Forest Lake Property Market Delivers 20% Price Growth

Forest Lake Property Market
Photo Credit: Google Maps

The property market in Forest Lake has outperformed itself, with a 20% growth that has taken the median house price above the half-million-dollar mark for the period October 2020 to September 2021.


Highlights

  • Forest Lake continues its upward trend with the property market rising to 20.05 per cent for October 2020 to September 2021.
  • Despite being short on supply since Forest Lake has mostly detached dwelling options,  the suburb’s unit market has risen to 6.73 per cent.
  • This suburb’s median house price is now at $515,000 and the median unit price is at $293,500.

House Price Growth

Figures from Property Market Updates reflect a high demand for Forest Lake properties, as it experiences a 20.05 per cent growth from last year, with the median house price now sitting at $515,000. 

From October 2020 to September 2021, 459 properties were sold for an average of 29 days on market, proving that the property boom in this southern suburb has continued post-pandemic. 

Whilst the boom is good news for sellers and investors, industry experts believe that the rising trend will be sustained well into the next year. Thus, buyers are no longer sitting on the sidelines to wait for the cooling period. 



Photo Credit: Property Market Updates

Most buyers looking at Forest Lake go for four-bedroom properties, although three-bedroom homes are also selling fast.

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About 92 per cent of dwelling options in this suburb are detached houses with nearly half on the mortgage, which has been one of the main drivers of the rumbling market with the current low-interest rates. 

Unit Price Growth 

While first-home buyers are struggling to compete in other markets with million-dollar price ranges, they could easily get on the property market with much less budget. The median unit price in Forest Lake is currently at $293,500 for the period October 2020 to September 2021. 

Photo Credit: Property Market Updates

During this 12-month period, 20 units had new owners following 52 days on market. Most of these have been three-bedroom homes, an ideal size for a growing family. The growth has been notable since unit stocks are low on supply in Forest Lake and apartment values in Brisbane generally do not enjoy the same rise in values as detached houses. 

About Forest Lake

Established in the early 1990s, Forest Lake was developed and master-planned with families in mind and that has remained the same in the last 30 years. To the centre of the suburb is the parkland and lake from which Forest Lake was named. 

Covering 10-hectares of natural space, the Forest Lake parkland offers residents plenty of things to do. With its careful layout as a leafy and relaxed community, this beautiful suburb has plenty of bike and walking tracks, playgrounds, and sports fields for adults and kids to enjoy. 

Photo Credit: Google Maps

The suburb also offers comprehensive school options for both primary and secondary education. Public transport access for trips to the city and neighbouring suburbs is fairly regular and residents could easily get everything they need at the Forest Lake Shopping Village.  



“We have lived in Forest Lake for 5 years now and we adore it! We were inner city Dinks when we moved here almost 6 years ago, and had only lived in West End Wooloongabba and East Brisbane. Needless to say it was a change of pace! The first few nights we were shocked at how early everyone seemed to go to bed! We joked it was “lights out at 9:30 in Forest Lake!”. It’s very safe, very quiet, leafy, clean and so very very pretty!”

Vanessa Soma

“Forest Lake is a great place for kids with all the parks and families of all ages in the area. The neighbors on my street are all well educated, friendly professional types, and maintain their properties immaculately unlike other suburbs in Brisbane. Lots of community events like BBQs and kids parties as well which is fun for the family. Many of my family members are cops and they say the southwest of Brisbane has dramatically improved over the last year as patrols have increased and more first time home buyers are moving in.”

Jana 15

“I purchased in this suburb in late 2019. I was a bit worried at first, being 30 minutes with no traffic from the CBD and not in one of the so called “blue chip suburbs” that are shilled so much by “property experts”. The truth is, this suburb is great for young families that want to own their own property and have great outdoor recreation activities around and plenty of schools to choose from.”

Brendon