Brisbane Property Market Update December 2020

Brisbane Property Market Update December 2020

This article will highlight what has been happening in the Brisbane Property Market during December 2020.

 

The last month of 2020 delivered a strong wrap up for the year for Brisbane.  There was little slow down in the weeks leading up to Christmas.  Buyers were still very active throughout the city up until around mid-December.  This article will provide a summary of what the data has now confirmed and also some of the observations we have made from our on-the-ground assessment.

At a macro level, the Australian Economy is performing miraculously given the context of the global pandemic.  According to ABS data, approximately 84% of jobs have already been recovered.  Job ads area also up nearly 50% of their lows all pointing to a recovery in the right direction for us all, nationwide.

Last month we reported , consumer confidence was the strongest it has been in 7 years.  During December that climbed to 10 year highs according to Westpac Economics.

 

Brisbane Property Market update

 

 

Brisbane property prices have continued to show positive growth, a trend that has been continuing for several months now.  Let’s explore this in further detail in the summary below.

 

Brisbane Property Market Prices

 

According to the latest Hedonic Home Value Index data by Corelogic, dwelling values in Brisbane saw an overall median monthly price rise of a 1.1% over the month of December 2020.  The current median value for dwellings across Greater Brisbane is $521,686 which is the highest it has ever been. 

The quarterly growth in dwelling values across Greater Brisbane was 2.1% and annual growth for the year was 3.6%.  Brisbane has outperformed the national combined capital city average for annual growth in 2020, which was recorded as being a more modest 2% over the past 12 months.

In terms of which market segments within Brisbane are performing the strongest, Corelogic Data confirms that dwelling values in the upper quartile rose 1.25% in December.  This is compared with a 0.94% rise seen in the lower quartile values according to Corelogic Data.

 

Property Values Brisbane

 

Melbourne is now the only capital city location that still reporting negative annual price growth, and its dwelling values are still -4.1% off their previous March 2020 peak.  Sydney, whilst reporting annual price growth up to the end of 2020, is also still down -3.9% from its previous peak in July 2017.  Additionally, Perth and Darwin are down -19.9% and -25.7% respectively from their 2014 peaks, despite showing positive annual price growth across the last 12 months.

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 1.2% across the month of December 2020. The current median value for a Brisbane house is now $576,338, the highest it has ever been.

 

Brisbane House prices

 

The Unit Market in Brisbane saw some positive growth in the median value once again with an increase of 0.4% for the month of December 2020. The current median unit price in Brisbane is now $390,785, which is still 0.6% lower than 12 months ago.

 

Brisbane Unit Prices

Brisbane Rental Market Movements

 

The Vacancy Rate in Brisbane as a whole fell again between October and November 2020, and now sits at 1.8% city wide.   There are many areas in Greater Brisbane where vacancy rates are even tighter.  The table below highlights where vacancy rates across Brisbane sit at the end of November 2020.

 

Region Vacancy Rate November 2020
Beenleigh Corridor 0.8%
Brisbane CBD 6.9%
East Brisbane 1.6%
Inner Brisbane 3.5%
Ipswich 0.9%
Northern Brisbane 0.9%
South East Brisbane 0.8%
Southern Brisbane
2.0%
West Brisbane 1.5%

Source: SQM Research

 

Vacancy risk is still highest within the Brisbane CBD, although there has been a rapid recovery over the past few months when vacancy rates peaked at around 14% in this location.   The CBD and inner city areas are also the locations in Brisbane where there is a large number of higher density units that have been impacted by the pandemic, compared to other areas and alternative building types. 

Rents in the unit market in Brisbane saw price falls -1.1% from January to December 2020, whereas housing rents increased 2.7% across the same period.

See below the change in rents for Brisbane Units and Houses across the last 12 months according to Corelogic Data.

 

 

Rent changes Brisbane

What did we see on the ground across Brisbane during December 2020?

 

Typically in the lead up to Christmas, many buyers prefer to spend their time Christmas shopping rather than property shopping.  This did not seem to be the case in Brisbane throughout December.

We observed strong auction attendance right up to the last weekend before Christmas.  We also observed strong bidding from those who were in a position to buy under auction conditions.  Of particular interest, was the higher than normal interest in properties in prime locations that were ripe for renovation.  In several examples, we saw higher than normal bidder registrations for these types of properties across our City.

Brisbane Property values are definitely in an upswing phase and buyers must consider this when considering making an offer on a property.  As I reportes last month, if buyers are relying on sales that occurred 3-4 months ago to come to a price to pay for a property in the current market, they will in most cases simply miss out.  The market is strong in Brisbane and buyer activity is continuing to increase.  There are definitely more active buyers entering the market than there are new listings being added so a sense of urgency is continuing to grow in Brisbane.

 

The months ahead …

 

Looking forward into 2021, Brisbane looks to be very well placed for some strong price growth.

The risks associated with less fiscal support and the expiry of mortgage repayment deferrals have diminished as the economy has outperformed all forecasts.  We have also seen a rapid improvement in labour markets nationwide, and especially here in Queensland.  In Brisbane, the COVID-19 outbreak has had minimal impact in terms of restrictions and lockdowns since the first wave back in March 2020.

Of course we cannot underestimate the risk that further outbreaks of the virus in the months ahead may impact the recovery of our local economy.  We have done so well to date.  With increasing positivism around the distribution of a vaccine and the management of small clusters, it is looking more likely that the trajectory for our local housing market will remain positive in the months ahead.

 

 

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Enoggera Buyers Guide – Read This Before You Buy

Enoggera Buyers Guide – Read This Before You Buy

ENOGGERA

 

Are you looking to purchase a home or investment property in Enoggera?  How do you determine if this is the right suburb for you?  As Enoggera Buyers Agents we have made it easy, by compiling information about Enoggera that is important to know when considering this suburb for your home or investment purchase.

Enoggera buyers agents

 

 

Geography

 

Enoggera is located approximately 6km north-west from the Brisbane CBD, just past Ashgrove and Alderley.   At least half of the suburb is occupied by the Gallipoli Barracks and Army Reserve QLD. Within these grounds is Enoggera Hill which provides a green backdrop for the western part of the suburb.  The rest of the suburb is known for its commercial centre of Pickering Street and leafy streets with residential houses. 

Enoggera was actually misspelt by the lands office where they mistook the u for an n. It should have been named Euogerra, which is a contraction of the Turrbal phrase youara-ngarea literally meaning “sing-play” or song and dance.

Enoggera is a corruption of Yowogerra, which in Turrbal means corroboree. Because this area was given a distinct name indicates that it held a significant place in Turrbul culture as a camping and corroboree region.[6]

The suburb has a few desirable pockets that are quiet and elevated to take in the surrounding area and city views.

Enogerra Buyers Agents

 

 

 

Transport

 

Enoggera buyers agents

Enoggera Train Station is located on Glenalva Terrace (near Pickering Street) and provides quick access to the CBD on the Ferny Grove and Beenleigh Lines. Also located here is a bus interchange. For timetables have a look at the Translink website to plan your journey here.

Depending on your location in the suburb Gaythorne train station may be closer.

 

Education

 

The education options for Enoggera residents begin with Nook Early Learning which is close to the Gaythorne train station for easy access to the CBD once parents have dropped off their children.  Community Kids Enoggera is on South Pine Road close to Grinstead Park.  TinyTown is a Christian-led Child Care & Kindergarten located in Laurel Street close to the Enoggera primary school.

There is also Hillbrook Early Learning Centre which is a workplace childcare centre for Hillbrook School. Preference for permanent childcare places is given to the children of the school staff (teaching and support staff) but there may be additional places available. One Tree Community Services Inc – Defence Childcare Unit Enoggera provides childcare including integrated kindergarten programs to Defence personnel families as well as the local community.

Enoggera buyers agentPrimary State School options for Enoggera are Enoggera State School, Oakleigh State School and a few addresses within Enoggera are also part of the Mitchelton State School catchment. It’s important that you check the catchment for individual properties if you really want a particular school. You can do that at the Department of Education map here.

Enoggera State School may be small but their academic results have been strong the past few years. You can have a look at the Better Education website here.

 

If you’re looking for a private primary school,  Our Lady of the Assumption School is located in Enoggera at Hurdcotte Street. Close by is Our Lady of Dolores in Mitchelton which is also a coeducational Catholic primary school. 

The local state high schools in the Enoggera catchment zone are Mitchelton State School and Everton Park State School.

Enoggera buyers agentsThe private schools in and near the suburb are: Hillbrook Anglican School – a coeducational private school that is halfway through a major refurbishment and redevelopment of the campus, Mt St Michael’s and Marist College Ashgrove. Mt Maria College is a coeducational Catholic high school close by in Mitchelton.

 

 

Amenities

 

Buyers agent EnoggeraEnoggera has small retail shops and cafes along Wardell Street and Samford Road. Enoggera Village provides a good range of takeaway options, convenience store and a newsagency. Close by is K&K Creative Toys for quality children’s gifts.

On the old site of the Enoggera Bowls Club is Pickering Place.It provides a mix of recreational and sporting facilities as well as a cafe. For more on Pickering Place have a look at their website here.

 

The well known Pickering Street has many commercial and retail stores from home lighting to motorbikes. 

Enogerra Buyers Agent

The closest grocery stores depend on which part of the suburb you live – either Ashgrove or Everton Park. Enoggera is also very close to Brookside Shopping Centre which provides many options for retail therapy. The shops also close by in Everton Park include Spotlight, Harvey Norman and Anaconda as well as the excellent Charlie’s Fruit Market and a range of other groceries and restaurant options.

