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Brisbane’s 20 most expensive suburbs

Brisbane’s 20 most expensive suburbs
Inner-city stunner New Farm is once again the most expensive suburb in Brisbane, with a median house price of $1,462,500.

New data from Domain shows the top 20 most expensive suburbs based on their median house price. Despite Brisbane’s largely flat property market, there are still select suburbs where buyers are prepared to pay big bucks for the right luxury house.

New Farm again tops the list at $1,462,500, followed by the north-east riverfront suburb of Bulimba with a median price of $1,305,500.

Family-favourite Auchenflower in Brisbane’s west took the third spot with a median house price of $1.275 million.

The western suburbs continued to dominate the top 20 as Chelmer and St Lucia took the next two spots, with median house prices of $1,209,500 and $1,162,500 respectively.

Brisbane’s 20 most expensive suburbs 1

Other top performers included Fig Tree Pocket (median price $1.12 million), the perennially popular Paddington (median price $1.115 million), and outer-western hideaway Brookfield (median price $1.085 million).

Despite topping the list, the result for New Farm actually represents a 13 per cent decrease in median house price. Its median house price was $1.7 million last year, compared to $1,462,500 this year.

Matt Lancashire, principal at Ray White New Farm, says the slight dip comes down to a lack of stock.

“I just think people haven’t sold. People have held,” he said. “Stock is really tight through our area, and people come in and they underestimate it.

“It’s always been the first market to heat up, and the last to cool off. [For] a lot of people, the first market they look at when they come from down south is New Farm, Newmarket, Tennerrife. But what they work out pretty quickly that there’s not a great deal available for sale.”

Brisbane’s 20 most expensive suburbs 2

However, Mr Lancashire is quick to note that this lack of stock speaks to the quality of life in the area, thanks to the countless amenities and close proximity to the CBD.

“Once you move to New Farm, it’s a really hard area to leave,” he said. “You’ve got cafes, restaurants, shops, boutiques, everything that you need and you literally do not need your car.”

One of the other big success stories in this year’s results was western suburb Auchenflower, which jumped from 12th place with a median house price of $1.11 million up to third place at $1.275 million. The result is an 11.4 per cent increase year-on-year, and a staggering 57.4 per cent increase over five years.

This leafy suburb plays host to the Wesley hospital, the historic Milton State School, and a recently constructed park. Place West principal Andrew Degn says it’s this wide variety of amenities that makes the suburb such a tantalising choice for buyers.

“Five or six years ago they finally finished gentrification of the old Milton tennis centre and turned it into a park called Frew Park, which is adjacent to [Milton State School], and the playground, and that goes through to the Rosalie village,” he said.

“Basically within a very short walking distance, and a flat walk, you’ve got all those amenities. Auchenflower’s population has grown because of that. Milton State School has actually grown in size for more accommodation for kids and families.”

Brisbane’s 20 most expensive suburbs 3

Mr Degn said the suburb features many character-protected colonial homes, with an entry-level house going for anywhere between $850,000 to $900,000. Moving up the ladder, the blocks get larger, often larger than those found in inner-city suburbs like Paddington and Red Hill.

The people buying in the area are mostly owner-occupiers and are often attracted to these houses as they represent the opportunity to renovate, add value, and create a safe tax-free investment.

Top 20 most expensive suburbs

1. New Farm – $1,462,500

2. Bulimba – $1,305,500

3. Auchenflower – $1,275,000

4. Chelmer – $1,209,500

5. St Lucia – $1,162,500

6. Fig Tree Pocket – $1,120,000

7. Paddington – $1,115,500

8. Brookfield – $1,085,000

9. Clayfield – $1,047,500

10. Balmoral – $1,025,000

11. Hawthorne – $1,015,000

12. Rochedale – $1,009,444

13. Hendra – $1,007,000

14. Ashgrove – $970,000

15. West End – $945,000

16. Bardon – $935,000

17. Indooroopilly – $925,000

18. Graceville – $912,000

19. Grange – $910,000

20. Camp Hill – $905,000

 

 

 

Source: www.domain.com.au

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Brisbane

The Brisbane suburbs where house prices are higher than last year

The Brisbane suburbs where house prices are higher than last year

The historic suburb of Windsor in Brisbane’s north has seen the biggest growth in median house prices in the last year, with a 17.2 per cent increase year-on-year.

New figures from Domain have revealed the top 10 suburbs whose median house price has risen the most year-on-year. Despite a largely flat market, there are still plenty of suburbs where prices are surging.

