Brisbane’s former “ugly duckling” suburbs in the city’s east have metamorphosed into real estate swans, with house prices reportedly skyrocketing by up to 20 per cent over the past six months alone as buyers pounce on properties once shunned in lieu of nearby blue-chip hot spots.
Cannon Hill, Carina, Tingalpa and Mansfield are sitting in the eye of a buyer storm that’s sparked record-breaking sale prices and auction bidding wars that property punters say are more than just changing the face of these once underrated suburbs – but setting a new precedent.
It’s a boom they say has stemmed from more than just “outrageous” property prices in nearby Bulimba, Hawthorne and Norman Park, but a gradual makeover that’s lead to leafier streets, trendy eateries and hip breweries – on top of a wave of infrastructure that’s placing the suburbs on par with their elite neighbours.
Meagan Muir, of Place Estate Agents Bulimba, recently pulled in a new suburb price record for Cannon Hill with the $1.825 million sale of 70 Dorothea Street and said while her beloved patch had always been a slow-burning hot spot, the ongoing improvements, community feel and well-sized blocks had sparked an appetite that was beyond insatiable.
“Cannon Hill definitely demands to be seen now, and it’s now one of those prominent pockets,” she said.
“I sold 70 Dorothea Street in seven days late last month, and that was a really remarkable home, and it’s the highest price ever paid here.
“And while it was a local buyer, there is more demand here than ever from interstate as well.
“I think the floor plan and the size of the home and the fact it was unique [helped it land the suburb record]. I had multiple offers on the property, and that’s why it sold so quickly. But this price is just setting a precedent.
“I also just put 7 Blackwood Avenue, Cannon Hill, on the market last Thursday, and it sold cash unconditional on Monday for $1,036,000 … and that wouldn’t have sold with a ‘one’ in front of it six months ago.
“So, while I think the suburb has been on the rise for a while, this is just a whole other thing.
“I reckon it’s because it’s still offering good value, and you’re still able to buy a good family home at a good price, and it’s close to the city, and there’s great schooling.
“I think, realistically, prices have moved hundreds of thousands of dollars here recently here – and there’s plenty of buyers more than happy to pay that.”
Just two weeks ago, Phil Burley, of Place Estate Agents Bulimba, smashed the suburb price record for Carina after a hilltop mansion at 62 Madison Place fetched $1.7 million prior to auction – beating the previous record by $300,000.
This comes after Domain’s House Price Report for the quarter leading up to December last year revealed median house prices in Cannon Hill rose by 11.1 per cent to $800,000 in 12 months, while in Carina Heights, house prices jumped a whopping 22.1 per cent to $730,000 over the same period and an incredible 26.7 per cent in Tingalpa to $570,000.
Will Torres of Torres Property said recent price increases were indeed upwards of 20 per cent in key eastern pockets as buyers realised homes in oft-overlooked suburbs were sitting on a pile of gold.
“I sold a home at 37 Conda Place in Carindale last year for $950,000, and it was recently sold again by another agency for $1.2 million,” Mr Torres said.
“Mansfield is another suburb like that – we had one home on the market there at 1 Dewdrop Street two years ago, and the highest offer we had was $705,000, and it had little interest and few offers. Fast forward to last Saturday night, and we sold it under the hammer for $905,000. And we had about 120 people at the auction.”
Ray White Carina agent Jose Peralta said the boom in his patch also came down to the fact it was geographical perfection.
“You’ve got the Gateway Motorway, which accesses the airport, and the Sunshine Coast behind us … then in the opposite direction is the city,” Mr Peralta said.
“And then the other thing is the fact that it’s also you’ve got so many private schools and all a five-to-10-minute drive away.
“In Camp Hill … we’ve seen that momentum there for a long time but for that generation in their 25s to 30s, their budget doesn’t stretch there, and that’s why Cannon Hill and Carina are picking up – I mean Carina is next door, and still geographically it’s pretty much the same.
“And Cannon Hill is not much different – you’ve got Balmoral and Bulimba down the road.
“I also think if you look at Carina and Cannon Hill, they were not the prettiest suburbs in the past … but that’s changing now because treescapes are increasing and renovations are happening.”
It was that enticing suburb resume that lured first home buyers Alex Holder and Megan Gracey to snap up a two-bedroom cottage at 24 Gatling Road in Cannon Hill for $788,888 just weeks ago through Ms Muir – with the pair undergoing a brutal half-year of house hunting prior.