 

Green Space

 

Enoggera buyers agent The major park in Enoggera is right beside Hillbrook Anglican School – Enogerra Memorial Park. This hosts the Enoggera Scout Group, Ashgrove Cricket Club, Mayne Tigers AFC and the Everton Wolves Junior Australian Football Club. 

Enoggera buyers agent

Corbett Street Playground is in a small park on the western side of Kedron Brook. Here you can access the Kedron Brook bikeway.

Just across the other side of Kedron Brook, officially in Alderley, is Grinstead Park with its excellent playground, exercise equipment and picnic facilities.

 

 

Enoggera also has close access to the Banks Street Reserve with its opportunities for walking and mountain biking. 

 

 

Employment Hubs

 

Locals living in Enoggera either work in the local retail shops or businesses, at the Gallipoli Barracks, commute to the CBD,  or to various employment hubs in neighbouring suburbs.  Enoggera is approximately 15km to the Airport for those locals that travel interstate for work.

 

Typical Property Style

 

Enoggera has post war stand alone houses with a few areas of character homes. There many areas of low-medium density residential (LMR) zoning which allows a 2-3 storey mix of units or townhouses. Most of the unit buildings are along the main roads.

Also dominant in the suburb are Queenslanders and pre-war character homes ripe for renovation and old post-war homes ready for a big renovation or demolition. 

Enoggera buyers agent Enoggera buyers agent  

Enoggera buyers agent

 

 

Demographics

 

Enoggera is an area of wealth, with the weekly family income at $2,793 (the Queensland average is $1,661).  According to SQM research, the percentage of owner-occupiers is at 57% and 43% for renters.

The top 3 life stages for people living in Enoggera are:

  • Independent Youth 18.6%; 
  • Established couples or families 13.9% and;
  • Maturing couples and families 13.3%.

There are quite a lot of military personnel and their families who live in the area as well as young professionals.

 

 

Most Desirable Area

 

There are many highly desirable pockets in Enoggera to consider including the elevated positions backing onto bush reserve or parkland, and/or with city views or views to the mountains. There are a lot of quiet, tree-lined and family orientated streets which are in high demand by young families and established and maturing families.

Staying away from the main roads and the low areas prone to flooding is the best way to buy well in Enoggera. There are quite a few older properties which can be a good way to get into the market in this suburb.

 

Least Desirable Area

 

As Enoggera is close to bushland and Kedron Brook there are a few areas that you need to be aware of in regards to bushfire risks and flooding as shown below.

Enoggera buyers agent Enoggera buyers agent

 

The least desirable parts of Enoggera are those on main roads such as Samford Road and Wardell Street.   Not only are there negative noise impacts (in orange and brown & yellow below) but also air quality impacts as shown in pink below.

Enoggera buyers agent Buyers agents Enoggera

Median Price Values

 

The median price value for houses in Enoggera as at December 2020 is $730,000 with the upper quartile price at $862,375 and the lower quartile price sitting at $633,500.  

The median price value for units is $420,000. The upper quartile price sits at $450,000 and the lower quartile price at $371,000. 

 

Suburb Growth

 

The compound growth rate for Enoggera over the last 5 years to August 2020 has been 2.4% for houses and 1.9% for units.

Enoggera Connect Facebook group gives you the opportunity to connect with community members and ask questions. You can request to join here.

 

I hope this information has been helpful on your quest to buy your next property in Enoggera.  If you need further help to secure a property in this location we can help, please reach out by booking a discovery call through the link below to your Enoggera Buyers Agents.

 

 

 

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Property Advice – 5 Sources You Should NOT Rely on

Property Advice – 5 Sources You Should NOT Rely on

As a Qualified Property Investment Advisor, it always amazes me how much information people think they know and understand about property. Yet time and time again when I’m speaking with people, I realize that it is everything that they don’t know that is the biggest problem. The sources that a lot of property investors rely on for information is also a big surprise. Let’s take a look at the 5 most dangerous sources of information that people are relying on today for property advice.

1. Online Forums and Facebook Groups
property adviceWhilst I do sometimes read through information on some of the largest online property related forums and facebook groups, I often cringe with what I read. Every participant has their own opinion and often the opinions of some participants are taken as gospel. When this happens, the Mum and Dad investors are often buying in locations recommended by others, or applying strategies learnt from others that may be completely unsuitable for their own personal investment circumstances.

I speak to a lot of people who are interstate and who are looking to buy in Brisbane. It is a function of my role as a Buyer’s agent. But what truly surprises me is the number of Clients that tell me they would have bought in this suburb, or that suburb, based on what they have read about the area. When I seek further information, I often find out that their information source is online property forums! This is very dangerous, and my advice is to proceed with caution and verify your facts before relying solely on this source of property advice.

2. Family and Friends
Relatives and friends have always got our back … or have they?

It seems that our family and friends are experts in many areas – and especially when it comes to property. Who hasn’t been to a BBQ and talked about the house around the corner which would make a great investment?

The truth is, that unless your family and friends have built a successful property portfolio themselves, how do you know that their property advice is going to be right for you? And even if they have built their own portfolio, are their goals and circumstances the same as yours?

It is wonderful to feel supported by those closest to us, but when it comes to receiving advice around property investments, it might be better left to the professionals in most cases.

3. Real Estate Sales Agents
property adviceWhen searching for properties, I often see listings which describe a property as a “perfect investment opportunity” for the astute buyer. Says who? Sales Agents are there to sell a property on behalf of a vendor, so they are certainly not in a position to determine if a property is going to be a good investment for a buyer.

In fact, it is highly unlikely that a Sales Agent would be asking enough questions to understand what a buyer’s property investment objectives area, what their risk profile may be or what property investment strategy they are utilizing.

Just because a property is well maintained, or low maintenance, does not automatically qualify it as a good investment. There is far more that goes into the selection of a suitable investment opportunity than what a Sales Agent is likely to provide, so avoid falling into the trap of relying on property advice from Sales Agents.

4. Property Marketers
The role of a property marketer is to sell properties on behalf of a developer. Many Property Marketers do provide a lot of information about property investment metrics, so it can quite often be difficult to determine if they are acting in your best interests or not. The best way to determine if you are being “sold” to by a property marketer is that they will most likely not be charging you anything for the property advice.

Now I don’t know if there are many people who actually work for free, and I can guarantee that these people don’t work for free either. They are being paid by the developers and their commissions are built in to the price you pay for the brand new property they will be recommending for you to buy.

Property marketers are often referred to as “property spruikers” because they tend to attract large crowds to attend free “property investment” seminars. Then during the sales presentation they provide all the reasons why the product that they have to offer it the best investment for everyone in the room – without much consideration for their personal circumstances.

Often, the person providing the investment advice is just a sales person working through a script, and is not in fact someone who has a lot of experience in providing property advice. Tread with caution if you are caught in this situation … and never sign up for anything instantly. Take yourself away and use time to your advantage to determine if the strategy they are recommending is in fact the best strategy for your investment needs before diving in.

5. Mortgage Brokers, Accountants and Financial Planners
property adviceMortgage Brokers, Accountants and Financial Planners are all licenced or qualified in their own field of expertise, however most are not qualified to provide property advice or most don’t understand the intricacies of the real estate markets and investment strategies to know how to find properties that are best suited to a Client’s long term goals and risk profile. This is because Property Investment is not considered a “financial service” and therefore it falls outside of the legislation in relation to how it is regulated.

I’ve heard of accountants that recommend their clients purchase property for the tax depreciation benefits. I’ve also heard of some financial planners taking commissions from developers to recommend their excess development stock. It is unfortunate that this happens. Thankfully this does not happen with the majority of operators, and by no means am I implying that it does.

But consumers should always be aware of the recommendations they are receiving, regardless of who is making the recommendation, and seek an alternative opinion if they are not 100% certain that the investment property advice is right for them.

In summary, these are just a few sources of information where property advice can be shared with the every day property investor. But it is very important that you understand if the advice you are receiving is going to be right for you. The world is full of unscrupulous advice and when it comes to property investment in Australia, things are no different. Tread with caution, never make rushed decisions, and seek out professional assistance if you are unsure. Property investment involves a lot of money, so if you really don’t want to make a costly mistake.

 

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Geebung Buyers Guide – Read This Before You Buy!

Geebung Buyers Guide – Read This Before You Buy!

Are you looking to purchase a home or investment property in Geebung?  As Geebung Buyers Agents we have compiled everything you need to know into this Buyers Guide.  It contains useful information regarding what is important when choosing a place to live or to invest.

 

Geebung!

 

Geography:

Geebung is located approximately 12km from the Brisbane CBD to the North. The area is vibrant and family friendly. Geebung is located centrally to take advantage of shopping precincts, parks and transport options. The neighbourhood is hilly & elevated with a few street achieving city or Bay views.

The suburb takes its name from its railway station, which in turn was named after the fruit of the plant Persoonia media, known as “jibung” in the Dharuk language. The suburb was the location for a significant fossil discovery in 2013. The fossils were the remains of a rare 50-million-year-old crocodile like species and several other animals.

Geebung Buyers Agent

 

 

Transport:

Geebung has two train stations that easily service the entire suburb, towards Virginia you have the Sunshine Station and towards Zillmere is the location of the Geebung station. This gives residence who live in the area traffic free transportation to the CBD. In the future this will become even more important as population growth comes into play and roads become more congested.