Windsor had the highest increase in median house price at 17.2 per cent year-on-year, followed in second place by the leafy inner-western suburb of Auchenflower which saw a 11.4 per cent increase.

Other suburbs in the top 10 include Queenslander paradise Newmarket (10.9 per cent increase), the massive blocks at Bridgeman Downs (9.8 per cent increase), and the outer-western suburb of Heathwood (8.3 per cent increase).

Ray White Wilston principal Allistair Macmillan said the massive increases in price at top performer Windsor were likely due to the suburb not always getting the recognition it deserved.

“For a long time Windsor has been slightly undervalued,” he said. “It’s so close to Wilston and Grange. [They’ve] always been supremely popular with families, I think Windsor was dragging the chain a little bit with those values.

“When you look at values in Windsor, they can vary quite a large degree depending on whereabouts in Windsor they are positioned. What we’ve found is that now the difference between the two sides of Gympie Road is nowhere near as prevalent as it once was.

“Of late, people have really come and been able to see the value Windsor does offer.”

Mr Macmillan said other contributing factors include the recent multimillion-dollar redevelopment of the Albion public transport exchange. Buyers on the eastern side of the suburb in particular have expressed interest in the plan.

The Brisbane suburbs where house prices are higher than last year 1

The vast majority of buyers in the area are younger families who are looking to be in the Windsor State School catchment area, and are attracted to the many local parks, bikeways, and public transport options.

“Stock is incredibly tight,” Mr Macmillan said. “Generally speaking if you look at the volume of properties, there’s not a lot that are for sale in Windsor. It’s still a very tightly held suburb.”

Elsewhere, the northern suburb of Northgate also fared very well, with a median house price increase of 8.9 per cent year-on-year. Local agent Dwight Colbert at Ray White Aspley said the location and amenities were the big drawcards.

“[We’ve seen] popularity due to the proximity to the Brisbane CBD, Brisbane Airport, and also an array of public transport,” he said. “You are on the Northgate train line, which is the main one on the north side, and the hub.

“You’re between Nundah Village, you’ve got Banyo Village, you’ve got good access to the Gateway [Motorway], Toombul Road, Sandgate Road, Gympie Road. It’s quite a desirable locality to get in and out of everywhere.”

Mr Colbert said the area was traditionally seen as a haven for older buyers, but in recent years many young couples and professionals had taken the plunge.

The Brisbane suburbs where house prices are higher than last year

“There is a lot of property development going on in Northgate as well,” he said. “So a lot of the older, bigger blocks are being subdivided. Which is also certainly going to help with the average house price.”

West Brisbane family-favourite Auchenflower pulled out a particularly impressive result, posting a 11.4 per cent increase in median house price year-on-year. This makes it the third-most expensive suburb in the city, up from 12th last year.

Place West principal Andrew Degn credits the suburb’s massive gains to the recent completion of major infrastructure in the area.

“Five or six years ago they finally finished gentrification of the old Milton tennis centre and turned it into a park called Frew Park, which is adjacent to [Milton State School], and the playground, and that goes through to the Rosalie village,” he said.

Auchenflower also features the Wesley Hospital, the recently upgraded Milton State School, and various inbound and outbound public transport options. Mr Degn was so passionate about the area he decided to buy and live there himself.

“Real estate people are supposed to know good real estate, and I live in Auchenflower,” he said with a laugh. “So there you go, I’m personally responsible for pushing the price up.”

Top 10 suburbs with the largest house price increase since last year

1. Windsor – 17.2%
2. Auchenflower – 11.4%
3. Newmarket – 10.9%
4. Yamanto – 9.9%
5. Northgate – 8.9%
6. Heathwood – 8.3%
7. Brassall – 8.1%
8. Toowong – 7.6%
9. St. Lucia – 7.4%
10. Hendra – 7.1%
11. Karana Downs – 7.1%
12. Indooroopilly – 6.9%

 

 

Source: www.domain.com.au

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Brisbane

Five Australian Cities Make World’s Top 30 Luxury Residential Markets

Five Australian Cities Make World’s Top 30 Luxury Residential Markets

Australia’s ultra-luxury residential market, largely unaffected by the impact of recent lending restrictions, has continued to record positive growth in the prestige sector of the market.

Sydney, Melbourne, Brisbane, the Gold Coast and Perth make up the five Australian cities which rank in the world’s top 30 cities for luxury residential price growth.

