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How your suburb has performed over 25 years

QUEENSLAND suburbs have been left to wither, with property value growth a fraction of that in the inner city where government funding has fuelled regeneration and soaring prices, an industry group has warned the State Government.

An analysis of state funding over the past 25 years by the Suburban Alliance shows that, in 1994, houses in New Farm cost the same average price as those in Macgregor and Eight Mile Plains, but huge urban regeneration projects have helped transform homes in the suburb into some of the most expensive in the state.

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The analysis shows the median house price in New Farm has rocketed 697 per cent, from $204,000 in 1993-94 to $1.625 million last year, while Eight Mile Plains had a 278 per cent rise ($200,000 to $755,000) in the same period.

Macgregor had a 265 per cent increase ($200,000 to $730,500), and Calamvale was up 220 per cent ($203,000 to $650,000).

"Our 25-year study of median house price growth across the SEQ region reveals a high correlation between inner-city areas which have been the focus of ongoing public spending and rising house prices," the alliance says.

"New Farm - which 25 years ago recorded a median house price below many suburban areas - is now the most expensive suburb in Queensland.

 

"Conversely, suburban areas of southeast Queensland have received the least investment of any region ... in absolute and per capita terms.

"We are witnessing a wealth transfer from working and middle-class suburban taxpayers to economically privileged inner-city residents on a significant scale."

The Suburban Alliance said it was time to swing funding back to the suburbs, where more people lived and, amid the coronavirus pandemic, work.

Spending money on the suburbs would fuel local jobs, cut commute times and cost far less than putting infrastructure in the cramped and expensive inner ring, the alliance argued.

A Treasury spokesman said comparing spending on an annual basis could be misleading, as major infrastructure projects such as transport, health, energy and water and education facilities tended to cross multiple financial years and often benefited multiple regions.

Originally published as How your suburb has performed over 25 years


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