandparents as well as children staying at home until much later in life.

While the shift towards multi-generational living was likely being augmented by affordability, the researcher said it was likely granny flats would not be enough and Aussie homes would have to be reimagined for multi-generational living in the future.

A greater prevalence of dual-occupancy developments with two homes on a traditional house block was a more likely pathway forward, though might come at the expense of the classic Australian dream of a house on a quarter-acre block.

The Demographics Group co-founder Simon Kuestenmacher said searches for granny flats indicated a population that was increasingly stressed about affordability, but warned they were a “bandaid” solution.

“It’s people testing the water,” Mr Kuestenmacher said. “And this is what happens in a desperate market.”

But not everyone looking to buy in Queensland in 2024 was looking for a way to ease cost of living and housing pressures.

Perhaps pointing to the big money flowing out of Sydney and Melbourne into the Sunshine State, searches for ‘tennis court’ were up 30 per cent.

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297-299 Monaco Street, Broadbeach Waters, comes with a Wimbledon price tag

A mansion at Broadbeach Waters comes with a floodlit full-size tennis court/basketball court, but you may need to actually win Wimbledon – eight times – to afford it.

It is listed for an eyewatering $16.75 million.

The remaining search terms with the biggest increase in eyeballs were ‘shed’ (up 14 per cent), ‘development’ (13 per cent) and ‘golf’ (12 per cent).

A massive five-storey house in Port Douglas comes with its own puttng green, and is listed for $6 million.

57 Murphy Street, Port Douglas, has a putting green

For those looking to make a splash, a Sunshine Coast house with an award-winning pool is currently listed for offers over $3 million.

The award-winning pool at 10 Orient Court, Buderim, which is listed for offers over $3 million

Located in Buderim, the gravity-defying shipping container pool was a winner in the annual Poolz awards, taking out the Most Challenging Pool Build category.

Searches for ‘DHA’ or Defence Housing Australia have also surged 24 per cent in the past year, the research showed.

This DHA house in Towmsville is under offer after being listed for $525,000

Just two Australian homes that sold this year ticked every box for all of the nation’s most desirable features.

A federation-style four-bedroom house in park Orchards, Victoria, and an expansive Upper Brookfield home in Queensland, which also came with a separate house for multi-generational living at the rear.

Lot 8/658 Upper Brookfield Rd, Upper Brookfield - for herald sun real estate

Lot 8/658 Upper Brookfield Rd, Upper Brookfield, ticked every box

Spinks & Co founder Rachael Spinks handled the Upper Brookfield listing and said the home had attracted interest from offshore and local renters before selling for $3.4 million.

She noted that the shed was likely what was missing from other homes that otherwise ticked the boxes, with many homes without a larger lifestyle block unable to offer one as well as a pool.

In the new year, Ms Creagh said she was expecting affordability-linked search terms such as granny flats to remain in vogue, despite expectations of an interest-rate cut.

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THE TOP 10 WISH LIST 2024

1. Swimming pool

2. Airconditioning

3. Garage

4. Ensuite

5. Outdoor area

6. Single storey

7. Shed

8. Balcony

9. Dual living

10. Duplex