The major east coast cities of Sydney, Melbourne, Brisbane and the Gold Coast have now recorded 25 quarters, or more, of positive annual growth for luxury property, according to Knight Frank’s Prime Global Cities Index for the third quarter 2019.

Defined as the most desirable and expensive property in a given location, prime property is generally the top 5 per cent of each market, by value.

Sydney ranks 17th in the global rankings, with 2.6 per cent annual growth, Melbourne at 21st spot recording 2 per cent growth.

Brisbane followed closely ranking 22nd with 2 per cent growth, the Gold Coast which was included in the Index for the first time earlier this year moved up the rankings to 26 with a 1.3 per cent increase, and Perth ranked at 30th recording a 0.7 per cent rise.

Knight Frank’s Prime Global Cities Index

City12-Month Change (Q3 2018 -Q3 2019)
1. Moscow11.1%
2. Frankfurt10.3%
3. Taipei8.9%
4. Manila7.4%
5. Berlin6.5%
6. Guangzhou6.2%
7. Geneva5.6%
8. Zurich4.5%
9. Delhi4.4%
10. Madrid4.2%
17. Sydney2.6%
21. Melbourne2%
22. Brisbane2%
26. Gold Coast1.3%
30. Perth0.7%

Knight Frank’s head of prestige Residential Deborah Cullen says the top end of the market is showing more consideration and time in transacting.

“There is still strong interest from local and expat buyers for blue ribbon areas and for “best in class” assets, in particular the waterfront areas of Sydney,” Cullen said.

“Growth in prime property prices closely follows the performance on the stock exchange,” Knight Frank head of residential research Michelle Ciesielski said.

“And there have been some significant gains made on the Australian sharemarket in 2019.

“Collectively the Australian prime market has continued to see sustainable growth of 2 per cent in the year ending September 2019, whilst the sharemarket recorded a 7.7 per cent return,” Ciesielski said.

Slowdown gathers pace in top-tier cities

The global cities index increased by just 1.1 per cent in the year to September 2019, down from 3.4 per cent last year, with slower prime price growth attributable to mounting economic headwinds.

Despite a longer-than-expected period of loose monetary policy and steady wealth creation, the report notes that luxury sales volumes are at their weakest for several years in many of the first tier global cities.

“Slower global economic growth– the IMF lowered its 2019 forecast from 3.3 per cent to 3 per cent in October – along with escalating headwinds: US-China trade relations, Hong Kong’s political tensions, a US presidential election in 2020 and the Brexit conundrum are influencing buyer sentiment,” the index notes.

Moscow recorded the highest rate of growth with an 11 per cent increase over the year to September.

The report notes that Moscow leads the index largely due to strengthening demand and the completion of a number of high-end projects in prime areas like Ostozhenka and Tverskoy.

The prime global cities index is a valuation-based index that tracks the movement in prime residential prices in local currency, using data, across 40 cities.

 

 

Source: theurbandeveloper.com

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Brisbane

Brisbane Plans CBD Riverfront Renewal

Brisbane Plans CBD Riverfront Renewal

New plans to revitalise Brisbane’s CBD riverfront, a 1.2 kilometre stretch of river frontage from the City Botanic Gardens to Howard Smith Wharves, has been released.

New ferry and CityCat terminals are included in Brisbane City Council’s draft master-plan, which aims to improve river access and cement the CBD river frontage into “a world-class employment and lifestyle precinct”.

The draft plan includes an increase of the current pathway to an eight-metre-wide promenade which would span the riverfront, and includes an increase of green-space, trees, and public art.

“This is just one of the ways we are making the Brisbane of tomorrow even better than the Brisbane of today,” Brisbane City Council said of the draft plans released on Thursday.

Brisbane Plans CBD Riverfront Renewal 1

The riverfront precinct is currently home to more than 30 dining destinations and 1.6 hectares of parkland.

The draft plan also includes a proposed new green bridge connection at Kangaroo Point.

“It’s part of our bigger plan to connect people and places,” City Planning Chair Matthew Bourke said.

Bourke says the draft plan took cues from well-known waterfronts, including the likes of San Francisco’s Fisherman’s Wharf and Singapore’s Marina Bay.

Property giant Dexus is under way on its $1.4 billion Waterfront project transforming Brisbane’s Eagle Street Pier.

Council’s draft masterplan for Brisbane’s riverfront will be open to public consultation from Monday 11 November through to early December.

The final masterplan will be released in 2020.

 

 

Source: theurbandeveloper.com

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