Full article available on The Urban Developer
Driven by a combination of land scarcity, population growth and a strong economic outlook, Brisbane’s housing market has shown no signs of slowing down – and it’s this positive outlook that is propelling investors and developers into Brisbane’s middle-ring.
As median house prices continue to soar upward of $600,000, both investors and developers alike are pursuing opportunities in Brisbane’s middle-ring suburbs in a move to deliver more affordable housing alternatives.
According to Paul Riga, Director at Urbis – whom has been actively tracking the performance of ‘blue chip’ suburbs particularly across the eastern seaboard – it appears some parallels can be drawn when comparing some of Sydney & Melbourne’s well known million dollar suburbs and a number of Brisbane’s quickly emerging middle-ring markets.
One particular suburb that closely compares to its Melbourne and Sydney counterparts is Everton Park, in Brisbane’s Northwest.
“Everton Park is characterised by a quickly developing local economy, increasing household incomes and disposable incomes, growth in property prices and relatively limited local retail and medical amenity,” Mr Riga said.
“If you look at Sydney and Melbourne suburbs located 8-9km from their respective CBD’s, a high proportion of these areas now have median house prices well in-excess of $1 Million. The drivers for these areas are the proximity to the CBD and connectivity to a wide range of amenity options – similar attributes to what Everton Park currently demonstrates”
“To those unacquainted with the area, Everton Park appears like many other suburbs across Brisbane however it is a rapidly growing and evolving locality, characterised by strong growth in new businesses, and a median house price that has grown by more than 20% over the past 5 years.”
Digital render of Mosaic Property Groups Everton Park development Silvergum
A Quick Snapshot of Everton Park’s Market