61 Dunrod Street, Holland Park West. 61 Dunrod Street, Holland Park West.
70 Kneale Street, Holland Park West.
59 Raven Street, Camp Hill.
The south-east corridor is outperforming most other parts of Brisbane, with buyers ploughing millions of dollars into family properties located between five and 10 kilometres from the CBD.
While Brisbane’s median house price has risen by only 1.7 per cent over the past year, suburbs like Camp Hill have had record growth during that time, increasing by 15.2 per cent, edging closer to a million-dollar median. Holland Park is up by 4.1 per cent, Holland Park West by 9.4 per cent and Carindale by 4.1 per cent.
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.
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.
“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.”
n 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. Related: Why Brisbane’s affordability will reignite the marketRelated: Five of the best parkside homes in BrisbaneRelated: Morningside bargain passes in
Buyers are realising the south-east corridor offers the same conveniences as the inner city, “if not more”, Mr Hodge says.
“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.”
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 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 “extraordinary” 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.”