The future metro line will service Chermside which may be convenient for residence living on the west side of Geebung. please see below Metro Network.

Buses service the suburb as well but you will find Geebung is mostly a car dependent area that doesn’t experience much traffic so getting around the suburb and to surrounding suburbs is relatively easy. To view the current public transport options visit the Translink site HERE.

Geebung Buyers Agent

 

Education:

Geebung falls into two primary school catchments, these are Geebung State School & Zillmere State School both of these schools are not enrollment managed so you can apply to attend either of them after completing your research. 

For High School catchments, Geebung is also split into two catchment zones, one being Wavell Heights State High School and the other is Aspley State High School. Wavell heights State High is a very desirable school and this one is enrollment managed whilst Aspley high is not enrollment managed. 

When it comes to education, it is hard for us to tell you what the best school is in this Geebung Guide and this is because everyone’s preference is different when it comes to education. Click HERE to search the school catchments on a particular property address. 

 

Geebung Buyers AgentAmenities & Green Space:

Geebung is located very conveniently to a number of locations on the Northside, because of its central location, travelling to other locations has become quite easy.

Geebung has an array of cafes and parks, Marchant Park & Bowden Park are very popular spots for locals to enjoy the green space. Geebung has the Indian Motorcycle Museum of Australia and when you venture just outside the suburb you can find yourself at Virginia gold Club, Westfield Shopping centre and Fresh food markets.

Because of the close proximity to Sandgate Road and the Aspley homemaker centre you will find it very convenient to find retail shops for whatever you may need there is even a huge Christmas warehouse for the festive season.

  

Brisbane cityEmployment Hubs:

 

Geebung is located a short drve or walk to Westfield Shopping Precinct Chermside and with Chermside rapidy changing to more of a higher density hub there has been heaps more commercial spaces for businesses to get into the area. Chermside also has St Vincents Private Hospital Northside. 

Geebung is also close proximity to Virginia industrial area which is home to an array of business. some residence still commute the CBD for work and can do so easily by using the transport network.  

 

Typical Block Size & Property Type:

 

Geebung in significantly dominated by post war homes, these are mostly cottage style older homes or modern brick and tile residences. The block size is generally around the 600sqm with some larger block sized that are able to be subdivided into smaller 40sqm lots. The 800sqm blocks are highly desirable for investors and developers as they are quite scarce due to the tightly held location. 

 

 

Geebung Buyers AgentDemographics:

Geebung is an area with a higher than average level of wealth.  The weekly family income is at $1,959 (Qld avg. $1,661).  According to SQM research, the percentage of owner-occupiers is at 66.39% and 33.61% for renters.  What you want to see is a superior percentage of owner occupiers in any particular suburb compared to renters.  This shows the desirability of a suburb for owner occupiers which will help to drive capital growth due to desirability for the suburb over time.

Geebung is the next suburb out from Wavell Heights, As Wavell Heights gets closer and closer to the million dollar mark Geebung is becoming more popular due to its affordability. 

 

Geebung Buyers AgentMost Desirable Area:

Geebing is generally all round a desirable suburb. The best pockets are the locations that have high elevation and green leafy surrounds, these are streets like Pomeroy, Sunfields & Maberley! these streets also have some good size blocks of m=land which make them desirable for families. 

 

Least Desirable Area:

It is difficult to pinpoint the lease desirable pockets within Geebung, We would have to say staying away from main roads and train line noise would be our main recommendation. Because there is also two creeks within Geebung is is also important to check flooding and avoid properties that are in the flood zone. 

 

Median Price Values:

Median Price values in Geebung are $585,000 with the upper quartile price at $662,500 and the lower quartile price sitting at $530,000.

 

Geebung Buyers AgentSuburb Growth:

The capital growth rate for Geebung over the last 5 years has been 24.8%.

I hope the information in this Geebung Buyers Guide has been helpful on your quest to buy your next property in this location. If you need further help from and Geebung Buyers Agent to secure a property in this location we can help!  Please reach out by booking a discovery call through the link below. To read other posts like this Geebung Buyers Guide click HERE.

 

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Albion Buyers Guide – Read This Before You Buy

Albion Buyers Guide – Read This Before You Buy

Are you looking to purchase a home or investment property in the sought after suburb of Albion? We as Albion Buyers Agent and Brisbane experts have made it easy for you by compiling everything we know into this Albion Buyers Guide. This article will share with you what is important to know when choosing a place to live or to invest in.

 

Albion

 

Geography:

Albion is located approximately 6km from the Brisbane CBD towards the northeast. The area is known for its heritage listed & popular pubs (Breakfast Creek Hotel, Albion Exchange Hotel & The Albion Hotel). There are desirable pockets within Albion, Brisbane that have wide streets with character homes that are elevated to take in the city views.

There are a large number of landmarks established in Albion. Aside from the Hotels, Albion has 25 additional Heritage listed sites, a place full of character. Albion has a mix of high-density unit complexes, town houses & character protected Queenslanders. Albion also provides commercial, industrial and large green spaces that take up most of the small city fringe suburb.

Albion Buyers Guide

 

Transport:

To the north end of Albion you do have access to a designated train line, this is located close to the residential areas so is very convenient for access to the CBD. You are only three stations away from the city centre so it is a short and sweet journey. The train line would be the number one most popular transport option for this location. A large chunk of Albion closer to the river is zoned Industrial, which does not have any designated transport corridors.

 

Education:

The primary state school options for Albion are very desirable; there are four enrollment managed schools depending on where you live in Albion. Windor State School, Wooloowin State School, Ascot State School & Eagle Junction State School. For high school Albion is currently sitting in Kedron State high School with is also a desirable enrollment managed school. With the new construction of the Brand new vertical school Fortitude Valley State Secondary College will have future acceptance for the south end of Albion. To check the school catchments please click on the following link HERE.

Education preferences is a very personal decision and in this Albion Buyers Guide we have not ranked the schools, please conduct your own research to determine what is most important to you when it comes to education.

 

Amenities:

Albion Buyers GuideNow Albion has in the past been more of a convenient location to travel to the surrounding areas that give a lot of desirable amenities. Driving to Clayfield, Gasworks, Ascot, Kedron brook road is all easy access from Albion. However, as Brisbane changes there is a lot happening to modernise and revamp Albion.

The Albion Exchange development will bring a long list of benefits to the area. According to the development application, the proposed $750 million development aims to connect the east and west of Albion, which is currently segregated by the train line. The development will position the site as a community hub that provides new residential accommodation, office space, dining and shopping facilities, including $28.7M of upgraded transport facilities and public access to the Albion Train Station.

There is also the proposed Lamingtion Markets in Lutwyche, which would be a short walk from the residential properties in Albion, this is a game changer for the area. Click on the links to read more about the new developments coming to Albion.

 

Green Space:

Albion Buyers Guide

There are two designated green spaces that are a short walk from any location within Albion.

Windsor Park is an open green space that can be enjoyed see diagram of this park pictured. Crosby Park is home to the Brother’s Rugby Club and Albion dog park. For those that are active walking to the Brisbane River will give you an expansive boardwalk to keep you moving with options to walk to Teneriffe or to the east through Hamilton.

 

Employment Hubs:

Majority of locals living in Albion would commute to the CBD, there is still easy access to the Airport from Albion’s central location and there is access to the Tunnels that can take you north, to the CBD or skip the city to the Southside.

 

Typical Block Size & House type:

 Albion is where you find a mix of large family homes on large blocks of land and some smaller developments coming to the area by splitting the larger blocks into smaller ones, the majority of the residential streets in the suburb are typically either on 405sqm or 810sqm bocks. A few of the 810sqm blocks have a house on them that is too large to move to one side so will remain a 810sqm block. 

In Albion the majority of properties are character Queenslanders. Queenslanders in Brisbane are protected from demolition so most families in the area add modern extensions on the back or stick to the true character of the home through a renovation. The back entertaining extensions work a treat for those properties that have city views.

 

Demographics:

Albion is an area with mixed demographics but high wealth occupying the houses in this suburb, the weekly family income is at $2,569 (qld avg. $1,661). According to SQM research, the percentage of owner-occupiers is at 40.12% and 59.88% for renters. This is to be taken with a grain of salt as this would reflect the high rises and smaller unit complexes in the location that have been purchased by investors.

 

Most Desirable Area:

Before I get into the most desirable area lets break down Albion’s Zoning.

Albion buyers guide

This section of Albion to the south is all zoned either Industrial (purple) or high density residential and commercial. there is no low density residential in this section of Albion. This Section of Albion is the central location. This is where you will find High density unit complexes and commercial/shopping hub. This will be development zone for the Albion Exchange development.
This pocket of Albion is where there is medium density residential so some areas have small unit complexes and town homes. there is a lot of character Queensland homes in this area as well that are protected from demolition. The remainder of this section are pre-war homes that are protected from demolition.

This section on Albion is to the north, it is an elevated position with a few streets that achieve city views. Homes that are close to the Train line (yellow) are impacted by the noise. A lot of the homes in this pocket are pre-war and protected from demolition.


There are not many highly desirable pockets in Albion to choose from, when you break down the suburb, a very small portion of it is residential housing so there is not much choice. The most desirable position is to the north of Albion on the left side of the train line, these houses are free from flooding, have clear city views and are very centrally located. Streets like Stoneleigh Street and Marne Road are highly elevated and desirable.

