Giving property investors a an average capital gain of -1.44% for the last year, Woolloongabba, 4102 is the 2198th highest performer in Australia in this respect.
Data for the last quarter indicates that, in the short term at least, the capital value growth rate for property investors in Woolloongabba has increased when compared to the 5 year average annual rate.
The most recent median price for Woolloongabba is $755000, with sellers offering an average of -5.59% off the asking price.
On average over the past year, suburb has had 3.33 sales per month, which equates to 40 per year.
Property investors should expect to get $470 weekly from the median priced house in this suburb.
Giving property investors a a stable capital gain of 4.01% for the last year, Woolloongabba, 4102 is the 444th highest performer in Australia in this respect.
Across a shorter period, Woolloongabba, 4102 has seen a median price increase of 1.20% over the last quarter.
LACK OF BUYER INTEREST may well be the reason that Woolloongabba is offering property investors an average of -6.35. This rate of discount on properties puts Suburb at number 116th in terms of most discounted suburbs in QLD
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Woolloongabba’s only around 3km south of the Brisbane CBD, and it’s this inner-city location, combined with the area’s regeneration, that makes it worth keeping an eye on.
The area has hit a slow patch in terms of capital growth, says PRDnationwide analyst Josh Brown, but he pegs it as a suburb that’s well worth going into now to pick up a unit – as the market conditions dictate that buyers can bargain hard on the price and hold for long-term growth.
“A large portion of this suburb was also declared an Urban Development Area in April 2010, which will transform the region and provide strong capital growth for investors who are willing to hold the property for a number of years,” he says.
In the meantime, the average unit yield is holding up well and Brown expects this figure to rise as the city’s rental market tightens. Census data indicates that 50% of the suburb’s occupants are renters, and SQM Research predicts that this number will increase to 56% over the next five years.
Hot Property Specialists’ Liz Wilcox notes that, as Woolloongabba’s becoming a higher density urban precinct, there’s a lot of new unit stock coming on to the market and it’s these newer properties that investors should be targeting.
“The old boxes don’t get such good rental returns, as there are a lot of young professional tenants in that area and they’re looking for more modern properties,” she says.
Woolloongabba has a couple of train stations within walking distance (Buranda and Dutton Park), while the Pacific Motorway takes bus users and motorists to the heart of the city. Amenities are plentiful and of course the world famous Gabba cricket ground can be found a couple of kilometres north of central Woolloongabba towards Kangaroo Point.