Ascot has landed at the top of Queensland’s worst-mortgaged suburbs, with residents shouldering the heaviest mortgage debt in the state.
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According to Digital Finance Analytics, the blue-chip suburb has emerged as the state’s mortgage heavyweight, with residents carrying an average home loan of $1.38 million. This figure comes as little surprise, given the suburb’s median property price of $2.725 million, which has surged 17.7 percent in the past year alone.
The analysis shows that even by national standards, Ascot’s mortgage debt stands out.
While New South Wales homeowners carry an average mortgage of $523,905 and Victorians shoulder $342,081, Ascot’s figures are nearly triple these amounts, highlighting its position as one of Australia’s most prestigious suburbs.
More Than Just Numbers
While the price of entry to this prestigious northside enclave might make some eyes water, its magnificent heritage homes and grand tree-lined boulevards continue to draw Brisbane’s most discerning buyers. “It is ‘old Brisbane’,” explained one long-term resident. “I say that because it’s ‘old money’ that owns the homes in this area and some of the properties are in second generation. The houses are magnificent and the blocks quite large which is always desirable.”
The suburb’s allure extends beyond its grand homes and prestigious reputation. Regular race meetings at Eagle Farm and Doomben racecourses add a dash of excitement to the neighbourhood’s genteel character, while excellent transport connections – including two train stations – keep residents well-connected to the city.
“I love it here,” shares another local. “They have the horse racing once or twice a month… good restaurants, shops, parks, walkways, perfect location. There’s two train stations, Ascot and Doomben, and buses are easily accessible.”
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Despite the eye-watering mortgages, Ascot’s blend of heritage charm, modern amenities, and blue-chip investment potential continues to attract Brisbane’s most discerning homebuyers. As property values climb, this prestigious pocket of Brisbane’s northside stands as a testament to the enduring appeal of traditional luxury living.
Published 15-November-2024