 

Least Desirable Area:

The least desirable locations for houses would be within the noise-impacted areas by the train line and Sandgate road. This noise is heavy and can impact on the peaceful enjoyment of a property. There are also a couple of streets that are very close to the industrial sections on Albion and these areas would have some impact that may make them less desirable than the north-west section of Albion.

 

Median Price Values:

Median Price values in Albion are $876,000 with the upper quartile price at $960,000 and the lower quartile price sitting at $735,000.

 

Suburb Growth:

The capital growth rate for Albion over the last 5 years has been 20% for houses and -8.5% for units.

I hope the information in this Albion Buyers Guide has been helpful on your quest to buy your next property in Albion. If you need further help to secure a property in this location we can help, please reach out by booking a discovery call through the link below.

 

 

 

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Brisbane Property Market Update November 2020

Brisbane Property Market Update November 2020

This article will highlight what has been happening in the Brisbane Property Market throughout November 2020.

 

It feels like rocket fuel has been added to the Brisbane Property Market in the last month.  Sentiment has accelerated rapidly and so too are prices in some locations around the city.  The buyer depth has been increasing throughout November and plenty of buyers are complaining that properties are selling too fast, often before they have time to fully consider if the property is right for them.  Let’s explore what has been happening on the ground, and unpack what the monthly data tells us.

The latest lending figures show that owner-occupier lending has risen to historical highs, excluding refinancing.  In Queensland, first home buyer numbers are up 70% year-on-year.  The value of housing finance commitments (excluding refinancing) increased 40.2% in Queensland over the September quarter, accounting for around 31% of the uplift in finance nationally. 

 

lending commitments

 

 

Investor lending remains relatively modest overall looking at nation-wide data, although based on our own level of inquiry there is definitely a lot of investor interest in Brisbane at the moment.

Over the month we also saw mortgage lending get a little easier once again, with assessment rates from many banks being reduced.  This alongside the interest rate cut on Melbourne Cup Day has resulted in an increased borrowing capacity for many property buyers.

Also, consumer confidence is the strongest it has been in 7 years.

 

Consumer confidence and brisbane property market

 

Housing Loan Deferrals are also falling, down from more than 900,000 loans at the peak of the pandemic to under 300,000 now, a decline of almost 70%.  This is also providing reassurance for property markets, with the risk of forced selling due to mortgage holders unable to make their repayments, rapidly diminishing.

Finally Queensland had some good news on the employment front, adding back 206,000 jobs in only 5 months to see total employment higher now than a year ago.  And of course, vaccine tests are proving to be increasingly effective and there is talk of a nationwide roll out early in 2021.

Last month, we reported that Brisbane property prices were showing signs of growth and we are pleased to confirm that this positive growth trend is continuing.  Let’s explore what is happening in our local property market.

 

Brisbane Property Market Prices

 

According to the latest Hedonic Home Value Index data by Corelogic, dwelling values in Brisbane saw an overall median monthly price rise of a 0.6% over the month of November 2020.  The quarterly growth in dwelling values across Greater Brisbane is now 1.5% and annual growth is sitting at 3.2%.  

Of particular interest, is that all segments of the Brisbane market appear to have had similar growth over the last quarter with upper quartile values 1.5% higher compared with a 1.6% lift seen in the lower quartile values according to Corelogic Data.

 

Brisbane price growth

 

This month is the first since the onset of the pandemic where all capital cities demonstrated positive price growth, with Melbourne the only capital city location still reporting negative growth for the quarter. 

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 0.7% across the month of November 2020. The current median value for a Brisbane house is now $568,629, the highest it has ever been.

 

Brisbane house prices

 

The Unit Market in Brisbane saw some positive growth in the median value once again with an increase of 0.2% for the month of September 2020. The current median unit price in Brisbane is now $388,661, which is still 1% lower than 12 months ago.

 

Brisbane unit proces

Brisbane Rental Market Movements

 

The Vacancy Rate in Brisbane as a whole remained consistent at 2% between the end of September and the end of October 2020.   There are many areas in Greater Brisbane where vacancy rates are extremely low.  The table below highlights where vacancy rates across Brisbane sit at the end of October 2020.

 

Region Vacancy Rate October 2020
Beenleigh Corridor 0.9%
Brisbane CBD 7.9%
East Brisbane 1.8%
Inner Brisbane 3.8%
Ipswich 1.0%
Northern Brisbane 0.9%
South East Brisbane 0.9%
Southern Brisbane
2.1%
West Brisbane 1.6%

Source: SQM Research

 

You can see from the table above, that vacancy risk is still high in the inner city region where there is a large number of higher density units.  Rents in the unit market in Brisbane have now seen price falls -1.9% from March 31 to November 31, a remaining consequence of supply and demand side factors. 

See below the change in rents for Brisbane Units and Houses from March 31 to November 31 2020.

 

Brisbane rent prices

 

What are we seeing on the ground across Brisbane?

 

Every Saturday throughout November appeared to be busier than the last with buyer numbers continuously increasing.  Most properties that we viewed that were listed for sale by private treaty went to multiple offer after the first open home.  Buyers could not believe just how fast quality properties were selling and a lot of buyers have become increasingly frustrated that they keep missing out.

At auctions, we have seen strong prices being achieved.  If properties have passed in, in many instances there is a contract in place with a conditional buyer soon after.

Most properties are now selling outside of our appraisal range.  Appraisals are based on historical recorded sales and this data is lagging based on the current contract values.  If buyers are relying on sales that occurred 3-4 months ago to come to a price to pay for a property, they will in most cases simply miss out.  The market is on the move and buyers must be prepared to pay more than was required just a few short months ago.

 

The months ahead …

 

The outlook for the Brisbane housing market appears to be strong looking forward into 2021.

The demand is rising due to interstate migration, the broad range of stimulus measures and positive changes to market sentiment.  Economic conditions are improving with the virus containment and it has never been cheaper to borrow money.

Whilst we are seeing buyer numbers rise, we are also seeing stock remain low.  Listing volumes decreased again in November in Brisbane according to SQM Research, down a further 3.8% which demonstrates a decline of -12.5% annually.  Tight levels of inventory combined with rising buyer numbers creates urgency amongst buyers, which in turn adds to the upward pressure on property prices.

The recovery trend is well and truly in full swing in Brisbane and we expect 2021 will deliver some strong capital growth returns for Brisbane property.

 

 

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Tarragindi Buyers Guide – Read this Before You Buy

Tarragindi Buyers Guide – Read this Before You Buy

Tarragindi

 

Are you looking to purchase a home or investment property in Tarragindi? How do you determine if this is the right suburb for you? As Tarragindi Buyers Agents we have made it easy for you by compiling information about the suburb that is important to know when considering this suburb for your home or investment purchase.

Buyers Agent Tarragindi

 

Geography

 

Tarragindi is located approximately 6km south from the Brisbane CBD. The area is hilly, with mostly residential housing and is a leafy green suburb that is family friendly.  

The suburb was named after a native who was transported in the late nineteenth century to Queensland. Such people, called Kanakas, were a cheap source of labour for sugarcane production.

Apparently, Tarragindi escaped and was subsequently employed by Alfred Foote of Ipswich. Later, he cleared land for William Grimes (related to Alfred Foote) on a hill near Sandy Creek and the property was named after him.

Tarragindi has a lot of history, in the Indigenous history, The Coorparoo group maintained the are and had cultural links to other neighboring communities including territorially-neutral pathways, river crossings and ceremonies. A bora ring was known to have been maintained in Tarragindi.

European settlement began 1857. An early land-owner (and later Mayor of Brisbane and member of parliament), Thomas Stephens, established a woolscour and later a fellmongery in the northern part of the suburb near Essie Avenue. Another land-holder was James Toohey who leased properties for cattle runs.

During the Second World War, Tarragindi was the site of a field hospital administered first by the American Army. After the war, housing commission homes were built for residents. 

Buyers Agent Tarragindi

There are good schools and quite a few diverse parks in the area. The most desirable pockets to buy property are in quiet, elevated streets with views.

 

Transport

 

Tarragindi benefits from its close proximity to the South East Busway.  Being so close to the city means that getting a bus into the CBD only takes 15 minutes from the Holland Park West station.  You can have a look at the bus routes on the Translink website.

Tarragindi will also benefit from the new Metro which will follow along the same location as the south East Busway which follows along the M1 Motorway. The Metro will benefit the southern suburbs of Brisbane by bringing them traffic free transport to the CBD.

Buyers Agent Tarragindi

 

Education

 

Education starts with the kindergarten options of The Learning Sanctuary, Tarragindi Childcare and Development & Tarragindi War Memorial Kindergarten

All three Kindergartens are centrally located to the suburb and easy to access. 

 

The Primary School options for Tarragindi include the popular Wellers Hill State School, Marshall Road State School & Junction Park State School. All of these schools are enrollment managed.

Buyers Agent Tarragindi

 

For high school, Most of Tarragindi is in the enrollment managed catchment for Holland Park State High School and a smaller section of the suburb is in the catchment for Yeronga State High School which is not currenly enrollment managed. 

You can have a look at their results in regards to Year 12 results and compare with other schools at the Better Education website here.

Buyers Agent Tarragindi

You can search for the school catchment by address here and read more in-depth about these zones in our blog How to Find the Best School Catchment Zone in Brisbane.

You can also find more information about each school at The Good Schools Guide.

