IT WAS once considered the industrial hub of the northside but it is now Brisbane’s newest million-dollar residential suburb.
A colonial Queenslander on Royal St, Virginia has put the suburb in elite company of Brisbane’s million-dollar suburbs.
The home was purchased for $56,000 in the 1980s and set a new record when it was sold recently for seven figures.
The same house broke the previous highest price record for a residential property in the suburb when it sold in July 2015 for $975,000.
The 1920s-1930s style home included full renovations, five bedrooms and three bathrooms on a 810sq m block.
Aaron Dillon from Ray White Nundah sold the property on both occasions and said the sale flagged a change in the suburb’s status.
“The home was originally set on three titles … (the previous sellers) shifted the house slightly to its current position on two of those lots,” Mr Dillon said.
He said young families tended to favour the Banyo, Virginia and Nudgee areas, because of the proximity to the city, airport, Gateway Motorway and express tunnels, along with the development of Banyo Village and a spike in the renovation market.
Despite the million-dollar tag, Virginia still offers affordable buying less than 20km from the city.
The median price for a three-bedroom house is $481,000 — less than the neighbouring suburbs of Nudgee (495,000); Banyo ($500,000) and Wavell Heights ($616,600).
Place Aspley principal Tristan Rowland said northsiders could expect more million-dollar-plus sales in Virginia, as home hunting expanded from Wavell Heights, and renovations and construction increased.
He said while Virginia was known for its industrial and commercial aspects, there was a rapidly improving residential portion.
Mr Rowland also attributed the appeal of Virginia and neighbouring Wavell Heights to the lack of high-density housing.
Originally Published: http://www.dailytelegraph.com.au/