McGrath New Farm agent Henry Hodge says he’s seeing record sales in these suburbs and unprecedented demand, despite the fact they are further from the CBD, off the river and often without city views.
The rooftop at 61 Dunrod Street offers views of the city.
Two homes at Holland Park West, seven kilometres south-east of the CBD, recently sold for more than $2 million in a matter of weeks. One of those, 61 Dunrod Street, Holland Park West, is a three-level residence on 835 square metres of land, with city views only from the rooftop.
Mr Hodge brokered the deal for Dunrod Street and although he couldn’t disclose the exact sale price, he confirmed it was the most expensive property sold in Holland Park West this year.
“There’s some extraordinary sales happening out in the suburbs – it’s not just in New Farm and Teneriffe,” Mr Hodge says.
Australian cricketer Usman Khawaja paid $2.75 million for 70 Kneale Street, Holland Park West.
“The house at Dunrod Street is proof that people with a lot of money to spend are seeing the value in going further out from the inner city.”
Australian cricketer Usman Khawaja paid $2.75 million for a hilltop house at 70 Kneale Street, Holland Park West, last year, while former Lions skipper Michael Voss sold his Coorparoo home for $2,575,000 this year.
Buyers are realising the south-east corridor offers the same conveniences as the inner city, “if not more”, Mr Hodge says.
The Coorparoo home of AFL great Michael Voss has sold for $2,575,000. Photo: Place Bulimba
“Somewhere like Holland Park or Holland Park West is close to Westfield Garden City, there’s good schools nearby, it’s a 15-minute drive down the M1 to get to the city, otherwise there’s easy access via the Busway to work, it’s an easier trip to the coast than most inner-city suburbs and getting to the airport is easy too, because the Clem-7 merges onto the Airport-Link – there’s no traffic lights getting there,” he says.
“This is why we’re seeing a huge transformation in the south-eastern corridor of Brisbane … Westfield Carindale, Westfield Garden City, coffee shops, restaurants, schools, public transport.
“I think we’ll start to see other areas rise in popularity the same way Coorparoo/Camp Hill/Holland Park (West) are now. It’s Brisbane growing up, and it’s the beginning of the ‘Sydney effect’. This part of Brisbane really offers so much and buyers are going for it.”
The sale of 59 Raven Street, Camp Hill, broke the street record when it was sold for $1,495,000 last week.
Mr Hodge says he doesn’t expect demand to slow down anytime soon and admits it’s a difficult area to break in to.
“Smart buyers are getting in now, setting themselves up for a fantastic lifestyle for them and their family,” he says.
“The whole idea that there are going to be ‘bargains’ or that things will get cheaper is wishful thinking, especially when more people are
moving to Australia or from interstate to Brisbane.”
Camp Hill has now overtaken Coorparoo in median house price, despite the fact it’s further from the city. Located six kilometres from the CBD, it’s median house price is $916,000, while Coorparoo’s is $860,000. Last week Shane Hicks from Place Bulimba sold 59 Raven Street for $1,495,000, which was a new street record.
Mr Hicks describes Camp Hill’s growth as “pretty incredible” and says the suburb is going through a rejuvenation process.
“What’s been happening here for a number of years is that old post-war homes are getting knocked down and two houses built in its place,” he says. “Those houses would then sell for around $1 million each.”
“More recently though, those new houses are bigger and more luxurious – they’ve got five bedrooms, a media room, magnificent kitchens and the top-of-the-range everything.
“So the developers are building bigger and better homes, which is attracting people with that kind of money to the area. Camp Hill is now a very affluent area and people with a lot of money are moving here.”
Mr Hicks says while the roads in the south-east corridor are superior, the local schools are also a massive driver behind house prices.
“In and around Coorparoo, Camp Hill, Holland Park, there’s a lot of very good schools, public and private, although a lot of the people here send their kids to private schools,” he says.
“I would say a lot of my sales are driven by the desire for people to be close to any of these schools.”
Originally Published: www.domain.com.au