 

Amenities

 

Tarragindi is not an area that holds retail zones so you will need to travel outside the suburb for specialty stores including Woolworths and Coles. Tarragindi provides small coffee shops, hair salons and small retail stores for the locals. Conveniently, Tarragindi gives ease of access to Garden City Shopping Centre for bigger retail stores. Other amenities within the suburb include the famous and highly popular Tarragindi Fruit Barn, a post office and small business takeaway restaurants. 

Because Tarragindi is so central it is very easy to zip around to other popular hubs in neighbouring suburbs.  

 

Green Space

 

Tarragindi is an area known to be a green leafy suburb. It has up to 16 different parks and playgrounds for the community.  The largest of these (not including Toohey Forest) is Weller Road Park located between Weller road and Marshall Road.  Another popular big park is the Tarragindi Recreation Reserve Perfect for sports, picnics and family afternoons at the park. 

As with most family friendly suburbs the parks are quite busy on weekends and afternoons. 

Holland Park Buyers Agent

There are an array of smaller parks scattered throughout the suburb keeping the streets of Tarragindi leafy green and accessible with small children for the locals. 

Toohey Forest Park, the largest area of remnant bushland in Brisbane, is also very close by with picnic areas, walking tracks, mountain biking trails and even bouldering opportunities for the adventurous.

 

 

Employment Hubs

 

Locals living in Tarragindi either commute to the CBD, the Queensland University of Technology, Griffith University, Greenslopes Private Hospital, Princess Alexandra Hospital or to various employment hubs in neighbouring suburbs.

Some residence may enjoy the easy access to the M1 to take you to the Gold Coast as well. 

 

Typical Property Style

 

Tarragindi typically has Queenslanders and post-war homes on larger blocks. As these post-war homes are ripe for a big renovation or demolition there are also many new executive homes in the suburb as it becomes increasingly popular for young professionals and families.

There are some development sites in this location as well that are highly desirable for both developers and families looking to build their dream home or just looking for that larger block of land. Check out the below new build in Tarragindi which you can find further photos on the sold tab or realestate.com. 

 

 

Demographics

 

Tarragindi is an area with a high level of wealth.  The weekly family income is at $2,600 (Qld avg. $1,661).  According to SQM research, the percentage of owner-occupiers is at 70% and 30% for renters. What you want to see is a superior percentage of owner occupiers in any particular suburb compared to renters. This shows the desirability of a suburb for owner occupiers which will help to drive capital growth due to desirability for the suburb over time.

Tarragindi is an area that is rapidly gentrifying. Families are purchasing the older homes and because its the closest suburb to the CBD that is predominately low density residential as oppose to character residential where properties are protected from demolition, it makes for a great area to knock down the older post war homes and create large executive family homes. 

 

 

Most Desirable Area

 

The most desirable areas in Tarragindi are elevated in quiet streets with an outlook toward the city. Some of the streets with city views are: Pring Street, Prior Street, Denham Terrace, Bramston Street, Andrew Avenue, Effingham Street & Vista Avenue. 

 

 

Least Desirable Area

 

The least desirable areas in Tarragindi are on the main roads, properties that are flood affected and the pockets that are affected by the flight path. Tarragindi is an area that is outside the noise overlay for airplanes however in some pockets you can hear the planes especially during peak flight times. To check a particular address to see if it is affected by the flight paths please click here

Below I have added a picture of the overlays that may impact the desirability of the location. I have the bushfire overlay, overland flow as well as the transport noise corridor overlays selected. 

Buyers Agent Tarragindi

 

Median Price Values

 

The median price value for houses in Tarragindi is is $825,000 with the upper quartile price at $1,082,500 and the lower quartile price sitting at $740,250.  If you’re looking to buy one of the new executive homes, then expect to pay over $1.5mil.

 

Suburb Growth

 

The Capital Growth rate for Tarragindi has been 5% per annum for the last 5 years.

The vacancy rate according to SQM research is 1.2%

You can find out up to date news for the area and local interest stories at Tarragindi News here

There is also the Tarragindi Community Facebook Group that you can request to join to ask questions and make connections with locals.

 

I hope this information has been helpful on your quest to buy your next property in Tarragindi.  If you need further help to secure a property in this location we can help, please reach out by booking a discovery call through the link below to your Tarragindi Buyers Agents.

 

 

 

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7 Steps to The Buying Process – The Basics

7 Steps to The Buying Process – The Basics

Buying a property can be overwhelming. 

Let’s face the facts … most of us only ever buy a very small number of properties in a lifetime. 

But for us, it is our profession, so to help property buyers, we have compiled the following 7-steps to outline the process so you can have more confidence when buying a property.

 

1. Step 1 of the Buying Process – Get Finance Ready

 

We wanted to start this article at the very beginning – right when you first make the commitment to invest in your future and purchase your very own property.  

When you first decide that buying a property is your next step, there are a number of things you will need to do to get on the front foot.

First, get out and about and do solid research into the current market and property values. This will assist in making realistic goals for you next property purchase. The market will change when the time to actually buy comes, so monitor the market right up until you are ready to put in offers. This will keep you educated so you don’t frequently miss out on properties that appeal to you.

The Buying Process

Look for a mortgage broker that you trust so you can discuss your property goals with them. You may need to meet a few mortgage brokers until you find the right one for you.  Some will be more focused on finding you the lowest interest rate.  Others will create a longer term finance strategy.  This will depend on you as an individual and what you are hoping to achieve in the future.   All mortgage brokers will have their ideal clients so it is best to ask which type of property buyer that they specialise in. 

You may find a mortgage broker that caters to the first home buyers’ market which may be great if you are feeling nervous about the process and need a bit of support.  However if you are looking for a mortgage broker who has experience with investment strategies then that may work better for you if you are looking to invest.  We always recommend talking to your mortgage broker about your long term plans, because even if you are buying a home, if you have plans to upgrade in the future, then some mortgage strategies might be better suited than others if the first property is to be retained and converted into an investment.

Make sure you are on board and comfortable with the broker you have selected.

The Mortgage Broker will be able to put a plan in place and will be able to help you with the following:

  • How much you can afford to borrow
  • Give you education on current interest rates
  • Educate you on the different set finance options and loan products (principal & Interest vs. Interest only, fixed & variable rates, offset and redraw facilities)
  • If there is a particular budget you have in mind they can let you know if that is achievable
  • Educate you on all fees involved when purchasing a property
  • Set a plan in place so you have a clear idea of what you can afford to buy

Mortgage brokers are also free for consumers to use. They get paid by the lenders they place the home loan with so you are not up for any costing with going with a broker.

Once you have your goals in place as well as a plan on how to achieve them you can move to the hardest step in the entire process…

You may find that your bank may do a bundle package to provide an attractive rate so it is important to look into all of your options and work out which one will work the best for you.

 

2. Step 2 of the Buying Process – Saving the Deposit

 

Saving the deposit for your property purchase can feel like the longest journey so it’s important to stay focused during this process.   It is very easy to lose sight of what you want to achieve when the end goal seems so big.

Our top tips for saving the deposit are below:

  1. The Buying ProcessRevise your budget to see how much can be saved each month and each pay date, ensuring you break down the savings goals into smaller more manageable goals helps keep you motivated and on track.
  2. Now is the time to stop any unused memberships and look at ways you can reduce your spending. This may be gym memberships you don’t use or cutting down take away from three times per week to once per week. The important thing to remember here is not to go overboard, restricting your spending too much may end up being more harm than good, you still need to enjoy yourself during this process but make a conscious effort to manage your money a lot closer.
  3. Pay yourself first. On each pay day it is important to revise your budget and move the amount you have allocated straight to a savings account, this way you don’t accidentally reach into that amount with your everyday spending, out of sight, out of mind. Treat your savings account like a bill that is due each month.
  4. Have a designated saving account for your property purchase. This is important and there are a lot of options on how to do this so look into what would work best for you.  Term Deposits can prevent you from spending money due to limits on withdrawals.  Be disciplined and avoid potential spending sprees.  

By following the above steps you will be well on your way to your first property purchase.

 

3. Step 3 of the Buying Process – Pre-Approval stage

 

Once you have your deposit saved you are ready to put things into action.  The hardest part is complete and now it’s time for the next step in the buying process.

What is a pre-approval you may ask?

A pre-approval is an “in principal” commitment from the bank that you can borrow up to a certain amount of money for the purchase of a property.  Banks will assess your financial details and credit history to ensure that you are a suitable candidate for a mortgage.  Having a pre-approval in place gives you confidence when entering the searching phase.  This is because you will know what your top budget is and you can confidently know where you stand when negotiating with agents.

Re-engage with your chosen mortgage broker at this stage.  They will be able to assist you in this process and run you through the steps of getting that pre approval in place.  The pre-approval phase is a valuable step in getting you closer to your new purchase.

Pre- approval is not formal approval so be careful when putting in your offer as you still may need a finance clause in the contract of sale in order to for banks to make a final assessment on your application.  Your mortgage broker will be able to assist in how long the finance clause may need to be in place.

 

4. Step 4 of the Buying Process – The search begins

 

The Buying ProcessThis is where the fun really begins. There is a lot of decision making during this phase so it can often feel quite stressful during this part of the process. 

We have compiled three tips to remember when searching for a property to buy:

  1. If it is meant to be… it will be.  There may be instances where you may miss out because another buyer was willing to pay more than you, especially when the demand for property is high and there is a lot of competition.  If you miss out simply, move on as your ideal property is still waiting for you.  It is ok to feel disheartened … but do not let it consume you!
  2. Going to multiple open homes every weekend can become overwhelming and exhausting. You may be feeling very excited for the first few weekends, however if the right property is not presenting itself, then this can get exhausting very quickly.

