SCHOOLS, transport, views … great cafes? Check out the foodie suburbs that are already drawing investors, and those that will be the next to boom.
IF you don’t own a home in one of these suburbs, it might be time to wake up and smell the coffee.
Brisbane’s burgeoning cafe culture and caffeine cravings are fuelling the property market, with buyers prepared to pay a premium for real estate in suburbs that offer lifestyle and convenience — including being within walking distance of their daily brew.
Brisbane’s CBD, inner north and inner south continue to be strong dining destinations, but suburbs further from the city and with more of a village atmosphere are emerging as the next foodie hot spots.
Upper Mount Gravatt, Kelvin Grove, Albion, Nundah and Wilston are among a list of suburbs identified in analysis by corporate giant PwC.
And buyer agents say caffeine-craving home hunters are paying up to $50,000 more for homes in areas that are easily accessible to cafes, bars and restaurants.
There are currently 36 hospitality projects, including bars, cafes or restaurants, in the planning or construction stages in greater Brisbane, according to construction database, Cordell.
Most of those are in Fortitude Valley, followed by Coorparoo, Redcliffe, Kangaroo Point, Greenslopes and South Brisbane.
PwC Australia managing director-real estate Robert Cavallucci said their research was based on accessibility to bars, entertainment and dining precincts, as well as the concentration of those venues in each suburb.
Brisbane CBD, Fortitude Valley and South Brisbane came out on top, but Mr Cavallucci said the analysis also highlighted a number of emerging lifestyle hubs such as Albion, Nundah and Coorparoo — all with great transport links.
“It just validates what many of us think around why people choose where they choose to live and what areas of Brisbane have become hubs of activity,” Mr Cavallucci said.
He said precinct development was where urban planning was heading in Brisbane, with dining, bars and entertainment park of providing the whole package for residents.
The Boggo Road heritage precinct, Newstead Riverpark and the Queens Wharf precinct, which is currently under development, were examples of how precinct development could create a “sense of place” and opportunities for activity services and employment centres.
he said.
Property Pursuit director Meighan Hetherington said an increasing number of homebuyers were seeking the lifestyle, village atmosphere and better connection to the community that cafe precincts offered.
Ms Hetherington said some of her clients were prepared to pay an extra $40,000 or $50,000 for a property if it was within walking distance of a lifestyle precinct.
“It may not even be price driven — it can often be a ‘yes’ or a ‘no’ decision on a property,” she said.
Ms Hetherington said Wilston was particularly popular with investors because of its “village feel”, but the suburbs of Banyo and Mitchelton were also gaining popularity among investors because of their emerging cafe cultures.
Universal Buyers Agents director Darren Piper said property investors had always wanted the convenience of access to public transport and schools, but they were now more driven by lifestyle factors.
“First home buyers’ dreams of the white picket fence and Queenslander are being pushed aside and those both with and without kids are instead wanting something they can lock up and leave and be able to walk 50 metres and be spoiled for choice with cafes, restaurants and entertainment,” Mr Piper said.
He said he dealt with many clients who were prepared to pay more to be near cafes or a shopping precinct.
“It’s a big-ticket item for them now,” Mr Piper said.
“If someone had a budget of $500,000 … they might stretch $20,000 to $30,000 to have that convenience at their doorstop.
“And I think what you’re seeing in the last 12 months in Brisbane is developers are really starting to get on board with it as well.”
Mr Piper said New Farm, Teneriffe and Bulimba were popular among his clients because of their cafe cultures.
New mum Sara Brown-Kenyon, 32, loves living close to cafes so that she can catch up with friends at short notice and have the freedom of being able to get out of the house with her four-month-old daughter.
“It’s great to have somewhere I can take the pram and walk to get a coffee,” she said.
“It keeps me sane while I’m on mat leave!”
Her friend, Lissa Lyons, lives in Wilston and enjoys the convenience of having plenty of amenities to choose from.
FOODIE HOT SPOTS
*Brisbane CBD
*Fortitude Valley
*South Brisbane
*Paddington — Milton
*West End
*Newstead — Bowen Hills
*Woolloongabba
*New Farm
*Spring Hill
*Toowong
(Source: PwC)
FOODIE AREAS TO BOOM
*Chermside
*Upper Mount Gravatt
*Sunnybank
*Kelvin Grove — Herston
*Albion
*Wilston
*Coorparoo
*Nundah
*Banyo
*Mitchelton
(Sources: PwC, Cordell, Meighan Hetherington)
Source: www.news.com.au