NEWSTEAD property sales and retail opportunities have exploded, but if you want to spend any time here you may want to rethink how you get around.
The vibrant inner-city suburb, located about 3km north-east of the CBD, has been a hit with both residential, commercial and retail developers in recent years.
Figures from Brisbane-based real estate researcher Onthehouse.com.au show some 959 residential properties were sold in 2016, compared with only 157 the previous year.
The results are a reflection of investors opting to buy off-the-plan into up-and-coming developments.
Teneriffe Realty principal Jennifer Lockley said that buyers who had bought off-the-plan were already on-selling the properties for a profit.
She said case-in-point was the Tom Dooley-developed Skyring, completed in September, where owners had sold for significant profit.
“All of the re-sales in Tom Dooley’s building have been for between $100,000 and $200,000 in profit.,” Ms Lockley said.
Mr Dooley said the majority of Newstead developers were aiming to capture an owner-occupier market, and subsequently had built larger residences, with higher-quality finishes and touches such as oversized balconies.
He said developers had been lucky that the suburb had been given a makeover in recent years, meaning public amenities and services were already in place ahead of the residential builds.
“They put that infrastructure in for urban renewal first and you don’t see that all the time,” he said.
“The infrastructure of Skyring Terrace, the City Cat, the parks and the Gasworks shopping centre all came pre-residential.”
He said it meant potential buyers could be offered an immediate “live-work-play” scenario.
Ms Lockley said the suburb had a lot more to offer than just apartment living.
“There’s always talk about the apartments but what people don’t realise is how much retail there is and it will be a lot bigger in the next few years,” she predicted.
Mr Dooley also anticipates an explosion in retail trade within the Gasworks precinct, saying the number of shopping outlets will double over the next few years making it an even more attractive locality.
Gasworks was built on the site of one of Brisbane’s original gas works.
The first stage of the development was opened in 2013, and further works are expected to increase its residential, retail and commercial footprint.
The centre currently includes a Woolworths supermarket, alongside speciality food stores, cafes and restaurants.
While the Gasworks has an underground car park run by Secure Parking, local parking remains the biggest problem for businesses operating in the area.
Holly Shadwell, who manages Jimmy Rod’s Barber Shop, said her clientele was drawn largely from local businesses and residents and the recurring complaint was a lack of street parking.
“Definitely the only setback is the on-street parking,” she said.
“It’s a killer because a lot of the apartments only have one car spot.”
Across the road from Gasworks is Haven Apartments, another mixed-use building currently being developed.
Alongside residential apartments, it’s set to house a Betty’s Burgers & Concrete Co., Salt Meats Cheese and Jocelyn’s Provisions.
Mr Dooley’s company has also started its second development in the precinct, Gasworks Residencies, which will contain 182 apartments and six retail outlets.
Originally Published: http://www.couriermail.com.au/