We recommend completing comprehensive research before inspecting. Do you like the area? Does it have the right floorplan for your needs & is the property still available?

Just because it is listed online, it should be available…right?

You would be surprised how many agents still show homes that are under contract or sold off market.  This is the agent working for the seller in case the contract doesn’t work out, but it is also wasting your time so give the agent a call and ask them as many questions are you can.

  1. Take photos and a measuring tape. In high demand markets there is not usually a second… or third opportunity to inspect and take measurements, or you may have forgotten what some parts of the house or site look like.

After you have walked through and made an assessment if you really like it then take another walk through to take pictures or videos of every corner of every room & measure the important spaces (eg. fridge space, washing machine space, bedrooms and living areas) to ensure your furniture fits.

If you are overwhelmed by this searching process or want to know about off market opportunities, then looking into how a buyer’s agent can help may be of benefit to you.

 

5. The Buying Process – Making an offer

 

The Buying ProcessMaking an offer on a property is serious business. 

There is so much to consider in such a short space of time and this process can become overwhelming, especially when the competition is high.

You need to understand how much to pay and how to present your offer to the seller or their agent.  We have written an in depth Article on the Contract Process in Queensland that you can find HERE.

If you are fortunate enough to purchase property using cash, then your offer will be strong.  However most people do have to go through the banks and obtain a loan to purchase a property.  This means that there needs to be some conditions on the contract before the offer is made.

The items you need to consider when putting forward an offer are:

  • Initial and balance deposit amounts
  • Offer amount
  • Finance clause and how long to satisfy
  • Building and pest inspections and time frames
  • Settlement date
  • Any other special terms that are needed (due diligence, rent back, body corporate searches etc)

You may think that the highest bidder always wins … and this is likely is most cases, but not always.  There are many instances where the highest offer has not been the accepted contract due to other offers having better terms in place.

Our best tip to you is to talk to the agent and figure out what is really important to the seller when it comes to selling their property.  Once you have this information, you can use it to make your offer more appealing to the seller.  For example, this may be a longer settlement because the seller has not yet found their next home and therefore needs more time to relocate.

Sometimes the agent may pre-populate the information for you on a contract to help guide your offer.  However it is important to note that you can change these particulars to suit you or the seller more favourably.

Everything is negotiable …. 

 

6. The Buying Process – Conditional and Unconditional Stage

 

Once you submit your offer and it is accepted, if the offer is subject to any conditions then you enter the conditional stage in the Buying Process.  This is where you would organise a building and pest inspector and work with your mortgage broker and bank to satisfy any finance clause included in the contract.  You will need to engage a solicitor that is based in the state you have purchased to communicate with the sellers solicitors and handle the conveyancing process.

It is very important for you to get a building and pest inspector to provide a report if the contract is conditional to a building and pest inspection.  They will look into all the sections of a property that you cannot physically see from a standard property inspection and provide a report of their findings.  You want to know that the property has no hidden defects or maintenance concerns, as there are huge costs associated with buying a property and mistakes can be costly.

If you do find something that you may need to fix, you can try and negotiate the cost of repair off the purchase price or get the seller to rectify it prior to settlement.  It may be something structural that could put you out thousands of dollars without actually adding any value to the asset, so uncovering these issues at this time is critical.  You also may have the option to withdraw from the contract if the results of the building and pest inspection are not to your satisfaction.  These are all options available to you under a building and pest clause.

Once you have completed your inspections, obtained your final finance approval and satisfied any other conditions in the contract, your contract will become unconditional.  This is time to celebrate!  At this time the solicitors will prepare for the settlement to take place on a specific date.

 

7. The Buying Process – Settlement

 

The Buying ProcessThis is the final stage of the buying process and one to be heavily celebrated!  All that hard work has now paid off. Settlement day is when the seller will receive the payment of the agreed contract price and the buyer will legally take ownership of the property.

This is where key collection takes place, that picture in front of the sold sign can be taken and the moving in process begins.

 

I hope the seven steps have brought some ease to the buying process journey. If you need help with finding and securing your property please reach out at Streamline Property Buyers.

 

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Hamilton Buyers Guide – Read This Before You Buy!

Hamilton Buyers Guide – Read This Before You Buy!

Are you looking to purchase a home or investment property in the sought after suburb of Hamilton? We and Hamilton Buyers Agents have made it easy for you by compiling everything we know into this Hamilton Buyers Guide. this Article contains information about everything we know and what is important to know when choosing a place to live or to invest in.

Hamilton

Geography:

Hamilton is located approximately 6km from the Brisbane CBD towards the northeast. The area is vibrant and modern. Hamilton is located along the north bank of the Brisbane River; the neighbourhood is hilly & elevated with views of the CBD. Hamilton was historically known as a popular hotel district. Hamilton Hill was popular for mansions back in the day due to its exclusive elevation and views of the CBD. Now you will see a mix of large homes, tall residential complexes, industrial warehouses and vibrant entertainment hubs.

Hamilton Buyers Guide

 

Hamilton Buyers GuideTransport:

The number one most convenient transport option for locals is the Ferry service; there are a number of terminals along the riverbank to transport residents to the CBD or any other location along the Brisbane River. There is also close proximity access to the train line form the Ascot or Doomben stations access to the CBD. There is access to regular bus services throughout the suburb and Hamilton is very close to the Gateway motorway making trips to the Sunshine Coast or Gold Coast very convenient.To view the public transport options visit the Translink site HERE.

 

 

 

Education:

The State School options for Hamilton include the highly desirable enrollment managed school Ascot State School, Hamilton State School and the high schools Aviation High and Clayfield College. Most high-income earning families in the area choose to enroll their kids into private schools especially for the high school years. Some private schools close by include, St Agatha’s Primary School, St Rita’s College, St Margaret’s Anglican Girls School and Nudgee College. Now when it comes to education it is hard for us to tell you what the best school is in the Hamilton Buyers Guide and this is because everyone preference if different when it comes to kids education.

 

Amenities:

Hamilton is a hub for entertainment and nearly everyone in Brisbane has come to Hamilton to visit the famous and popular Eat Street Markets on the Northshore. There are an array of restaurants along the riverbank and the popular Hamilton Hotel for a great pub feed. As you head further east closer to the Airport there is DFO shopping precinct and the Royal Queensland Gold Club to enjoy.

Hamilton Buyers Guide Hamilton Buyers Guide Hamilton Buyers Guide

 

Green Space:

There are some greet greenspaces in and near Hamilton, Hercules street Park is located centrally and you are also close by to the Albion Park Paceway as well as close access to Newstead Park that can be accessed via a tranquil walk along the Brisbane river.

 

Hamilton Buyers GuideEmployment Hubs:

Majority of locals living in Hamilton would commute to the CBD, Kingsford Smith Drive has just had a recent upgrade to help commuters access the CBD easily. Hamilton is also only 8km to the Airport for those locals that travel interstate for work.

 

Typical Block Size & Property Type:

Hamilton is a mix of high-density unit complexes as well as large family homes on Hamilton Hill. The typical block size is very mixed in this location, In the previous year’s Hamilton has experienced an oversupply in apartments and town houses around the port of Brisbane development which have now been absorbed from people moving to the area locally and from interstate. Parkside Circuit is a new development that offers brand next executive style town houses and unit complexes next to the Royal Queensland Gold Club however watch out for the mozzies as its built in front of mangroves.

In Hamilton you will see many character queenslader homes on the hill, these are all mostly protected from demolition and can not be replaced with new homes, If you are lucky enough to find a site that has a post war property then you can knock down and build a brand new property, As this is a high wealth suburb you will see major renovations on the older Queenslanders. Hamilton also has high density units, these units are modern and brand new however typically stock standard quality. Complexes in Hamilton like to include gyms, pools and other lifestyle amenities to attract investors, owner occupiers and tenants.

 

Hamilton Buyers GuideDemographics:

Hamilton is an area with high wealth, the weekly family income is at $2,895 (qld avg. $1,661). According to SQM research, the percentage of owner-occupiers is at 50.88% and 49.12% for renters. This is due to the array of high-density unit complexes that introduced off the plan investing to the area. Owner-occupiers dominate most of the houses in Hamilton.

 

Hamilton Buyers GuideMost Desirable Area:

You cannot go past Hamilton Hill as the most desirable location in Hamilton. Elevated, high on the hill with both city and river views. This area is also outside of the plane noise overlay from the new runway.

 

Least Desirable Area:

Now that the brand New Runway has been built at the Brisbane Airport over 50% of Hamilton is now affected by strong plan noise. Even though Parkside circuit is a very new and beautiful development the mozzies, plane noise, industrial zoning and low-lying land (flood impacted) would be a deterrent for some.

Hamilton Buyers Guide

Median Price Values:

Median Price values in Hamilton are $1,401,944 with the upper quartile price at $1,880,000 and the lower quartile price sitting at $950,000.

Hamilton Buyers GuideSuburb Growth:

The capital growth rate for Hamilton over the last 5 years has been 16.3%.

I hope the information in this Hamilton Buyers Guide has been helpful on your quest to buy your next property in Hamilton. If you need further help to secure a property in this location we can help, please reach out by booking a discovery call through the link below. To read other posts like this Hamilton Buyers Guide click HERE.

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Salisbury Buyers Guide – Read This Before You Buy!

Salisbury Buyers Guide – Read This Before You Buy!

