Narangba

Property Profile

The Moreton Bay region has ranked as the busiest market in Greater Brisbane for some time and, in terms of the number of suburbs with rising sales activity, one of the leading LGAs in the nation.

The key attractions of the Moreton Bay property market are affordable prices, rail links, a new university campus and a bayside lifestyle for some precincts.

Most of the region’s suburbs have median house prices below $500,000, with several in the $300,000s, and this is one of the key drawcards for buyers of all types.

With land being rezoned for higher density development as well house-and-land packages, especially along transport corridors, the region is attracting interstate migration and population growth.

The population in the Caboolture precinct, which includes Caboolture, Deception Bay, Burpengary, Morayfield and Narangba, is expected to increase by 24,000 between 2016 and 2021.

In support of this growth, it’s estimated that 13,500 new dwellings will be needed. By 2041, Moreton Bay Regional Council (MBRC) forecasts the region will need an additional 88,000 dwellings.

Houses priced in the $300,000s or low $400,000s are readily available in most suburbs, the cheapest option being Caboolture South where the median price is $295,000.

Vacancy Rates

Vacancy rates are generally low, with most postcodes currently below 3.0% – and some are under 2%.

Those suburbs where new land estates are being developed have been higher in the last 2–3 years. This includes Burpengary and Narangba, though Narangba is now below 3.0%. Burpengary is 3.3%.

This means that the region generally presents an attractive package for investors: affordable prices, low vacancies and above-average rental yields.

The steady uplift in buyer activity suggests that the modest growth in median prices seen in several suburbs is likely to spread throughout this region.

Future Prospects

The Moreton Bay Region is one of the fastest- growing urban areas in Australia.

With 3,800ha of vacant land suitable for residential and commercial projects, the region is expected to grow 40% over the next 20 years.

During this time, the suburbs of Kallangur, Murrumba Downs, Mango Hill, Rothwell, Kippa-Ring and Petrie are forecast to grow by 40,000 residents and 19,000 jobs.

The Morton Bay Regional Council (MBRC) has spent $980 million on community and transport infrastructure over the past six years and more serious infrastructure is predicted.

The Government has named Caboolture-Morayfield as a Principal Regional Activity Centre in the South East Queensland Regional Plan 2009-2031.

The $100 million Morayfield Health Hub which offers a range of medical facilities is an example of the new infrastructure while the Capestone master-planned community at Mango Hill is under development. It is now home to around 6,000 residents creating demand for the Capestone Shopping Centre which has recently opened.

Access to the Port of Brisbane and Brisbane Airport has been improved with the $1.1 billion Gateway Upgrade North project now complete.
This will improve road access for Moreton Bay Region residents who work in these precincts, which collectively comprise the largest jobs node in the Greater Brisbane Area.