Ascot continues to consistently lord it over Brisbane’s prestige property markets as buyers flex their muscles, capping a 31.52 percent median house price growth in the 12-month period ending June 2021.
From July 2020 to June 2021, Ascot’s median house price is at the tip of the $2-million mark at $1,900,500, blowing expectations out of the water.
Per figures from Property Market Updates, the pandemic hasn’t spooked serious buyers as 131 properties were sold during this period, with listings staying just under three months on the market.
Heritage protection for mid-1800 Queenslander homes set in large blocks of land has ensured that Ascot has some of the most interesting and historically valuable homes in Brisbane.
In the last five years, the median house price has increased by 51.4%. The median house price in Ascot for the period July 2015 to June 2016 was $1.255 million. Over the last 10 years, house prices have increased by 7.6% per annum.
Homes in Ascot are tightly held and opportunities to buy into the area usually disappear fast, factors which add to its appeal to interstate and international buyers, as well as local investors looking for a blue-chip deal.
Unit Price Growth
Whilst Ascot’s housing market has exceeded performance, the unit market has been largely flat, with the median even dipping by 0.47%, slightly dropping to $525,000 over the last 12-month period ending June 2021 from $527,500 in the previous period.
In the last five years, the median price of units has decreased by 1.3%. The median unit price in Ascot in 2016 was $531,850. On average, over the last 10 years, unit prices have seen modest growth, increasing by only 2.8% per annum.
The value gap has highlighted the significant difference between investing in a house and a unit in Ascot, and Brisbane as a whole. Unit sales volume in Ascot is at 167 properties sold suggests that there’s still demand from unit hunters seeking opportunities to buy into the suburb, even with conservative returns.
The Ascot Green residential precinct, with apartments overlooking the Eagle Farm racecourse, has been a sought-after choice for buyers looking for prestige units. A third apartment block is on the way, with the first two having quickly sold out.
About Ascot
Due to its location midway between the Brisbane CBD and the Brisbane airport, Ascot is a convenient and popular choice for buyers looking for a quiet, wealthy neighbourhood in a prime location that’s accessible to travel, shopping, and other lifestyle amenities.
Activities at the Eagle Farm Racecourse, the Royal Queensland Golf Club, and the Portside Wharf make for a lively social scene among the suburb’s residents and those residing in nearby Hamilton.
Ascot is also home to excellent private and public schools, such as St Margaret’s Anglican Girls School and Ascot State School. Residents also have easy access to highly regarded private schools in neighbouring Clayfield, such as Clayfield College and St Agatha’s Catholic Primary School.
Although there have been some concerns regarding aircraft noise with the opening of the new runways at Brisbane Airport, the latest median figures suggest that the opening of Brisbane’s second airport runway has had little impact on Ascot’s property values.
Residents in high-end suburbs like Ascot, Bulimba, and Hawthorne have complained about their diminished quality of life due to the second runway’s increased flights but so far, this hasn’t turned off buyer activity.
Overall, Ascot’s rising property market remains on-trend and consistent. A Domain Liveable Brisbane study from 2019 has ranked Ascot as the third most liveable suburb in Greater Brisbane, with its air of quiet wealth, cafe culture, prestigious schools, recreational spaces, and unbeatable access to trains, ferry lines, and the airport.