Brisbane’s housing market has shown steady growth amidst the pandemic lockdowns with areas in the southwest consistently showing resilience. The median house price of properties in Forest Lake, for example, has exhibited a 13.05-percent growth in the 12-month period ending June 2021, making it a likely candidate to be one of Brisbane’s $500-k suburbs soon, if the trend continues.
During this 12-month period, the median house price for Forest Lake is $485,000, up from $429,000 from July 2019 to June 2020, per Property Market Updates. House listings in this suburb stayed on the market for an average of 43 days.
Some 456 houses were sold in Forest Lake during this period, amidst reports that over 30,000 interstate residents moved to the Sunshine State overall in 2020. The race for space has families and investors making a shift to homes with tree-lined streets, seascapes, or coastal and lake views as the trend towards remote working could remain the norm for many companies years after the pandemic.
Unit Growth
Forest Lake’s median unit price took a three-percent dive from July 2020 to June 2021 with only 20 properties sold.
Since the suburb’s master plan from the 1990s has mainly consisted of a series of villages with spread-out houses, apartment living has mostly focused on retirement villages or unit residential dwellings for downsizers and retirees who prefer to live in a quiet neighbourhood without any traffic
About Forest Lake
According to the 2016 census data from the Australian Bureau of Statistics, Forest Lake has a total population of 22,896 with 2.9 people per household, primarily professionally employed couples with children. Residents are predominantly in the 40-49 years age group.
Homebuyers have been flocking to Forest Lake because of its abundance of large homes with backyards, good schools with sporting facilities such as St John’s Anglican College, a 10.9-hectare man-made lake with heaps of recreational spaces for biking, walking, and playing.