Bulimba will lead Brisbane real estate prices over the next decade, topping the most exclusive riverfront precincts in the city, according to industry experts.
The strong capital growth is likely to be led by the gentrification of the Bulimba North precinct, where shipyards and industrial factories have had full run of the riverfront since the early 20th century.
McConnell Street and Byron Street, both with north-facing river frontage, will be transformed and house some of Brisbane’s wealthiest residents, according to Patrick Dixon.
Mr Dixon, a property adviser and real estate agent in Brisbane since 1974, said McConnell and Byron streets would be on par with Oxlade Drive, New Farm, and Aaron Avenue, Hawthorne, where mining billionaire Gina Rinehardt reportedly paid $18 million for two adjoining properties in 2014.
“In 10 years time they will be one of ‘those’ river streets,” Mr Dixon said.
“Absolute riverfront in Brisbane is one thing – but this is north-facing land and in waterfront properties, aspect is everything.”
Domain Group data showed the median house price for Bulimba had already grown by 50.5 per cent over the past five years to $1,128,500 – and according to local Place Estate agent Phil Burley, this trend will only escalate.
“Over the next 10 years, Bulimba will lead Brisbane in real estate,” he said.
“Homes in Bulimba are already fetching a premium but they’re still not getting what they will ultimately be worth…which is up there with Brisbane’s most expensive properties.”
Andrew Wilson, Domain Group chief economist, said the transformation into Brisbane’s most desirable riverfront precinct would likely impact the entire suburb.
“We know from experience that waterfront property is a premium; it’s a dress cache,” he said.
“As prices rise, there’s no doubt that has a ripple effect.”
He said it was “not unlikely” that Bulimba could lead Brisbane real estate over the next decade.
“These things are always difficult to predict but it’s certainly not something that’s an irrational statement given what’s happening there,” he said.
“Realistically, Bulimba is still at the margins; it’s still offering massive value when you compare bang for buck for this type of a property compared to Sydney and even the Gold Coast.”
Spearheading the Bulimba North renewal is the Brisbane City Council’s master plan for the Bulimba Barracks on Apollo Road, which runs adjacent to Byron Street.
The council unveiled its master plan for the 20-hectare riverfront site in October last year, detailing its vision for a mixed range of housing, duplexes and townhouses, including large areas of riverfront parkland, open space and a land-based riverwalk with pedestrian and cycle connectivity along the entire frontage of the site.
An off-market sale is reportedly being negotiated by the state government and the federal department of defence for purchase of the site.
Meanwhile, developers are clearing land previously inhabited by light industry and marketing their luxury riverfront projects.
Mr Dixon said the McConnell and Byron streets stretch of the river would be the closest residential absolute waterfront property to Moreton Bay.
“Property owners will be able to moor their boats out the front of their property and enjoy direct access to Moreton Bay – imagine that,” he said.
“This will be the closest you can get yet still only four kilometres from the CBD. The growth potential in these streets is incredible.”