House prices in key pockets of Brisbane’s inner and middle rings are set to climb even further off the back of major precinct renewals and transport infrastructure projects.
According to property experts, the hot spots earmarked for major growth over the next four years include suburbs in and around Albion, Woolloongabba, Yeronga, Nundah and Clayfield thanks to the Cross River Rail and Brisbane Metro — with these suburbs already clocking price growth of up to 20 per cent in the 12 months to December last year.
CoreLogic property research director Tim Lawless said houses in those prime patches were poised to reap major benefits by 2025 – growth that could be further fuelled by record-low stock levels and interstate migration.
‘’Having a detached house in an inner-city precinct that is undergoing renewal is a little piece of gold,’’ Mr Lawless said.
‘’Houses are generally showing a much stronger performance than apartments which highlights two things – one is the scarcity.
‘’The other is the land value which is likely to keep going up, more so than apartments because it will have the development potential behind it.”
Mr Lawless said the ripple out effect along the Cross River Rail and Metro spines meant middle-ring neighbourhoods would also benefit from improvements to transport and amenities – factors that were not just set to spark soaring prices, but increased liveability in the city’s once sleepy pockets.
According to the latest data from Domain, which clocked house price growth over the 12 months to December last year, median house prices in Yeronga led the charge after they rose an incredible 20.8 per cent to $960,000. Clayfield house prices rose by 9.5 per cent to $1.15 million while Nundah clocked growth of 12.5 per cent to bring house prices up to $762,000.
Precincts surrounding Boggo Road, Dutton Park and Woolloongabba stations have also been pegged for a major revamp (that will fuel house prices), alongside six railway stations on Brisbane’s southside – including Yeerongpilly, Yeronga and Fairfield. In the city’s inner-north ring the year-round Ekka station at Herston will further provide more trains to nearby Albion.
The $1.2 billion Brisbane Metro’s 21-kilometre route, with 18 stations from Eight Mile Plains to Roma Street, will link with Cross River Rail at Boggo Road and Roma Street, with the $5.4 billion Cross River Rail including high-capacity stations situated within key inner-ring suburbs.
‘’Suburbs like Moorooka, Salisbury and Rocklea are really well positioned for medium density developments that capitalise on the transport upgrades, because there are big working populations in those areas,” Mr Lawless said.
Ray White Metro North principal David Treloar said while these key suburbs were poised to soar, the rapid rise was already under way with buyer demand surging in the past two months.
“A really good example of that growth is we sold a house in Grove Street in Albion recently for $967,000 that had 30 registered bidders and this was a home that would have sold for $150,000 less than 12 months ago,” Mr Treloar said.
Albion used to fly under the radar but not anymore. Photo: Tammy Law
“Lack of supply and low interest rates (have fuelled that growth) but also the new developments that have further increased the liveability.
“Before that Albion was flying under the radar and it wasn’t a destination suburb but it’s only three stops into the CBD and thanks to the new the precincts such as Collingwood Street it’s going to continue to grow.”
He said home-owners in that patch were indeed sitting on a pot of gold, with Windsor and Lutwyche two other suburbs that were “sleeping giants” set to soar thanks to the bus network and tunnels.
Mr Treloar tipped Wavell Heights and Virginia as two other hot spots to watch, thanks to increased infrastructure and easy access to the train lines.
Jane Elvin, of LJ Hooker Annerley/Yeronga, said major growth had already been clocked in her two suburbs in the past year and showed no signs of slowing.
“2020 was my biggest year in 10 years of real estate. I had the highest amount of sales,” Ms Elvin said.
“And, I particularly saw that in Yeronga and Fairfield. Yeronga has been off the radar and not that prominent (for many years) because we didn’t have big restaurants like Bulimba and the river stops that connecting traffic, but now things are happening with the Yeerongpilly Greens and the Cross River Rail.
“My volumes of calls are 10 times what they were even from just two months ago.”
28 Hewitt Street Wilston QLD 4051
Wilston, another hot suburb that’s set to benefit from the Wilston Village Precinct project, has already witnessed a surge in buyer demand. Long-time local Matt Hitchcock said the leafy pocket, which was once just dairy farms, was now a thriving neighbourhood still brimming with untapped potential.
Since his parents recently died, he and his brother have decided to sell their incredible family home at 28 Hewitt Street through Ian Cuneo, of Ray White Ascot, and since plating up the abode for auction just two weeks ago he said buyer demand for the grand old Queenslander had been strong.
“We’ve lived in that house since 1968, but in the past five years Wilston has been on the increase,” Mr Hitchcock said.
And, with the sprawling old abode, which was built in 1903, sitting on a rare 1113-square-metre block, he said buyers were nothing short of excited to pounce on the quintessential Queenslander in a patch of Brisbane that’s set to soar.
“We’ve had interest from well outside of Brisbane as far away as Melbourne,” Mr Hitchcock said.
“The house is literally a two-minute walk from the railway station the infrastructure there in the centre feels romantic to me (as well),” he said.
While he the popularity of the fast-growing suburb had fuelled demand for homes in the area, he said that this family home was infused with history on such a large block was a major drawcard.
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