Are you looking to purchase a home or investment property in the sought after suburb of Salisbury? We as Salisbury Buyers Agents have made it easy for you by compiling everything we know into this Salisbury Buyers Guide. This Article contains information about everything we know and what is important to know when choosing a place to live or to invest in.

 

Salisbury

 

Geography:

Salisbury is located approximately 12.7km from the Brisbane CBD towards the South. The area is vibrant and family friendly. Salisbury is located near the Kedron Brook for access to green space, bike and walking tracks. The neighbourhood has medium elevation and some streets achieve city glimpses and leafy green views to the Reserve.

Salisbury was named after the residence of William Coote, an early Brisbane engineer, architect, journalist and political figure, who lived in the area. It is presumed to refer to Salisbury in England.The Beenleigh railway line opened in 1885 which included the Salisbury railway station to service the area. 

On 20 July 1912, The main Salisbury Township Estate, Salisbury located off Main Road (now known as Lilian Avenue) was advertised to be sold on site, by Arthur Blackwood. The estate consisted of 442 predominantly 32 perch (800m2) blocks, consisting of the entire area between Lillian Ave, Cripps Street, Fairlie Terrace and Rocky Water Holes

Salisbury Buyers Agent

 

 

Transport:

The number one transport usage for Salisbury is the Train line, Buses do service the area and will conveniently take you to Westfield Shopping Centre and surrounds however, in terms of access to the CBD for work or leisure the train is the best option taking you straight to central station.

As our roads become more congested with cars over time living near these designated transport corridors will be very convenient. The train provides traffic free transport which is a huge plus. To view the current public transport options visit the Translink site HERE.

 

 

Education:

Most of the residential sections in Salisbury are covered in the Salisbury state school catchment, with about 4 streets falling into the Coopers Plains State School catchment. Both schools are not enrollment managed so you could apply to either whilst living in Salisbury. 

For high School catchments, Salisbury residence are split in the middle between three schools, Yeronga State high School, Holland Park State High School & Sunnybank State High school Both Yeronga and Sunnybank are not enrollment managed schools however Holland Park is enrollment managed. This is an enrollment managed school. I would say it is uncommon for residence of the area to send their kids to private schools but as the area rapidly gentrifies this may change. The private school options in the area are the boys Brisbane Christian College (primary and secondary campuses) & St. Pius Catholic Primary School.

When it comes to education, it is hard for us to tell you what the best school is in the Salisbury Buyers Guide and this is because everyone’s preference if different when it comes to education. Click HERE to search the school catchments on a particular property address. 

 

 

Salisbury buyers agentAmenities & Green Space:

Salisbury is located a short and convenient drive to Westfield Garden city shopping centre, Salisbury has that small community vibe where everyone knows everyone and all can congregate at the local cafes that are established in the center of Salisbury. Griffith University at Nathan is next door which has very easy access from Salisbury and a little bit further and you will find yourself at the Mount Gravatt Griffith campus.

Apart from the Toohey Forest Park there are a couple of smaller parks to enjoy that are within waling distance to anywhere is Salisbury, Salisbury is not a large subube and the residential hub is quite close. some parks include Russ Hall Park, Salisbury recreation Reserve, Lillian Ave park, Rosebank Square Park, Bill Moore Park, Assembly Street Park and rocky water hole which connects the parks through a stream. Plenty of areas to take the kids for some outdoor fun. 

 

  

Brisbane CityEmployment Hubs:

 

Salisbury is conveniently located near major industrial hub as well as a short from from Westfield at Garden city. The train line gives easy access to the Brisbane CBD as well. 

 

 

 

Salisbury buyers agentTypical Block Size & Property Type:

Salisbury typically has post war homes. The typical type of property you will see is the post war cottages surrounding the whole suburb with some mixed in modern new builds. The post war cottages are decent size, usually 3 to 4 bedrooms unless they have been extended, they carry small amounts of character and can be removed from the site to make way for a brand new property. 

Typical block sizes in Salisbury are 600sqm or 800sqm. Most of the 800sqm blocks are being rapidly snapped up by developers or home buyers who split them and build two executive new builds on the site turning them into 400sqm blocks of land or for home buyers especially building thier dream home on the larger blocks of land. 

 

 

Demographics:

Salisbury is an area with a higher than average level of wealth.  The weekly family income is at $2,040 (Qld avg. $1,661).  According to SQM research, the percentage of owner-occupiers is at 69.10% and 30.90% for renters. What you want to see is a superior percentage of owner occupiers in any particular suburb compared to renters.  This shows the desirability of a suburb for owner occupiers which will help to drive capital growth due to desirability for the suburb over time.

Salisbury is on the rise in terms of house prices. It is the next suburb out from Tarragindi & Holland Park which has reached considerably higher sale prices than Salisbury and pushing the median buyers out further. In Tarragindi & Holland Park houses are very high in price and Salisbury, at this stage is still more affordable for families looking for that lifestyle but the larger family home. Because of the affordability, the area is rapidly gentrifying and prices are rising due to the demand.

 

 

Salisbury buyers agentMost Desirable Area:

Salisbury is generally a desirable pocket, this is especially so in center of Salisbury, you are within walking distance to the train line, schools, parks, cafe’s and this area has a strong community feel as it is a small area. Streets like, Blackwood Road, Henson road, Ness Road and Douglas road are highly desirable because of their elevation and location. some sites may achieve a city glimpse and/or a lush green outlook towards Toohey Forest Park.

 

Least Desirable Area:

The least desirable areas in Salisbury are to the North of rocky Water Hole, here the properties are surrounded by more industrial buildings and avoiding the locations that back onto the main road and train line. 

 

 

Median Price Values:

Median Price values in Salisbury are $610,000 with the upper quartile price at $669,000 and the lower quartile price sitting at $540,000.

 

 

Salisbury buyers agentSuburb Growth:

The capital growth rate for Salisbury over the last 5 years has been 20.5%.

I hope the information in this Salisbury Buyers Guide has been helpful on your quest to buy your next property in this location. If you need further help from and Salisbury Buyers Agent to secure a property in this location we can help!  Please reach out by booking a discovery call through the link below. To read other posts like this Salisbury Buyers Guide click HERE.

 

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Off Market Properties in Brisbane

Off Market Properties in Brisbane

Have you heard the term “off market property”?

Do you know what it means and how it can benefit you in your property search?

How can a Buyers Agent help you secure off market properties?

 

What are off market properties?

 

Off market properties

Off market properties are properties that are for sale without being advertised to the general public. They are not listed on the usual real estate website portals, they don’t have shiny brochures and they don’t have regular “open for inspections”. All of this means that they are available to a limited number of buyers which can reduce the competition for that property.  This can be advantageous for you, the buyer!

 

If you’ve been searching online for a while you may have seen new properties pop up and already have “under offer” or “sold” on them. This is usually because the property has sold off market, and the selling agent wants to use it as a marketing tool for themselves. The best way for them to get new clients is to show their sales results!

Here’s a quick video explaining off market properties.

Why are there off market properties?

 

Why would owners want to sell their home or investment property off market when it means they may not get the maximum sales price possible?  There are a variety of reasons:

 

  • They want to keep the sale private.

Usually from the neighbourhood or their local community who aren’t close friends. This could be due to a break-up, illness, change in working location or financial circumstances. Some people are simply private people.

 

  • To save on marketing costs.

Listing on real estate websites can cost thousands of dollars so selling off market saves money. The owners may not want professional photography or styling either so this saves on that as well.

 

  • To avoid open home inspections.

It takes a lot of work to clean and present a home for open inspections every Saturday for few weeks at a minimum. Some agents like to open for inspection mid-week too depending on the target market. Then there’s the after inspection clean up! On top of this is the lack of privacy you have with people traipsing through your home and looking at your personal possessions.

Selling your property off market can avoid this which is appealing for families with children, busy professionals or public figures in the community.

 

  • To reduce the stress of selling the home.

Selling your home can be quite a stressful process. If the owners are already in a stressful situation adding the public sale of their home can be a bit much to take. Keeping the sale off market and available to only a limited number of buyers reduces this stress. Owners can direct the sales agent to only bring qualified, genuine buyers through the property.

 

 

How can you find off market properties?

 

Brisbane buyers agent

If you have the time then call every agent who sells in the areas you’re looking to buy into and ask them what they have available. Make sure you’re checking in with them every 1-2 weeks and that they have your details in their system to send you their email updates. 

 

Go to all of their open house inspections even if that property is not right for you. The more that the agents see you the better. Talk to them and ask them questions.

Follow agents on social media. More agents are ‘announcing’ their up-coming listings on Instagram and Facebook.

You need to be top of mind when they speak to and sign up a new client. This is imperative for you to have access to the whole range of properties for sale whether on market or off market.

 

 

Help for buyers

 

off market properties

If you’re time poor and frustrated with the search, a Brisbane Buyers Agent can help you.

 

Buyers Agents should already have a developed network of agents. Because they specialise in searching for clients, they have regular contact with selling agents in all different areas of Brisbane.  A Buyers Agent contacts sales agents and provides them their clients’ needs and wants in a new home or investment property.  The Real Estate Buyers Agents Association of Australia (REBAA) defines the role here.

 

 

A Buyers Agent will conduct basic due diligence of a property before even presenting it to their clients to make sure there are no major issues with the house and/or land.   To save their clients time, Buyers Agents arrange and conduct the initial inspection of the property and take a detailed video to show their client.  Our blog goes more in depth into how a Buyers Agent can help you.

