ACREAGE in the Redlands is in hot demand, with median prices in some suburbs rocketing to more than $1 million in the last year.
This is according to March quarter data from the Real Estate Institute of Queensland, which shows larger lifestyle properties at Thornlands and Capalaba have seen some of the south-east's biggest annual price hikes.
The median price of houses on more than 2400 square metres was up by nearly 15 per cent in Thornlands, taking it from $1 million to $1,147,500.
Meanwhile in Capalaba, median prices rose by more than 12 per cent to $1,090,500.
In both suburbs, buyers are paying about 30 per cent more for larger properties than they were five years ago.
First National Real Estate Cleveland director Ryan McCann said buyers from outside the Redlands often came seeking lifestyle properties.
"We get a lot of buyers from areas like Macgregor and Manly, areas with smaller traditional block sizes that want to enjoy that bigger block," he said.
"Even the half and quarter acre blocks are impossible to find."
A shortage of properties at the height of COVID-19 further increased prices.
"We sold 25 houses in that 42 day period. The problem was in that same time, we only listed 13 homes," Mr McCann said.
For properties smaller than 2400 square metres, it was Macleay Island that saw the biggest price growth.
Louise Denisenko from LJ Hooker Cleveland said the island offered affordable living and a relaxed lifestyle with the median house price being just $240,000.
"House prices have increased on Macleay by 9.09 per cent in the last 12 months with many buyers coming from outside the Redlands," she said.
While, according to March quarter data, the Redlands overall saw a small annual price drop of about 1.5 per cent, median prices were up by 10.5 per cent from five years ago.
Ms Denisenko said the market remained strong despite COVID-19.
"Although we are seeing less properties for sale compared to last year this is resulting in good buyer activity which is encouraging for sellers," she said.
Mr McCann said government grants for home builders and buyers had fuelled a lot of activity in the market.
"It's a sellers' market right now. The concerning part will be come September, when the government switches off the tap on the money that they've been handing out," he said.
"September is normally our selling season, it's the busiest month of the year.
"We'll probably see a mountain of properties come on the market, so that could certainly change the cycle to a buyers' market."
Ms Denisenko said she expected the market drop to be less severe than predictions.
"My advice to sellers is if you are wanting to sell this year, list your property now before spring when more properties will come on the market for sale."
REIQ chief executive Antonia Mercorella said the Brisbane property market was showing underlying strength despite COVID-19 uncertainty.
"Brisbane is likely to be the one of the best performing property markets over the next few years, particularly in light of its stability through trading restrictions and lockdowns," she said.
"Historically, Queensland's property market has shown strong resilience during times of economic turbulence."
