While median house price growth usually outpaces unit price growth in this suburb, both sectors performed well in The Gap property market within the 12-month period ending March 2022. In fact, amidst the pandemic-driven property boom, the robust performance has pushed The Gap into the millionaires club for the first time.
The Gap House Price Growth
With a 31.61 per cent median house price growth, The Gap joins other new million-mark suburbs like Virginia in the North and Eight Mile Plains in the South from April 2021 to March 2022.
Once considered an affordable location, The Gap’s new record makes the suburb out of reach for entry-level home buyers as the median house price reached $1,020,000.
Data from Property Market Updates shows that during this period, 284 homes were sold within an average listing period of 17 days, proving that The Gap property market is hot and highly sought after.
This 12-month period has seen the largest increase in Greater Brisbane, with more than 40 suburbs moving into the millionaire’s club. One factor driving up home values may be the increase of new modern homes in neighbouring areas that sparked a ripple effect.
Industry insiders also predict that the growth will continue in the next month as very low-interest rates have driven buyers to pay more for properties. The market will still be competitive with huge demands and incredibly tight stocks.
The Gap Unit Price Growth
The Gap’s unit market has also shown an outstanding median growth at 19.26 percent. The median price for the unit market currently sits at $727,500, up from $610,000 last year. There were 68 properties sold for this period within an average of 34 days on the market.
Since the end of 2021, the price difference between houses and unit prices has been narrowing due in part to the loosening of restrictions. Despite the increase, industry experts say buyers may still be able to score relatively affordable, quality dwellings by doing good research.
The Gap Property Market Post-Flooding
Whilst the majority of The Gap is not a flood-prone area, creeks are running through the suburb that may tend to overflow and impact road access in and out of the suburb.
For a few weeks after the February 2022 floodings, the market noticeably dipped as buyer confidence had been shocked and shaken by the rain bombs in many parts of Brisbane.
However, the market quickly recovered by the end of March 2022 and with The Gap’s low supply and high demand, the projection is that price growth will continue in the months to come.