Brisbane is falling in love with apartments – and it’s creating a dramatic shift in the way Brisbanites live.
In the inner-southern suburbs, CoreLogic RP Data’s median unit price of $688,750 outstrips the median house price by almost $80,000.
Real Estate Institute of Queensland CEO Antonia Mercorella says many significant apartment projects are now well under way.
“Like many inner-city suburbs such as Stones Corner, Coorparoo, East Brisbane and Carindale, significant developments are springing up,” she says.
An artist’s impression of the apartment lifestyle on offer at South City Square, Woolloongabba.
“Brisbane residents are falling in love with apartment living and we are seeing a dramatic shift in the way we live taking place.”
Mercorella says The Frasers development, Coorparoo Square, will transform part of Coorparoo, bringing new retail and entertainment outlets to the suburb.
“We expect this will lead to demand and long-term growth in median house and unit prices,” she says.
The housing market in this price range offers just 32 homes.
South Brisbane listings include a two-bedroom, two-bathroom apartment with one car park at the Brisbane One project for $659,000; a two-bedroom apartment with Mt Cootha views at The Art House priced at $676,500 or, a two-bedroom, two-bathroom apartment with two car parks at SkyNeedle for $700,000.
The Linton at Kangaroo Point has a three-bedroom penthouse with city views for $688,300 while a two-bedroom, 119sq m apartment in The One project at West End, was $650,000.
In Woolloongabba there is a 99sq m, three-bedroom, two-bathroom apartment at South City Square for $665,000.
The rooftop swimming pool to be built at Coorparoo Square.
All of the projects include significant resident facilities with resort-style pools, cinemas, saunas, rooftop spas and gardens, gyms and even a tennis court helping to entice buyers out of suburban homes and into the towers.
Mercorella says significant development, particularly in the inner-city suburbs, has impacted property prices.
The Kangaroo Point median house price of $951,000 in the 2015 September quarter grew 25.4 per cent compared with 12 months ago, and 42.6 per cent compared with five years ago.
“In suburbs where affordability is a key factor driving demand, such as Moorooka, growth has been more modest and we expect similarly modest growth to continue throughout 2016,” she says.
Moorooka’s annual median house price is $560,000 in the 2015 September quarter, up 5.2% compared with 12 months ago and 14.3% compared with five years ago.
For those buyers still keen to secure their own space and a backyard in the inner-southern suburbs, there were a number of options at the lower CoreLogic RP Data house median price of $610,272.
A tennis court, to be a feature at Coorparoo Square, is one of the resident facilities enticing residents out of houses and into apartments.
Homeowners Michael and Jacky Hall, who are selling a recently renovated five-bedroom house at 60 Industries Rd, Moorooka, for $589,000-plus says having extra bedrooms and dual-living options are important factors when they purchased.
“A lot of houses only have three bedrooms – our house is good value for money with the extra room downstairs,” Michael says. “We had it for my son when he used to live with us, or you can have it for elderly parents downstairs.”
Other house listings include a post-war four-bedroom home at Yeronga for $619,000-plus, a recently updated three-bedroom home at Tarragindi for $620,000-plus or a three-bedroom Annerley home with original ornate ceilings and picture rails for $609,000-plus.
New houses on offer include a Moorooka house-and-land package for $633,670 negotiable, from Rise Property. Features include stone benchtops, airconditioning, security screens and downlights.