When buying property, much like ordering pizza, people are always on the hunt for something that will deliver and exceed expectations.
When looking for the top performers in any category we’re more likely to go for the ones with extra toppings. In the property market, this means houses with strong selling points that will turn a profit. Luckily for all the aspiring property moguls out there, CoreLogic RP Data have released their quarterly resales figures and have singled out the Brisbane suburb that continues to deliver.
The suburb of Woolloongabba has been named Queensland’s top performer, with all sales in the suburb producing a profit for sellers with an average gain of $425,270.
The Real Estate Institute of Queensland lists Woolloongabba as a thriving inner city suburb about four kilometres drive from Brisbane’s CBD. Despite the high level of commercial and retail development in the suburb, there are pockets of prime residential areas. These consist of some heritage protected early period housing such as Queenslanders, and post-war workers’ cottages made from weatherboard.
Avenue Property principal Bruce Tame said Woolloongabba properties are in demand because of their proximity to the CBD and amenities.
“It’s such a popular choice because it’s so close to the city center,” he says. “There is a lot of infrastructure in the area that makes it highly desirable and there is also the added bonus of the BAT tunnel, people know that is coming and it will now be even easier to get to the city center.
“The suburb is also close to two major hospitals and there are many schools in the area, making it very desirable for families. My advice to people wanting to buy into the Woolloongabba property market is to concentrate on houses. There are not many suburbs close to the CBD that still have a number of houses on offer, there are mainly apartments and units. If you’re looking to live in or invest in a house that is central, this is the area to look in.”
According to RP Data home values in Brisbane have recorded the third largest increase across capital cities over the 12 months to October 2014. There has been a much greater lift in sales activity over the year, signalling rising demand for housing and, potentially, further increases in home values over the coming months.
Wilston, also located close to the CBD, was also listed among the most profitable suburbs in Queensland. RP Data reports that sales in the area make an average profit of $401,236.
According to REIQ, Wilston is a mixture of the old and the new — from workers’ cottages to modern architect-designed homes on Wilston Hill. Wilston is home to a number of professionals, including many medical professionals, due to its inner-city location, proximity to the Royal Brisbane Hospital and breathtaking views of the city that are available from more elevated streets. In recent years, the area has been transformed by the upgrade of Kedron Brook Road.
The suburb of Ashgrove is also delivering positive results for those people selling off their properties with sellers averaging a gain of $361,386. REIQ says Ashgrove is popular because it is close to the city, shopping centres and public transport, with regular City Council buses running along Waterworks Road. Families will find that scattered parklands around the area provide plenty of opportunities for walking and cycling. Ashgrove is also close to the restaurant and shopping precinct of Paddington, which makes it popular with young couples.
CoreLogic RP Data calculates the average gain based on the total gain for the suburb divided by the number of profitable resales.
Brisbane’s most profitable suburbs
Woolloongabba – $425,270
Wilston – $401,236
Ashgrove – $361,386
Grange – $344,765
Red Hill – $332,268
Manly – $330,517
Fairfield – $330,273
Macgregor – $319,642
Camp Hill – $313,152
Bridgeman Downs – $280,153
Hendra – $278,803
Upper Mount Gravatt – $278,344
Sunnybank Hills – $276,184
Coopers Plains – $272,911
Carindale – $263,302
Gordon Park – $250,139
Gaythorne – $245,073
Carina Heights – $236,672
Cannon Hill – $236,478
Nudgee – $229,405
Greenbank – $221,184
Mount Gravatt – $219,770
Ferny Grove – $217,784
Oxley – $212,526,
Belmont – $207,304
Auchenflower – $193,789
Algester – $192,552
Arana Hills – $177,967
Are you thinking of buying or selling a property in Brisbane? Will these results have any effect on your plans? Let us know in the comments below!