 

Depending of the circumstances of the seller, time can be of critical importance in securing an off market property.  This is especially true if the seller does want to take the property to market, i.e. have professional photos and advertise online through the real estate portals such as realestate.com.au and domain.com.auThis can also be known as a pre-market opportunity.

These are still off market properties, but the owners are motivated to sell and prepared to list their property publicly.  However, if they do receive a good enough offer before they go to the open market they are prepared to sell to save on the marketing costs and remove the inconvenience of open for inspections. 

 

If you can offer a good price to buy the property, then even if it’s a bit under what the selling agent could achieve with competition, the owner can decide to sell off market.  The benefits of reducing the stress and costs as outlined above can outweigh the loss of a few thousand dollars.  It’s important in this situation that you have a good understanding of what the value of the property is so that you don’t overpay!  Research is critical for successful negotiation of both on market and off market properties.  Take your time and make sure you understand the current market! 

 

We hope this has helped you understand off market properties in Brisbane. Please get in touch if you would like further help with your property search.

 

 

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Ashgrove Buyers Guide – A Useful Guide Before You Buy

Ashgrove Buyers Guide – A Useful Guide Before You Buy

Are you looking to purchase a home or investment property in Ashgrove?  How do you determine if this is the right suburb for you?  As Ashgrove Buyers Agents we have made it easy, by compiling information that is important for you when considering Ashgrove for your home or investment purchase.

Ashgrove bisbane

 

Geography

 

Ashgrove is a suburb of Brisbane that has plenty of history and is located approximately 4km north-west from the Brisbane CBD.  It stretches from the bordering suburbs of Red Hill, Newmarket, Alderley, Bardon and The Gap.  The suburb is well known for its leafy streets, hilly terrain and Ashgrovian houses. 

Ashgrove’s native name is ‘Kallindarbin’[5] and was originally inhabited by the indigenous ‘Turrbal’ or ‘Duke of York clan’.[6] The main thoroughfare, Waterworks Road, was built on a Turrbal pathway that led to Mount Coot-tha, a place of the ‘Honey-Bee Dreaming’ and to the Enoggera Reservoir.

Being close to the foothills of the eastern side Mt Coot-tha, the opportunities for nature-based activities are excellent.  There are many parks with playgrounds, sporting fields and nature reserves in the area.  Ashgrove has multiple desirable pockets that are quiet and elevated to take in the surrounding bush and city views.

Ashgrove buyers agent

 

There are quite a few heritage listed landmarks are in Ashgrove such as Glen Lyon at 34 Glenlyon Drive, and St John’s Wood House also known as Granite House, which was one of the first homesteads in the area which still has it’s name of St John’s Wood. There is a complete list of heritage sites in Ashgrove here. You can read more about Ashgrove’s history here.

Ashgrove buyers agent

Glen Lyon

Ashgrove buyers agent

Granite House with Cedar House (right) 1880

 

 

Transport

 

Buses provide the main public transport options in Ashgrove along Waterworks Road and Stewart Road. It’s a scenic ride through Red Hill to the city and doesn’t take long even in peak hour. For timetables have a look at the Translink website to plan your journey here.

Bike riding is a popular way to travel as well being so close to the city although the terrain is hilly. 

 

Education

 

 

The education options for Ashgrove residents begin with Ashgrove Memorial Kindy, C&K Ashgrove West Preschool, Green Leaves Early Learning Ashgrove and Goodstart Ashgrove.

Ashgrove Buyers AgentPrimary State School options for Ashgrove include Ashgrove State School which was established in 1877, Oakleigh State School and Ithaca Creek State School

 

 

 

Ashgrove buyers agent

For high school a lot of families in the area choose to enrol their kids into private schools or send them to the high achieving The Gap State High School.

The private schools in the suburb are: Mt St Michael’s and Marist College Ashgrove. 

 

To find out more about how to determine school catchment zones in Brisbane read our blog for in depth information here.

 

Amenities

 

The biggest hub of shops and cafes are at the junction of Waterworks Road, Stewart Road and Ashgrove Avenue. As well as the three big grocery stores, Woolworths, Coles and Aldi you’ll find bakeries, butchers, seafood, chemists and the list goes on. There are multiple locations within Ashgrove for coffee shops, hair salons, small retail stores, restaurants and bars.

Buyers agent Ashgrove

The well hidden Junk Bar on Ashgrove Avenue is popular and has featured many evenings of live music. You can hire the venue for functions or its open on Friday and Saturday nights. For more information have a look at their website here.

 

There are many businesses located on Waterworks Road including the Pet Cafe, Midas Automative Services and one of the best Vets in the area – Ashgrove VetLove.

The West Ashgrove complex provides a range of services including Australia Post, cafes – the newest one being Corn Street, restaurants and boutique fashion stores such as Our Sunroom and L’adore & Co. There is also a newer bar across the road beside the hairdresser, physio, and a medical centre –  The Local Larder and Wine Bar.

There really are so many businesses – have a look at Must Do Brisbane’s website on things to do in Ashgrove here and here for West Ashgrove (please note that Macho Macho is now closed).

 

Green Space

 

Buyers agent AshgroveYou are spoilt for choice of green space in Ashgrove.  There are many parks and playgrounds for the community including Dorrington Park with sporting fields and a cafe right next door to the fenced “Enchanted Forest” playground. There’s also a skate park, basketball half-court and hockey fields.

St John’s Wood has some lovely parkland along Enogerra Creek including a walkway and bikeway along the Ashgrove Sportsground and Des Connor Fields to Dorrington Park. Here are some more details.  

Ashgrove Buyers agent

Another popular park for dog owners to meet up at is Sunset Park with its off-leash dog area.   

 

 

For a full list of parks in Ashgrove have a look at the Brisbane City Council’s website here.

 

 

Ashgrove buyers agents

Another green space is the Ashgrove Golf Club which is close to The Gap boundary and also has a restaurant with function room.

 

 

 

Much of Ashgrove has very close access to the bush with many opportunities for walking and mountain biking. As well as access to Mt Coot-tha Reserve picnic areas and the multitude of trails including to the summit to the lookout over Brisbane. The Mt Coot-tha Botanical Gardens are also very close with it’s wide range of attractions.

 

 

Employment Hubs

 

Locals living in Ashgrove either work in the local retail shops or businesses, commute to the CBD, the University of Queensland or to various employment hubs in neighbouring suburbs.  Ashgrove is approximately 18km to the Airport for those locals that travel interstate for work.

 

Typical Property Style

 

Ashgrove’s characteristic home is the Ashgrovian on typically larger blocks of land. 

Ashgrovian is the term coined for a variation of the Queenslander built between the late 1920s and World War II in the suburb of Ashgrove in Brisbane.

Also dominant in the suburb are Queenslanders and pre-war character homes ripe for renovation and old post-war homes ready for a big renovation or demolition. There are many new executive homes in the suburb – quite often on a block that has been split from the original large size to a 405m2 lot size.

There are some apartment buildings on the busier roads such as Waterworks Road and some smaller townhouses hidden in the area.

Ashgrove buyers agent Ashgrove buyers agents

 

Buyers agents Ashgrove

 

Demographics

 

Ashgrove is an area with high wealth with the weekly family income at $3,257 (more than half of the Queensland average of $1,661!).  According to SQM research, the percentage of owner-occupiers is at 71% and 29% for renters.

The top 3 life stages for people living in Ashgrove are:

  • Established couples or families 20.7%; 
  • Older couples and families 18.6% and;
  • Maturing couples and families 12.1%.

A lot of families with young children move into the area and bring up their children there until adulthood.

 

 

Most Desirable Area

 

There are many highly desirable pockets in Ashgrove to consider including the elevated positions backing onto bush reserve or parkland, and/or with city views or views to the mountains. There are a lot of quiet, tree-lined and family orientated streets which are in high demand by young families and established and maturing families.

Staying away from the main roads and the low areas prone to flooding is the best way to buy well in Ashgrove but due to the higher prices compromising on road noise can be a way to get into the area.  

Least Desirable Area

 

 

As Ashgrove is close to bushland and Ithaca Creek there are a few areas that you need to be aware of in regards to bushfire risks and flooding as shown here. 

Ashgrove Buyers agents

 

The least desirable parts of Ashgrove are those on main roads such as Waterworks Road, Jubilee Terrace and Stewart Road. Not only are there noise impacts (in orange and brown below) but also air quality impacts as shown in pink below.

Ashgrove Buyers agent Ashgrove Buyers agent

Median Price Values

 

The median price value for houses in Ashgrove as at October 2020 is $1,035,000 with the upper quartile price at $1,355,000 and the lower quartile price sitting at $839,500.  If you’re looking for a home on a large block and not in need of renovation then be prepared to spend at least in the mid-high $1 million range.

The median price value for units is $440,000. The upper quartile price sits at $510,000 and the lower quartile price at $365,000. 

 

Suburb Growth

 

The compound growth rate for Ashgrove over the last 5 years to August 2020 has been 4.2% for houses and -0.5% for units.

You can find out up to date news for the area and local interest stories at Ashgrove Today here. The Ashgrove Community Facebook group for asking questions can be accessed here.

 

I hope this information has been helpful on your quest to buy your next property in Ashgrove. 

If you need further help to secure a property in this location we can help, please reach out by booking a discovery call through the link below to your Ashgrove Buyers Agents.

 

Would you like to understand more about working with a Buyers Agent in Brisbane?

Book in for a FREE Discovery Call with Streamline Property Buyers

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