IT’S the most popular family suburb in Brisbane, but there’s a good chance you’ve never even heard of it.
Squeezed between the state’s capital and all the glitter of the Gold Coast, the little-known suburb of Heathwood is proving a hit for raising kids, with about one in three homes occupied by families.
Property research firm CoreLogic has compiled a list of the 10 suburbs within 25km of the CBD that have the highest proportion of family households, based on the 2016 Census.
It shows more people are choosing to move further out to raise a family in the city’s middle or outer suburbs, where houses are more affordable and amenities are close by.
And it seems to be paying off, with many of these suburbs experiencing above average capital growth.
Heathwood, about 18km southwest of the CBD, has a median house price of $579,164 and has seen house prices grow by a steady 18 per cent in the past five years.
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A stone’s throw away is the suburb of Drewvale, which has the second highest proportion of homes occupied by families.
Houses in this suburb have increased in value by 27.6 per cent in the past five years — well above the Brisbane average of 19.5 per cent.
Brisbane’s newest million dollar suburb, Pallara, neighbours both of these suburbs.
With a median house price of $1.63 million, the suburb is now the second most expensive in the Queensland capital after experiencing phenomenal house price growth of 36 per cent in the past 12 months as developers moved to snap up rezoned acreage.
All Properties Group agent Tracey Child has been selling homes in the area for years and said Heathwood had seen explosive growth since construction of its first housing estate 11 years ago.
Homes in the area typically had four bedrooms and two bathrooms and blocks of land ranged from 400 sqm to 700 sqm.
“We do get a lot of families coming in to the area,” Ms Child said.
She said families were particularly keen on big homes on big blocks and she recently sold a five-bedroom, two-bathroom property on 761 sqm at 27 Oak Street for $690,000 cash.
Ms Child said buyers who purchased land in the suburb’s original estate and built a decade ago would have achieved excellent capital growth in that time.
Peter and Mel Morrison built one of the first houses in their estate in Heathwood 10 years ago and have since raised two boys in the property.
Mr Morrison said he saw the suburb’s development potential at the time and was also attracted by its affordability.
“The price of land these days is ridiculous,” he said.
“(Heathwood) was still being developed when we moved in, but there was so much development going on and it was just a good area to get into.”
The Morrisons are now reluctantly selling their four-bedroom, two-bathroom home at 3 Coolibah Street to move closer to family, but Mr Morrison said they had benefited from solid capital growth in the past decade.
Facilities such as a new primary school — Pallara State School, an express to the city bus route and the proximity to the Logan Motorway made the area attractive for families like his own.
“In this estate alone, we have one massive big oval with a park in it,” he said.
“It is very family friendly.”
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New research by Place Advisory is also reflective of the changing attitudes among families, with their Investor Sentiment survey finding the majority of people looking to buy in Brisbane want a home with at least three bedrooms in the city’s middle ring close to public transport and amenities.
Place Advisory has surveyed its database of 500 people and asked what families prioritise when it comes to buying a home.
It found the key factors that drive a buyer’s purchase are proximity to public transport and retail and entertainment, followed by school zones, parks and walkways and employment opportunities.
Place Advisory’s Lachlan Walker said that in the past two years, investors were seeing opportunities to buy in suburbs that were located further from the CBD but close to public transport services and amenities.
Top 10 Family Suburbs in Brisbane (within 25km of CBD)
1. Heathwood
2. Drewvale
3. Upper Kedron
4. Augustine Heights
5. Wakerley
6. Pullenvale
7. Cashmere
8. Fig Tree Pocket
9. Parkinson
10. Springfield
(Source: CoreLogic)
Top 10 Family Suburbs on the Gold Coast
1. Maudsland
2. Pacific Pines
3. Gilston
4. Bonogin
5. Upper Coomera
6. Coomera
7. Ormeau
8. Reedy Creek
9. Pimpama
10. Tallebudgera
(Source: CoreLogic)
Top 10 Family Suburbs on the Sunshine Coast
1. Palmview
2. Tanawha
3. Glenview
4. Mountain Creek
5. Mons
6. Peregian Springs
7. Bokarina
8. Yandina Creek
9. Mooloolah Valley
10. West Woombye
(Source: CoreLogic)
Originally Published: http://www.weeklytimesnow.com.au